Calgary Corporation has permanent establishments in Alberta, British Columbia and Seattle in the United States. Gross revenues, Net Income and salaries and wages for each permanent establishment are: Net Income For Salaries Gross Revenue Tax Purposes And Wages Alberta $ 5,000,000 $500,000 $3,500,000 British Columbia 4,000,000 98,000 3,000,000 Seattle 4,500,000 325,000 2,000,000 $13,500,000 $923,000 Total $8,500,000 For the purposes of calculating the federal tax abatement, the percentage of income allocated to a Canadian province would be:
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- 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:…Caribbean Cruise Tours (CCT) is a Canadian controlled private corporation that operates a chain of travel agencies. In its fiscal year ending December 31, 2019, the Company had the following financial results:Active business income earned in Canada $275,000Active business income earned outside Canada 25,000Taxable capital gains NilAdjusted Aggregate Investment Income 100,000Net Income For Tax Purposes $400,000Taxable Income $325,000 The company paid no foreign taxes on its foreign operations. Its Adjusted Aggregate Investment Income was $48,000 in 2018. CCT has no associated corporations.Which one of the following amounts…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
- 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.P 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 Private Proprietary Educational Institution majority of its income is from related activities. P, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities. Compute the income tax due if all the income of Qalvin is used for educational purposes. P, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was…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?
- BUT PTE Singapore in Semarang obtained net income in 2021 as follows: Domestic Fiscal income IDR 400.000.000 Income from Deviden in Singapore (15% tax rate) IDR 100.000.000 Income from Loan in Vietnam (20% tax rate) IDR 250.000.000 Income from Royalti in Malaysia (35% tax rate) IDR 200.000.000 Loss Income from India (17% tax rate) (IDR 100.000.000) (Financial information of BUT PTE Singapore that Gross Income is Rp. 35.000.000.000 and Fiscal Costs are Rp 31.000.000.000) Calculate Tax Payable!Epic Inc. is a CCPC with a December 31 taxation year end. The following information relates to the 2021 taxation year. 1. The Company had Canadian source active business income of $237,000. Of this total, it was determined that $126,000 qualified as M&P profits under ITR 5200. 2. The Company received $25,500 in foreign investment income. This was net of $4,500 foreign income tax withheld. 3. Net income for 2021 is $277,000. This is made up of the $237,000 in active business income, the $30,000 in foreign investment income, and $10,000 in taxable capital gains. 4. Because of a $50,000 2019 non-capital loss balance that was claimed taxable income is $227,000. 5. The Company shares the annual business limit for the small business deduction with two other companies. Epic's allocated share of the business limit is $200,000. 6. Assume that the foreign tax credit for foreign investment income is equal to the amount withheld. 7. For the 2020 taxation year, the combined…Brianna (resident citizen), earning compensation income and from self-employment, provided the following data for the 1(st) quarter of 2018 Compensation income P 780,000 Sales 1,275,000 Cost of sales 625,000 Business expenses 350,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset 70,000 Loss on sale of land in the Philippines held as a capital asset with cost of P1.5M when the zonal value is P1,200,000. 500,000 A. Determine the total business tax due and payable for the first semester B. Determine the total business tax due and payable for the first quarter, if applicable, assuming Brianna opted to be taxed at 8%
- 1. Alta Vista Company operates a water und radio broadcasting franchise provides the following in 2018:Gross receipts Water franchise P 2,000,000Radio franchise 10,000,000Operating expenses 5,000,000Net income P7,000,000The total percentage tax on franchise is 2. African International Carrier reported the following gross receipts from tickets sold: Outside for trip-Manila to USA P1,000,000; Outside for trip-USA to Manila 1,200,000; In the Philippines for trip - USA to Manila 1,500,000; In the Philippines for trip - Manila to USA 1,100,000. The Philippine business tax to be paid is 3. The City of Baguio called US President Bush and President Arroyo to attend the Panagbenga 2018 incurring telephone expenses amounting to P10,000 and P2,000,respectively.How much is the percentage tax to be paid by the City of Baguio?LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00K Ltd., a Canadian company, had sales of $2,400,000 in the last reporting period of the fiscal year ($2,000,000 within Canada and $400,000 outside of Canada). During the same period, the following expenditures were incurred: inventory purchased $600,000, equipment purchased $80,000, salaries & wages $300,000, rent $130,000, insurance $10,000, and interest expense $25,000. What is the amount of GST to be remitted to the CRA for the reporting period?