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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.

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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.

Philippines P4, 000, 000 2, 500, 000 Abroad $ 40, 000 $ 15, 000 $ 3, 000 Gross income Deductions Income Tax Paid REQUIRED: Compute for the below:
Transcribed Image Text:Philippines P4, 000, 000 2, 500, 000 Abroad $ 40, 000 $ 15, 000 $ 3, 000 Gross income Deductions Income Tax Paid REQUIRED: Compute for the below:
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