AAA is a private educational institution. Which of the following is TRUE? * Its income from related and unrelated activities are subject to income tax. If the ratio of the gross income from unrelated activities over total gross income does not exceed 50%, it is subject to a preferential tax rate of 1%. If the ratio of the gross income from unrelated activities over total gross income exceeds 50%, it is subject to the regular income tax rate. All of the above

AAA is a private educational institution. Which of the following is TRUE? * Its income from related and unrelated activities are subject to income tax. If the ratio of the gross income from unrelated activities over total gross income does not exceed 50%, it is subject to a preferential tax rate of 1%. If the ratio of the gross income from unrelated activities over total gross income exceeds 50%, it is subject to the regular income tax rate. All of the above

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter23: Exempt Entities

Section: Chapter Questions

Problem 19P

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Saint Bernard University is registered with SEC as a non-stock and non-profit educational institution. STATEMENT 1: Accordingly, it is granted with automatic tax exemption by the law on its income earned as such institution. STATEMENT 2: The nature of activities of the university determines whether its income is tax exempt or not. True, True False, False True, False False, True
Apayao State University, a a chartered state university, is subject to income tax at the regular rate. exempt from corporate income tax. Subject to income tax at the special rate. Subject to both regular and preferential income tax.
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. If USAP is a non-stock non-profit educational institution, how much is income tax due?
ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.
A corporation has a taxable income of $2,039,602. At this income level, the federal income rate is 50%, the state tax rate is 20%, and the local tax rate is 11%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,039,602 * 0.11 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration?
A corporation has a taxable income of $2,648,421. At this income level, the federal income rate is 51%, the state tax rate is 22%, and the local tax rate is 12%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,648,421 * 0.12 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration? $ . Round to the nearest dollar. A corporation's taxable income is taxed at the federal, state, and local levels. It is customary for an agency to deduct the taxes paid to the other agencies before computing the company's tax liability. For example, the federal taxes are based on the income that remains after the state and local taxes are deducted. Similarly, the state taxes are based on the income that remains after federal and local taxes are deducted; the local taxes are based on the income that remains…
Santo Cristo Institute of Engineering and Accountancy (SCIEA), is an educational institution offering senior high school and tertiary education. It is registered with and accredited by the Department of Education (DepEd) and Commission on Higher Education (CHED). Which of the following income is taxable under the identified type of tax regardless of the school being proprietary or non-stock, non-profit educational institution? a.) the importation of laboratory equipments - from customs duties b.)the school building being rented by the school - from real property tax c.)a portion of the school building being leased to a fastfood chain - from real property tax d.)the income from operation - from income tax
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