The following data were provided by ABC Corporation (Domestic Corporation) for 2022: Taxes and licenses P40,000 Documentary stamp taxes 4,000 Other percentage taxes 120,000 Refund of local business taxes and licenses paid in 10,000 2021 Income tax due for 2022 300,000 Refund of income tax for 2021 25,000 Interest income From trade notes receivable 100,000 From peso bank deposits 100,000 From bank deposits abroad 20,000 Interest expense on bank loan 150,000 Tax assessment on underpayment of percentage 75,000 taxes Surcharges on tax assessment 25,000 Interest expense on tax assessment 12,500 Intoroc+ 10000

The following data were provided by ABC Corporation (Domestic Corporation) for 2022: Taxes and licenses P40,000 Documentary stamp taxes 4,000 Other percentage taxes 120,000 Refund of local business taxes and licenses paid in 10,000 2021 Income tax due for 2022 300,000 Refund of income tax for 2021 25,000 Interest income From trade notes receivable 100,000 From peso bank deposits 100,000 From bank deposits abroad 20,000 Interest expense on bank loan 150,000 Tax assessment on underpayment of percentage 75,000 taxes Surcharges on tax assessment 25,000 Interest expense on tax assessment 12,500 Intoroc+ 10000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

The following data were provided by ABC Corporation (Domestic Corporation) for
2022:
Taxes and licenses
P40,000
Documentary stamp taxes
4,000
Other percentage taxes
120,000
Refund of local business taxes and licenses paid in
10,000
2021
Income tax due for 2022
300,000
Refund of income tax for 2021
25,000
Interest income
From trade notes receivable
100,000
From peso bank deposits
100,000
From bank deposits abroad
20,000
Interest expense on bank loan
150,000
Tax assessment on underpayment of percentage
75,000
taxes
Surcharges on tax assessment
25,000
Interest expense on tax assessment
12,500
Interest expense related taxpayer
10,000
Corporate Tax Rate
25%
Compute the total deductible expenses.

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