Please show the solution to the answer. 3. Assuming Sarah is a resident corporation, compute the total income subject4. Assuming Sarah is a domestic corporation, compute the total income subjectProblem 3-23Sarah has the following items of income:PhilippinesP 200,000100,000400,000300,00030,000AbroadP 100,00050,000Business incomeProfessional feesCompensation incomeRent incomeInterest income200,00040,0001. Assuming Sarah is a resident citizen, compute the total income subjectPhilippine income tax.P1,390,000b. P1,180,000c. P1,030,000d. P1,420,000a.2. Assuming Sarah is a resident alien, compute the total income subject to Philippincome tax.P1,420,000b. P1,180,000c. P1,030,000d. P390,000a.Philippine income tax.P1,420,000b. P1,030,000c. P1,180,000d. P390,000a.Philippine income tax.P 390,000b. P1,030,000c. P1,180,000a.d. P1,420,000

Profits as per your monetary statements seldom match along with your assessable profits. And it…

Answered: Sarah has the foll

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assuming Emman is a domestic corporation, compute the total income subject to Philippine income tax. * Emman has the following items of income: Abroad P 100,000 50,000 Philippines P 200,000 100,000 400,000 300,000 20,000 Business income Professional fees Compensation income Rent income 200,000 30,000 10,000 Interest income-bank Royalty 30,000 O P1,420,000 P1,180,000 O P1,390,000 O P1,030,000 for the CY 2020
2. Individual earning income purely from business/profession Assume that for year 2023, a resident citizen has the following income from sources in the Philippines and abroad: In the Philippines - Sales Less: Cost of sales Gross income Less: Operating expenses Net income from operation Add: Other non-operating income Taxable income - Philippines Abroad - country X Taxable income Income tax paid P21,000,000.00 12,600,000.00 8,400,000.00 5,250,000.00 3,150,000.00 1,050,000.00 4,200,000.00 2,688,000.00 940,800.00 Required: Compute income tax still due or payable after tax credit for year 2023.
4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P10,200,000 P6,900,000 P8,500,000 P6,800,000
GIVEN: Тахрауer: Resident citizen IN (Phils) P550,000 100,000 Description OUT (Abroad) Business gross income Business expenses Compensation income Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income P600,000 5,000 2,000 160,000 25,000 18.000 COMPUTE: Taxable income subject to REGULAR income tax. A. 450,000 B. 1,050,000 C. 1,210,000 O D. 1,235,000
Katya Corporation had the following data in 2022: Gross Income, Philippines P 600,000 500,000 300,000 Gross Income, USA Expenses, Philippines Expenses, USA Interest from time deposit 300,000 10,000 21,000 interest on money market placement, net of tax Compute the income tax due and the final taxes payable if Katya is a: 1. Domestic Corporation 2. Resident Foreign Corporation 3. Nonresident Foreign Corporation
22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad. Compute the income tax due a. P 650,000 О Б.Р 500,000 O c. P 550,000 O d. P 600,000 23. Assuming the corporation in question number 22 is foreign corporation. What will be the income tax due * a. P 600,000 О Б. Р650,000 с. Р360,000 O d. P300,000
With the same data given above, what is the income tax due if X corporation is a proprietary educational institution? P75,000 P1,000 P3,000 P2,000
Total income subject to Philippine income tax assuming Jasmine is a resident citizen Jasmine has the following items of income Philippines Abroad P100,000 50,000 Business income Professional fees Compensation income 400,000 Rent income Interest income P200,000 100,000 300,000 30,000 200,000 40,000 Your answer Total income subject to Philippine income tax assuming Jasmine is a domestic corporation Jasmine has the following items of income Philippines Abroad P100,000 50,000 Business income Professional fees Compensation income 400,000 Rent income Interest income P200,000 100,000 300,000 30,000 200,000 40,000 Your answer
1.) Which of the following is tax exempt for a domestic corporation? a. business income derived from abroad b. dividend from a domestic corporation c. monetary benefit from deposit substitute 2.) Which of the following types of income is/are not returnable a. Professional Income b. Business Income c. Compensation Income d. Capital Gains
34. Sara has the following items of income Philippines 200,000 P 100,000 Abroad Business income Professional fees Compensation income Rent income 100,000 400,000 300,000 30,000 50,000 200,000 40,000 Interest income a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax. END
What is the final tax rate of dividend income earned by a domestic corporation from another domestic corporation? A. 10% B. 20% C. 30% D. None
GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS