What is the regular corporate income tax if the corporation has a total allowable deduction of Php 1,500,000?  The following are the composition of the total gross income of a domestic corporation which is subject to MCIT in 2021 Sales: net of discounts and allowances php 4,000,000 cost of sale 2,400,000 dividend income 100,000 roylaty income 250,000 gain on sale of building 150,000     P50,000 P75,000 P35,000 P17,500

Q: CarRoq Corporation, a domestic dorporation a retailer of goods h gross sales of P 1,400,000,000 v…

A: The deduction can be taken OSD or itemized deductions. Although the amount of deduction is given so…

Q: Penguins Ltd had tax adjusted trading profits of £133,000 for the period ended 31 March 2021.…

A: Tax liability is the total income tax payable by the firm for the income generated during the year.…

Q: Xavier Corporation ends the year with net income of $250,000 and long term capital gains of $30,000.…

A: In the given case, the long term capital gains are treated as short term capital gains as there is…

Q: Required: Determine the dividend refund for 2022. Would the dividend refund change if Wrap Ltd. was…

A: To determine the dividend refund for 2022, we'll calculate the refundable portion of the Part I tax…

Q: what is the possible tax implication?

A: Corporate tax rate = 25% Allowable deductions = P150,000 for November Allowable deductions =…

Q: 1. BATO Corp has the following data for the year ended December 31, 2021:…

A: As per our protocol we provide solutions to only one question but as you have asked multiple…

Q: An S corporation earns $4.7 per share before taxes. The corporate tax rate is​ 35%, the personal tax…

A: In S corporation is a type of business format in which the income is directly transferred to the…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Formula: Tax liability = Taxable income x Tax rate

Q: A corporation pays taxes at the flat rate of 39% and has operating profit of $1 million.  It pays…

A: Taxes collected by government is as under -

Q: Randal Corporation reports the following results for the current​ year: Gross profits on sales…

A: Regular dividends are declared by a firm and are paid out on a planned basis, such as quarterly or…

Q: Given the following information, how much is the total income tax credit available for deduction…

A: The total income tax credit available for deduction from the regular corporate income tax due is…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Formula: Net income after taxes = Taxable income - Tax liability

Q: Suppose a registered business enterprise is already subject to the 5% special corporate income tax.…

A: Income tax can be define as the obligation or liability of an organization which is calculated on…

Q: JAY Co. reported net income for the current year 2021 at ₱2,395,000 before taxes. Included in the…

A: The income tax is the tax the government imposes on business income and individuals. It is a source…

Q: Refer to the Tax Rate Table below (or Table 2.3 in the book). Corporation Growth has $92000 in…

A: Income tax is charged on the taxable income of the corporation. It can be calculated on the basis of…

Q: axpayer: Domestic Corporation Gross sales P2,700,000 Other operating income 250,000 Non-operating…

A: SOLUTION-   EXPLANATION- GROSS SALES  2700000   OTHER OPERATING INCOME  250000   NON…

Q: Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative…

A: Step by step explanationExplanation:To calculate Anaheim Corporation's excess net passive income…

Q: Zeta Corporation reports taxable income of $500,000 on its tax return. Given the following…

A: Accounting income is the net profit before tax for a period, as reported in the profit and loss…

Q: The following data are available for X Corp, a Domestic Corporation, with Total Assets of P40…

A: In the context of the given question, we are required to compute the income tax payable in Quarter…

Q: Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell…

A: Income tax  refund  will be receivable of previous  2 year

Q: 1. What is taxable income? 2. What is the total tax expense on the financial statement? 3. What is…

A: 1. Taxable Income:   Taxable Income = Book Income - M&E Disallowance + Excess Tax Depreciation…

Q: Which passive income is subject to regular tax?     Dividend income from resident corporation…

A: Answer: The passive income are those income which are not always regular and there is based on…

Q: Problem Pecorino Company had pretax financial income of P2,500,00 in the current year. The entity…

A: The deferred tax asset or liability arises when the pretax financial income and the taxable income…

Q: 18. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Tax liability is calculated as flat tax rate multiplied by taxable income. Net income after taxes is…

Q: c. P60,000

A: Computation of Total amount of tax payable for the year 2022   2020 2021 2022 Regular Corporate…

Q: What is the income tax due using a 21 % federal income tax rate for a corporation with the following…

A: Expected taxable income = Gross income from sales - accumulated expenses - depreciation charged.…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Net income after taxes = $10,625,500

Q: JAY Co. reported net income for the current year 2021 at ₱2,395,000 before taxes. Included in the…

A: When a company's taxable income is less than its accounting income, a liability known as a deferred…

Q: Caramel Compnay's 2023 Income Statement shpwed pretax accounting income of $2,500,000. To compute…

A: The corporation has to pay income taxes. Income tax is paid on the taxable income using the…

Q: Exercise 28-12 (LO. 1) The entity reports the following transactions for the 2022 tax year. The…

A: Taxable income: After all costs and government-permitted deductions are subtracted, the amount that…

Q: 2.     Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute…

A: The corporation has to pay income taxes. The income taxes are paid on the taxable income using the…

Q: Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: The amount of taxes that an individual or business owes is generally determined by the government…

Q: SAYPI

A: Here the corporate tax is individual income tax slabs and not flat rate on the…

Q: The taxpayer is a domestic corporation:                 Gross sales…

A: Taxable income of a domestic corporation is the income which has been computed when the either the…

Q: ABC Corporation provides you with the following information for the 2020 tax year, which was the…

A: Tax is the charge which is charged on the taxable income of the taxpayer earned during the year. The…

Q: Martin Company has 500k in taxable income, 50k in interest income, 100k in dividend income. Using…

A: Taxable income refers to the base upon which an income tax system imposes tax. In other words, the…

Q: Given the following facts, calculate the New Jersey state tax liability for ABC Corporation: Federal…

A: The objective of the question is to calculate the New Jersey state tax liability for ABC Corporation…

Q: XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial…

A: Answer: As per CREATE law, where income doesnot exceed Php 5 million and asset doesnot exceed Php…

Q: s of P150,000 November 2021. It: porate Tax Rate is 25%. If the co ecember 2021, what is the poss

A: Given  In november, Gross sale =P1400000 Cost of sales=P560000 Its profit is: 1400000-560000 =840000…

Q: Based on the following amounts, how much is the income tax due based on the 25% regular corporate…

A: Tax due is P400,000.

Q: Umasa Corporation reported the following information for the current year: Pretax financial income…

A: Taxable income = Pretax financial income - exempt income + rent received in advance - depreciation =…

Q: Calculate the corporate income tax for each of the following corporate taxable incomes. a. $15,000…

A: Income tax  refers to the form of tax which is imposed by the governments on the income generated by…

Q: Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative…

A: Passive income is income generated from someone other than an employer. which can be derived from…

Q: 1 Calculate the Tax implications if the company has earnings before taxes of $ 350,000.00 Both if…

A: The objective of this question is to calculate the tax implications for a company with earnings…

Q: The XYZ, Inc. reported $50 million of taxable income. Its federal tax rate was 21% (ignore any…

A: The tax liability is determined by using the tax rate and the amount of taxable income. The tax…

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.