What is Dick Tracy Corporation’s deductible expense? a. P45,000 b. P75,000 c. P95,000 d. P60,000

Q: 22. for 2021, Forrway corporation, an accrual basis calendar year corporation, had net income per…

A: Calculation of Taxable income of Forrway for Tax year 2021

Q: On January 1, 2014, Mr. Albuera invested P2,000,000 in the six-year time deposit of Sulu Unibank…

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Q: 3 - Profit for the Period 440.000 Corporate Tax (96,800) Net Profit for the Period After Taxes…

A: The answer is option (B.) [i.e 35,000] Refer step 2 for explana tion.

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Q: Problem 13-18 (LO. 2) Penguin Corporation (a cash basis, calendar year taxpayer) recorded the…

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Q: P5 Pre-tax profit Items not recognized at year-end were as follows: Prepaid insurance Accrued wages…

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Q: Problem 11-8 Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in…

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Q: How much of the above payments are deductible from gross income?

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A: Prepaid expense: It is the amount of expense that is paid in advance for the future period.

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Q: Question: A company has a gross income of $2,500,000 and has $500,000 of business expenses. The…

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Q: 5 of January 1, Cassowary Cor

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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.