GIVEN:Тахрауer:Resident citizenIN (Phils)P550,000100,000DescriptionOUT (Abroad)Business gross incomeBusiness expensesCompensation incomeInterest income from long term bank depositInterest income from short term bank depositRoyalty incomeDividend incomeP600,0005,0002,000160,00025,00018.000COMPUTE: Taxable income subject to REGULAR income tax.A. 450,000B. 1,050,000C. 1,210,000O D. 1,235,000

The income tax slab for indiviudals in Phillipines is as…

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4QY

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Kickbacks received from suppliers of clients Interest income on time deposit (net) Dividend income from domestic corporations Professional expenses Household expenses, Premium payment on health insurance Facilitation fees paid to government agencies a. P325,000 b. P340,000 Compute the amount of his taxable income subject to basic tax for 2021? c. P415,000 d. P445,000 Gross sales, Ukraine Sales returns and allowances, Ukraine Cost of sales, Ukraine Use the following data for the next three (3) questions: A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2021: Gross sales, Philippines Sales returns and allowances, Philippines Cost of sales, Philippines Business expenses, Philippines Business expenses, Ukraine Interest income, peso bank deposit BDO-Marikina Interest income, US dollar deposit, BDO-Mandaluyong Gain from sale of residential house and lot (selling price, P3,000,000; FMV, time of sale, P5,000,000) Gain from sale of…
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
How much of the following is gross income subject to income tax? * a. P2,410,000 b. P2,210,000 c. P2,160,000 d. P1,710,000 e. P450,000
What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000
WhyRU Company usually depreciates its equipment using straight line method for accounting purposes, but for tax purposes its sum-of-the-years method. WhyRU Company acquired the equipment through purchase amounting to P2,400,000 on January 1,2018. Assume a tax rate of 30%. Useful life is 4 years. WhyRU Company made the following income in its income tax return available through reports for 2018 – P800,000; 2019 – P890,0000; 2020 – P1,200,000; 2021 – P1,500,000 There is no other differences between WhyRU's accounting income and taxable income for years 2018, 2019, 2020 and 2021 other than for the difference in depreciation for the equipment described.
How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
1.Which of the following is a permanent difference? Dividends from a domestic corporation Property insurance premiums paid Commissions from consignment sales Donations received Interest on savings deposit
Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: Gross income Deductions Taxable income Philippines Abroad P400,000 200,000 P 200.000 P300,000 150,000 P150,000 Total P700,000 350,000 P350.000
Calculation of Foreign Tax Credit (here is the answer for A&F. You need to complete Basket B&D and Basket E
Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000
X, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?
How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise

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