XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: a. If it is a domestic corporation, compute for its income tax after tax credit. b. If it is a resident corporation, compute for its income tax. c. If it is a non-resident corporation, compute for its income tax.
XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: a. If it is a domestic corporation, compute for its income tax after tax credit. b. If it is a resident corporation, compute for its income tax. c. If it is a non-resident corporation, compute for its income tax.
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 28P
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Question
XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)
Philippines Abroad
Gross income P4, 000, 000 $ 40, 000
Deductions 2, 500, 000 $ 15, 000
Income Tax Paid $ 3, 000
REQUIRED: Compute for the below:
a. If it is a domestic corporation, compute for its income tax after tax credit.
b. If it is a resident corporation, compute for its income tax.
c. If it is a non-resident corporation, compute for its income tax.
d. If it opts to claim the tax paid abroad as deduction from gross income, compute for its income tax.
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