what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000 P50,000 P100,000 P175,000 Philippines AbroadP400,000200,000P 200,000TotalP700,000350,000P350,000Gross incomeP300,000150,000P150,000DeductionsTaxable income

Non Resident Foreign Corporation A Non Resident Foreign Corporation is one which does not have any…

Answered: what is the income tax due if Sandbox…

Business

Accounting

what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000 P50,000 P100,000 P175,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Statement 1: Tax credits for donor’s tax paid to a foreign country is allowed only if the donor is a…

A: Donor's tax is a tax on donation of property between two or more persons. (irrespective of whether…

Q: In 2020, a Canadian controlled private corporation (CCPC) earned $550,000 of active business income…

A: Federal Income Tax -The federal government is responsible for collecting federal income taxes,…

Q: total income subject to Philippine Tax

A: The income from sources outside Philippines is not taxable in the hands of non resident citizens of…

Q: A. Using itemized deductions, determine the income tax payable at the end of the year (TRAIN LAW)…

A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Which statement is wrong? * A resident citizen and a resident alien have a final tax of 15% on…

A: Answer: A resident citizen and a resident alien have a final tax of 15% on interest on foreign…

Q: What are the 5 income items generated by domestic and resident foreign corporations which are…

A: Income-Income generally refers to the amount of money, property, and other transfers of value…

Q: If the nation in which the nonresident foreign corporation is domiciled permits a credit for taxes…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: Which statement is true concerning an individual who is a US tax resident and a corporation that is…

Q: Q4 Explain how interest income is deemed to be derived from Malaysia under the Income Tax Act…

A: Introduction: The amount of investment earnings during a specific period of time is referred to as…

Q: Turbo is a U.S. corporation. This year, it earned $5 million before-tax income and paid $175,000…

A: Tax liability is the total amount of tax owed in a given period, by individuals and organizations,…

Q: tan a resident citizen, won P 2,000,000 in a raffle draw held in Singapore. The tax on the above…

A: The tax on prizes and winnings is calculated using a flat rate as specified by the tax laws of…

Q: What is the foreign tax credit X Corp, a US Corp, is able to take on its current year return based…

A: The following calculations are done in the records of X Corporation which is based in the US.

Q: In order to simplify the tax code, current regulations require that a dollar of income earned by a…

A: US levy of Tax: Tax is levied by US government on the citizens and citizens for their world wild…

Q: Many Mountains, Incorporated is a U.S. multinational corporation. This year, it had the following…

A: We have taken the FTC rate is 21% FTC will be lessor of Total creditable foreign taxes or FTC limit

Q: Elmo, Incorporated is a U.S. corporation with a branch office in foreign country Z. During the…

A: ANSWER:- a. Given that the following information about Elmo Inc. is a U.S. corporation with a…

Q: What is the limit on the foreign tax credit? b. What is the US and total tax paid by Drake?

A: Tax credit: Amount of money that can be deducted from the tax liability of the tax payer is known as…

Q: 6. A kind of tax paid once a person receive an amount of money from a living relative abroad. O…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then…

A: The objective of the question is to understand how international transactions are recorded in the…

Q: what is meant by automatic exchange of information for International Tax?

A: International taxation is referred to as the study or determination of tax on the business or person…

Q: ansaction below, determine the tax type whether it is subject to Basic Income Tax (BIT), Final…

A: Withholding tax is the tax which is deducted by the person incurring expense. When salary is paid by…

Q: Which of the following statements is incorrect? * A. If 5% special tax on gross income is…

A: If a firm pays a special added tax then it receives benefits in some form. Gross income is the…

Q: How is Value Added Tax recorded in Turkey? Is it considered an expense of a business? Why or why…

A: Pn the books the Value added tax is recorded as an expense or cost in Turkey. It is considered an…

Q: taking into account tax framework and below table which shows two different countries tax rates,…

A: Taxes of income: Tax paid or levied on the level of income earned in a year Consumption tax: Tax…

Q: What is the U.S. corporate tax rate? 6.2% O 15% O 35% O 37%

A: The corporate tax rate is the percentage of a company's profits that it is required to pay in taxes…

Q: San Carlos Corporation, a U.S. multinational, had pretax U.S. source income and foreign source…

A: If the foreign tax credit is taken then the credit is reduced from the total tax liability. If the…

Q: Domestic corporation X owns all of the stock of domestic corporation Y, which, in turn, owns all of…

A: A U.S. shareholder is defined as a person as a U.S. citizen or a resident alien or who either on his…

Q: Which of the following best describes the purpose of international tax treaties and agreements? A)…

A: Double taxation is the charge of tax on the same income by two different authorities. This issue…

Q: Summer Corporation’s business is international in scope and is subject to income taxes in a foreign…

A: A foreign tax credit is a tax credit which reduces the taxpayer's overall tax liability. This credit…

Q: VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the…

A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…

Q: If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then…

A: The objective of the question is to understand how the transactions of inheritance and purchase of…

Q: why does the taxes diTfer among rious states in USA?

A: Tax expense: It can be defined as the taxes owed by an individual or an entity to be paid to the…

Q: of sales it ncome, net of 20% final tax P 900, 000 400, 000 P 500, 000 16, 000 12, 000 ncome from…

A: A tax deduction is declared by the taxable assessee for which the tax is being determined and he…

Q: Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income…

A: Taxable incomes which are chargeable at the rates of the ordinary income taxes is the income only…

Q: . S1: Minimum corporate income tax (MCIT) is imposable on all domestic and resident foreign…

A: Mimimum corporation Income tax is chargeable @ 2% (if MCIT is greater than regular income tax) on…

Q: Tree Inc. is a branch of Todd Corporation located in Foreignland. The corporate tax rate in…

A: To answer these questions, we need to understand the concept of the foreign tax credit (FTC) and how…

Q: A resident and citizen of the Philippines who has the below income. Compute for the total income…

A: Taxable income refers to the income assessed by the tax authorities in order to subject the…

Q: Below are the US individual tax rates for 2022. What is the effective tax rate of a Single…

A: Total taxable income = $77,000Tax liability = (10275 x 10%) + [(41775 - 10275) x 12%] + [(77000 -…

Q: The gross estate of a decedent included the following: Land & building, Philippines Cost P1,600,000…

A: According to the principle of reciprocity, only the taxpayer's home state will deduct income taxes…

Q: 300,000 500,000 300,000

A: The final tax of income is given as,

Q: a) Explain, in three sentences or less, ‘cross-credit’ in relation to the foreign tax credit. Make…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 2. Assume that a resident citizen has the following taxable income from sources in the Philippines…

A: The question asked to compute the tax still due or payable after the tax credit. According to the…

Q: received by nonresident individuals from a depository bank under the expanded foreign currency…

A: The answer has been mentioned below.

Q: U.S. corporations are eligible for a foreign tax credit for withholding taxes imposed on dividends…

A: Introduction:- Discussion of issue" U.S. corporations are eligible for a foreign tax credit for…

Q: TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the Philippines

A: Answer: income tax paid abroad is a deductible item by a resident alien in the Philippines This…

Q: Source of income Taxable income before any foreign income…

A: Income tax:Income tax is based on income. Suppose a person has salary income, capital gain income,…

Q: U.S. taxable income (a) Total creditable foreign tax (b) FTC limitation* FTC allowed (lesser of (a)…

A: Income tax may be define as the tax charges levied by the government or the authorized bodies upon…

Question

what is the income tax due if Sandbox is a non-resident foreign corporation?

P75,000

P50,000

P100,000

P175,000

Philippines Abroad
P400,000
200,000
P 200,000
Total
P700,000
350,000
P350,000
Gross income
P300,000
150,000
P150,000
Deductions
Taxable income

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

1. Determine the amount of basic tax if the person is classified as resident citizen 2. Determine the amount of basic tax if the person is classified as non-resident citizen 3. Determine the amount of final tax if the person is classified as resident citizen 4. Determine the amount of final tax if the person is classified as non-resident citizen 5. Determine the amount of final tax if the person is classified as non-resident alien engaged in trade and business
4) Explain the Value Added Tax (VAT) rate structure in Oman and discuss the types of business should registered in Oman under VAT?
4. A, non-resident citizen, has the following income within and without the Philippines for 2018: Abroad Within the Phil 70,000 Interest income from depository bank under expanded foreign currency deposit system in Philippines Dividend income Royalty income-others Business income-net of expenses Interest income-bank deposits 90,000 50,000 200,000 30,000 60,000 40,000 300,000 40,000 What is the total final income tax due of A?
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
The UK tax gap in 2021 was £35billion or 5.6% of total tax liability. • Required: Identify two factors that contribute to the gross UK tax gap and explain two tax policy/administrative approaches the UK government takes to mitigate the impact and to collect the tax not otherwise voluntarily paid.
20-Which one of the following is other income as per the UK tax laws? O a. Income from property - rental income O b. All the options O c. Income from employment O d. Income from business
what is the income tax due if Sandbox is a private proprietary educational institution? P7,000 P3,500 P70,000 P35,000
How are foreign branch income and foreign subsidiary income taxed differently be the United States?
Why does the United States negotiate income tax treaties with other countries?
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.
Please help me !! Note: Tax for Canada !! Question:- Individual J received non-eligible dividends totaling $12,000 in the current year. What is the amount of the federal dividend tax credit?
4. Explain how interest income is deemed to be derived from Malaysia under theIncome Tax Act 1967.