Answered: GIVEN: Tax due P1,500 Tax due date…

GIVEN: Tax due P1,500 Tax due date April 15,202A Date of filing and payment August 15, 202A COMPUTE: Total tax due and payable including compromise penalty. a. 2,500 b. 2,560 c. 2,935.16 d. 2,950.21

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 15DQ: LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige...

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

GIVEN:

Tax due	P1,500
Tax due date	April 15,202A
Date of filing and payment	August 15, 202A

COMPUTE: Total tax due and payable including compromise penalty.
a. 2,500
b. 2,560
c. 2,935.16
d. 2,950.21

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