BUM21 B-BACD002 BOM1 10:30AM 12:00NN TUESDAY & FRIDAYEA# 9 Tax on Corporation: Problem Solving FnBQuestion 1 of 43Fill in the blanks:In 2018, Yzza Corporation a resident foreign corporation was on its 6th year of operations. The following data pertain to its operations in the Philippines for the years 2018 and 201920182019hsP620,000 P720,000Gross profit from salesBusiness expenses530,000612,000The Normal income tax for 2018 isNOTE:Answers are in numerical form. COMMA, PESO SIGN, and other characters are NOT REQUIRED.OngoingShot on OnePlusEiCOLType here to searchPowered by Triple CameraO

Philippine national taxes are divided into the various categories: One of them being - Corporate…

Fill in the blanks: In 2018, Yzza Corporation a resident foreign corporation was on its 6th year of operations. The following data pertain to its operations in the Philippines for the years 2018 and 2019- 2018 2019 Gross profit from sales P620,000 P720,000 Business expenses 530,000 612,000 The Normal income tax for 2018 is NOTE: Answers are in numerical form, COMMA, PESO SIGN, and other characters are NOT REQUIRED.

Fill in the blanks: In 2018, Yzza Corporation a resident foreign corporation was on its 6th year of operations. The following data pertain to its operations in the Philippines for the years 2018 and 2019- 2018 2019 Gross profit from sales P620,000 P720,000 Business expenses 530,000 612,000 The Normal income tax for 2018 is NOTE: Answers are in numerical form, COMMA, PESO SIGN, and other characters are NOT REQUIRED.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 25P: LO.2 Oak Corporation has the following general business credit carryovers. If the general business...

See similar textbooks

Similar questions

1. BATO 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 domestic corporation with company assets amounting to more than P100M. Group of answer choices P837,500.00 P800,000.00 P492,500.00 P3,350,000.00 2. 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 P500,000.00 3. YORMS Corp has the following data for the year ended December 31, 2021:…
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 P6,800,000
1. BBM Diploma Distributors 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:$1 Determine income tax due assuming the company is a non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes. Group of answer choices P1,500,000.00 Exempt Exempt insofar as "As such" is concerned P837,500.00 2. What is the jurisdiction of the Commissioner of Internal Revenue as regards the interpretation of Tax Laws? Group of answer choices Concurrent Original Concurrent Appellate Exclusive Appellate Exclusive Original 3. It includes any gain from the sale or exchange of property which is not a capital assets. Group of answer choices Ordinary Income Gross Income Gain on Sale of Assets Net Income
54. In relation to transaction #1, How much is the capital gains tax due, if any? A. PO C. P300,000 B. P360,000. D. P450,000
BTS Corporation provided the following data for calendar year ending December 31, 2016: (1$ = P50) Philippines Abroad Gross income 4,000,000 $ 40,000 deductions 2,500,000 $15,000 Income tax paid $ 3,000If the corporation is a domestic corporation, its income tax payable is a. 450,000 b. 1,280,000 c. 825,000 d. 675,000
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
5.1. ABC(LTD) is a manufacturer of Stationery. The Following information is given regarding ABC Ltd for 2021 and 2022 Income tax Expense for 2021 is R9 565 and for 2022 is R8 575 The Income tax for 2021 according to the final assessment for SARS is R9 800.00 Total Dividends declared for 2021 is R5 000. The dividends tax rate is 15% Prepare the journal entries for the year ended 31 December 2021 and 2021 (Include journal narrations) 5.2. State when will a deferred tax liability arising from temporary differences will not be recognised?
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 P500,000.00
38. What is the total tax expense? A. P750,000 B. P600,000 C. P2,550,000 D. P300,000
Q2 (a) On 7 June 2022, Yuna Sdn Bhd (Yuna), a Malaysian tax resident company, registered for sales tax and imported taxable goods equivalent to RM400,000 for its business from a supplier in Thailand. The goods imported were subject to import duty of 10% and sales tax of 10% On 14 August 2022, Yuna issued an invoice for RM180,000 for the supply of manufactured goods (jackfruit juices) to Jojo Supermarket Sdn Bhd received the full payment on 6 November 2022. The sales tax rate on jackfruit juices is 5% Required: (i) Calculate sales tax payable for Yuna Sdn Bhd on the goods imported. (ii) Briefly explain how it would be different from (a) (i) if Yuna Sdn Bhd was not registered for sales tax purposes. (iii) Calculate the Yuna Sdn Bhd sales tax payable and the total invoice amount on the sale of goods. (iv) State in which taxable period the sale by Yuna Sdn Bhd should be accounted for, and state the due date to remit the sales tax to the Royal Malaysian Customs Dept.
56. Shushi Bae is a Korean based in South Korea. She established Shushi Samgyup in the Philippines and registered the same at the Department of Trade and Industry and the Bureau of Internal Revenue as Non-VAT. She hired Nicanor as the General Manager in-charge of all the operations of the head office and its branches. Total receipts for the 2021 are hereunder accounted: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Head Office NCR 500,000 400,000 500,000 400,000 Cebu Branch 250,000 300,000 200,000 Davao Branch 100,000 200,000 How much is the total output tax Shushi Bae is required to report? Answer:
TAXATION in the Philippines DAILY 1 2 3 4 5 6 Compensation range 685 and below 685 - 1,095 1,096 - 2,191 2,192 - 5,478 5,479 - 21,917 21,918 and above Prescribed withholding tax 0 0 +20% over 685 82.19 +25% over 1,096 356.16 +30% over 2,192 1,342,47 +32% over 5,479 6,602.74 +35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation range 4,808 and below 4,808 - 7,691 7,692 - 15,384 15,385 - 38,461 38,462 - 153,845 153,846 and above Prescribed withholding tax 0 0 +20% over 4,808 576.92 +25% over 7,692 2,500 +30% over 15,385 9,423.08 +32% over 38,462 46,346.15 +35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation range 10,417 and below 10,417 - 16,666 16,667 - 33,332 33,333 - 83,332 83,333 - 333,332 333,333 and above Prescribed withholding tax 0 0 +20% over 10,417 1,250 +25% over 16,667 5,416.67 +30% over 33,333 20,416.67 +32% over 83,333 100,416.67 +35% over 333,333 MONTHLY 1 2 3 4 5 6 Compensation range 20,833 and below 20,833 - 33,332…