axpayer: Domestic Corporation Gross sales P2,700,000 Other operating income 250,000 Non-operating income 150,000 Cost of sales 1,000,000 Operating expenses 500,000 Non operating expenses 100,000 what is the net taxable income using ITEMIZED deductions

Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of…

A: Income tax due is the amount of tax which is due on income taxable during the year.

Q: Data of an individual taxpayer for the current taxable period: Gross sales Cost of sales Sales…

A: Regular itemized deduction is subtraction allowed so as to calculate the  taxes, it reduces the…

Q: Taxpayer: Domestic Corporation engaged in manufacturing business  Taxable period data:  Item  IN…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Taxpayer: Domestic Corporation  Taxable period data:  Item  IN  OUT Gross income from…

A: Tax is the charges levied by the central and state government on the net income, sale or capital…

Q: Jose is a resident Citizen Taxable period 2021   Gross Sales php 2,500,000 Other operating income…

A: Allowable Expenses: These  are costs incurred for running  business  and  can be deducted from…

Q: 15 ABC Corp. registered in 2010 made available the following financial information for TY2021:…

A: Answer:   Income Statement       Gross sales PHP             100,000,000 Less: Cost of Sales…

Q: 5.Pedro earned and incurred the following income and expenses: Compensation (exclusive of mandatory…

A: Graduated tax rates in Philippines is applied to the business taxable income , the individuals who…

Q: What is taxable income of Red Corporation?

A: Taxable income:   Taxable income refers to the gross income less any allowable deductions of a…

Q: 19 A taxpayer registered in 2010 made available the following financial information for TY2021:…

A: Beginning July 1, 2020, the CREATE Act reduces the corporate income tax rate from 30% to 25%. The…

Q: A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost…

A: Income Tax in philipines: Income tax of domestic  corporations is based on their  gross income less…

Q: X Corporation opted to deduct OSD.  The following are the results of its operation: Net sales…

A: An OSD or Optional Standard Deduction  is a standard deduction at the rate of 40% which taxpayers…

Q: How much of the following is gross income subject to income tax? * Description Amount Cancellation…

A: Answer: Gross Income subject to income tax:   Cancellation of indebtedness for service rendered -…

Q: N 12   Wren, Inc. had $490,000 in taxable revenues this year and $510,000 in deductible business…

A: The taxable income is the income used to determine the tax liability of the taxpayer. The…

Q: A VAT-registered business makes a sale of P10,000, inclusive of  VAT. The VAT on the sale can be…

A: VAT:   VAT stands for Value Added Tax. It is a tax a customer is liable to pay on the goods or…

Q: What is the taxable income if the taxpayer had chosen itemized deduction? A domestic corporation had…

A: Calculation of taxable Income of Domestic Corporation

Q: Beaver Dam Inc. (BDI) listed the following items to prepare a reconciliation between book and…

A: Solution:- a) Calculation of BDI’s tax expense for financial statement purposes as follows:- Basic…

Q: Taxpayer contributes $4,000 in cash to C-Corporation. Before the company has generated any income,…

A: The contribution made to the company in the form of cash or other than cash by a third party is…

Q: XYZ’s financial income is P1,800,000 before provision of income tax. The following differences have…

A: Taxable income = financial income before tax  + Excess of warranty expense  + Premiums paid on life…

Q: GIVEN: Taxpayer is a proprietary educational institution. Taxable period is 2021. • Financial data:…

A: Income Tax: - Income Tax is the tax that is imposed by the government on the income generated by a…

Q: FACTS / DATA / GIVEN: . Тахрауer: • Taxable period: Domestic Corporation 2021 Description Gross…

A: GIVEN ÷ Taxpayer is a Domestic corporation.  Taxable period is 2021 Net taxable income is a income…

Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: Remsco, a C-Corporation, has taxable income of $60,000 before any limitations. Included in taxable…

A: Taxable income is the income on which tax is paid by the organization during an accounting year.

Q: A taxpayer made available the following financial information: Gross sales        - Php 10,000,000…

A: Taxable income is the foundation income on which taxes are levied. It includes some or all of the…

Q: GIVEN: • Taxpayer is a PEZA-registered enterprise Taxable year is 2021 • Financial data Related…

A: hilippine Economic Zone Authority (PEZA) registered entities are given tax incentives such as in the…

Q: a.How much interest expense can CL deduct? b.How is the interest expense reported on CL’s Schedule…

A: Hi student Since there are multiple subparts, we will answer only first three sub parts. Given…

Q: A taxpayer registered in 2020 made available the following financial information for TY2021 :…

A: As per CREATE law, if income of domestic corporation is less than 5 million, then tax rate will be…

Q: GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Calculate the taxpayer's qualifying business income deduction for a qualified trade or business:…

A: Qualifying Business Income is limited to whichever is the least from the following: 20% of…

Q: A Corporation owns 20% of C Corporation. C has current earnings and profits of $40,000. C…

A: Tax consequences means tax determination of  the members who are managing shall engaged or…

Q: Assuming the taxpayer is a corporation, compute respectively the total items of gross income and the…

A: As per bartleby guideline In case different question answer only first question The 3rd question is…

Q: Balance Sheet: Asset – Php 500,000 Liability – Php 100,000 Stockholders' Equity – Php 400,000…

A: Income tax is a tax that is paid on the income of a company, individual, AJP, BOI (i.e.on person)…

Q: php 2,

A:

Q: Mr. Sanchez, a sole proprietor, shows the following: Sales P800,000 Interest income, net of final…

A:

Q: A taxpayer registered in 2010 made available the following financial information for TY2021 Balance…

A: If the taxable income is less than Php 5 million and the assets are less than Php 100 million, then…

Q: GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with…

A: The correct option with proper explanation are as follows

Q: The following items of gross income are exempted from taxation, except:  A.Revenues of a non-stock…

A: Analysis of Option Option A: Incorrect Reason:  Non profit organisation: These are the…

Q: Taxpayer - Resident citizen Gross sales 2,600,000 Other operating income 200,000 Non-operating…

A: Optional Standard Deduction or OSD pertains to a 40% tax deduction to your annual gross income. On…

Q: A taxpayer engaged in buy and sell business incurred entertainment expense amounting to P35,000. If…

A: ANSWER : The range of expenses that including food and drinks, corporate boxes, holiday…

Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…

A: Taxable income is calculated as net income before taxes. The net income before taxes is calculated…

Q: Taxpayer: Domestic Corporation engaged in retail business  Taxable year: 8th year of operation…

A: Tax means the charge which levy by the government on the personal or organisational income for…

Q: A domestic corporation had the following cumulative data in a year:     1st Qtr 2nd Qtr 3rd Qtr…

A: An itemised deduction seems to be a cost that may be subtracted from your adjusted gross income…

Q: * Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties…

A: Taxable Income Calculation of taxable income which can be determined by the net income after…

Q: Company sold to Y Company goods worth 10,000.00, exclusive of any applicable tax. If X Company is a…

A: On a purchase made by a non-VAT registered person from the VAT-registered person, the whole amount,…

Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…

A: According to the Phillipines taxation, Optional standard deduction is available to individual tax…

Q: The Storm Corporation, a calendar year taxpayer, incurred the following items.  Compute Storm's net…

A: Net operating loss means the loss occurred due to operational activities of the business.

Q: An entity provided the following net of tax figures for the current year: Net income 7,700,000 Net…

A: Total comprehensive income consists of 2 part : 1. Net Income  2. Other Comprehensive Income (OCI)…

Q: ParentCo and SubCo report the following items of income and deduction for the current year…

A: Taxable income refers to the amount that is subject to tax charged by the government. Tax refers to…

Q: A taxpayer made available the following financial information: Gross sales      - Php 10,000,000…

A: Gross profit = Gross sales - Cost of sales =  Php 10,000,000 -  Php 6,000,000 =  Php 4,000,000

Q: 12. JKL Corporation opted to deduct OSD. The following are the results of its operation: Net sales…

A: If a company opted for OSD, its taxable net income from business  is calculated by deducting 40% of…