. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? b. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?
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Based on the below data, answer as required:
| WITHIN | OUTSIDE | |
| Gross income | 8,000,000 | 4,000,000 |
| Business expenses | 5,000,000 | 3,000,000 |
| Sale of land and warehouse (cost 2m) | 3,000,000 | - |
a. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?
b. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?
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- Based on the below data, answer as required: WITHIN OUTSIDE Gross Income P8,000,000 P4,000,000 Business Expenses 5,000,000 3,000,000 Sale of land and warehouse (cost P2M) 3,000,000 A. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? B. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?1. In 2020, X Corporation had the following data: Sales of 1M and cost /expenses of 500,000. Can we apply the 8% rate in the computation of income tax? 2. A, Canadian citizen living in Manila, has the following income in 2019: interest income from loan granted to resident of Cebu amounting to 50,000; salary for services rendered in Italy of 100,000; sale of personal property with gain of 300,000 (located in Manila); rental income from properties located in Japan of 100,000. What is the income tax due of A under the GTR? 3. Asta, non-resident alien not engaged in business in the Philippines, has the following income for 2019: Business income in USA of 7,000,000 and; Other income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta? 4. In 2019, A, employee of MCDO Corp, has an annual salary of 2.5M only. Can A avail the 8%?
- If a branch of a foreign corporation (resident foreign corporation) derives net income of P20,000,000.00 to be remitted to the foreign head office, how much is the branch profits remittance tax? Group of answer choices P1,500,000.00 P2,000,000.00 P3,000,000.00 P2,250,000.00The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business P450,000 Dividends from domestic corporation 80,000 From Other Countries Saudi Arabia 180,000 Australia 75,000 Japan 190,000 Total Foreign Income Tax paid is P60,000 and Philippine quarterly income tax paid is P42,000. A. Compute for the income tax still due and payable if Tacurong is a domestic corporation. B. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an International Carrier.
- 4. XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Abroad, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a domestic corporation. P10,200,000 P6,900,000 P8,500,000 P6,800,000For the year 2021, BBS Corporation earned a gross income of P6,000,000 from the Philippines and another P5,000,000 from Malaysia. Business expenses incurred is P4,000,000 in the Philippines and P3,000,000 from Malaysia. BBS Corporation also sold a land it acquired in 2019 costing P1,000,000 for a total amount of P3,000,000 paying the Capital Gains Tax thereof. BBS Corporation has a total assets amounting to P90,000,000. If BBS Corporation is a Resident Foreign Corporation, compute the Taxable Income and the Income Tax Due.Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P700,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government
- A Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an non-resident owner or lessor of aircraft, machineries & other equipment A Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a business partnership organized in the Philippines Qalvin Corporation, a MSME, reported the following in 2023: in 2022:…Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Domestic Corporation.Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-resident Foreign Corporation.