what is the amount of income tax payable for 2022?
Thinker Corporation’s income statement for the year ended December 31, 2022, shows pretax income of P1,000,000. The following are treated differently on the tax return and in the accounting records:
Tax Return Book records
Rent income P 120,000 P 70,000
Premiums on officer’s life insurance* --- 90,000
*the Corporation is the beneficiary of the insurance policy of the officer.
Assume that Thinker Corporations tax rate for 2022 is 30%, what is the amount of income tax payable for 2022?
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