For the year ended December 31, 20x1, An entity reported pretax financial statement income of P750,000. Its taxable income was P650,000. The difference is due to accelerated depreciation for income tax purposes. An entity's effective income tax rate is 30%, and an entity made estimated tax payments during 20x1 of P90,000. What amount should the entity report as current income tax expense for 20x1?
For the year ended December 31, 20x1, An entity reported pretax financial statement income of P750,000. Its taxable income was P650,000. The difference is due to accelerated depreciation for income tax purposes. An entity's effective income tax rate is 30%, and an entity made estimated tax payments during 20x1 of P90,000. What amount should the entity report as current income tax expense for 20x1?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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