20. A resident citizen has a compensation income of P1,250,000 within the Philippines and P150,000 fron abroad. Compute the income tax due O a P 320,000 ODP310,000 O C P 300,000
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- 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.The taxpayer had the following data at the end of the current year: Philippines South Korea Gross profit from sales P3,000,000 P10,000,000 Interest from FC bank deposit 20,000 40,000 Royalties from patents 60,000 100,000 Dividends from domestic corporation 50,000 0 Prizes 12,000 0 Operating expenses 2,000,000 5,000,000 Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be: P1,000,000 P6,282,200 P6,000,000 P6,140,000A Russian programmer received P1,200,000 compensation income for his services rendered in Makati and rental income of 100,000HKD from his properties in Hongkong. Assuming 1HKD is equivalent to 6.5PHP, how much will be subject to Philippines income tax? a.P1,850,000b.P1,200,000c.P650,000d.0
- The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up M300 000 and 26% of any amount over M300 000. Express the above as a tax function. Find the income tax for an income of M125 000. Compute the income tax of an income of M350 000.A resident and citizen of the Philippines who has the below income. Compute for the total income subject to Philippine Tax. Salaries and Bonuses P240,000Thirteenth month pay 20,000Christmas Bonus 20,000Mid-year Bonus 20,000Based 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?
- 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.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 P6,800,000Compute the income tax due for 2021 if Yolanda is a General Professional Partnerahip P3,400,000 P10,200,000 P8,500,000 0 Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000
- 4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P10,200,000 P6,900,000 P8,500,000 P6,800,000A 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?5. Compute the income tax due for 2021 if XYZ is a private proprietary educational institution. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P3,400,000 P10,200,000 P8,500,000 P340,000