Haidia corporation, an educational institution provided the following data for the current year: Income from tuition fees Php 3,500,000 School miscellaneous fees 1,500,000 Dividend income: Domestic corporation 2,000,000 Foreign corporation 2,000,000 Rent income (net of 5% withholding tax) 1,900,000 Operating expenses 4,000,000 The income tax due of the school is:

Haidia corporation, an educational institution provided the following data for the current year: Income from tuition fees Php 3,500,000 School miscellaneous fees 1,500,000 Dividend income: Domestic corporation 2,000,000 Foreign corporation 2,000,000 Rent income (net of 5% withholding tax) 1,900,000 Operating expenses 4,000,000 The income tax due of the school is:

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 2CPA: Jeffrey Dean, a Masters Degree candidate at North State Central University, was awarded a 15,000...

See similar textbooks

Similar questions

Jeffrey Dean, a Masters Degree candidate at North State Central University, was awarded a 15,000 scholarship from North State Central in the current year. During the current year, he paid the following expenses: In addition, he received 6,000 for teaching two undergraduate accounting courses. What amount must be included in Deans gross income? a. 0 b. 6,000 c. 7,500 d. 21,000
Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees P 12,800,000 Miscellaneous Fees 1,800,000 Interest on Bank Deposits 12,300 Rent Income 350,000 Salaries and Bonuses, all personnel 7,500,000 Other Operating Expenses 3,500,000 Quarterly Income Tax Payments 48,000 An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a depreciable life of 50 years. Compute the income tax payable assuming the university opted to claim the cost of construction as an outright Compute the income tax payable assuming the university opted to capitalize the cost of building construction.
A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:
btsCorporation, a private educational institution, with total assets of P19 million had the following data in 2022: Tuition fees of P4,000,000; Rental revenue, P6,000,000; Cost of services, P2,000,000 Operating expenses, P7,800,000. How much is the income tax due of bts Corporation in 2022?
Read and analyze the following scenarios and apply the principles and concept of income taxation on special corporations. Pioneer College, a private educational institution, has presented the following data for the year: Gross Income, related activities P5,000,000 Gross Income, unrelated activities (except rental income) 5,000,000 Rental income (gross of 5% WT) 2,000,000 Expenses, related activities 2,000,000 Expenses, unrelated activities 3,000,000 Dividend income from a domestic corporation 100,000 Quarterly income tax paid for the first three quarters 500,000 Compute the income tax payable.
Income Tax on Special Corporations Read and analyze the following scenarios and apply the principles and concept of income taxation on special corporations. Pioneer College, a private educational institution, has presented the following data for the year: Gross Income, related activities P5,000,000 Gross Income, unrelated activities (except rental income) 5,000,000 Rental income (gross of 5% WT) 2,000,000 Expenses, related activities 2,000,000 Expenses, unrelated activities 3,000,000 Dividend income from a domestic corporation 100,000 Quarterly income tax paid for the first three quarters 500,000 Compute the income tax payable. Advanced Learning Institute, an educational institution, provided the following data for the current taxable year: Income from tuition fees P 3,500,000 School Miscellaneous Fees 1,500,000 Dividend Income: Domestic Corporation 2,000,000 Foreign Corporation 2,000,000 Rent…
Qalvin, 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. Qalvin, 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 assuming Qalvin is a private hospital.
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00
1. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2, shows pretax income of P 1,000,000. The following items are treated differently on the tax return and in the accounting records. Tax Return Accounting Records Rent income P 70,000 P 120,000 Depreciation Expense 280,000 220,000 Premiums on officers' life insurance 90,000 Faye Faye's rate for 20X2 is 30%. How much is the current tax expense for 20X2?
Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the year’s results. Gross income = $320,000 Business expenses = $149,000 MACRS depreciation = $95,000 Average federal tax rate = 18.5% Average state tax rate = 6% City and county flat tax rates combined = 4.5%Determine the following for Marylynn.a. Taxable income.b. Exact amount of federal income taxes.c. Estimate of percent of the GI needed to pay all income taxes—federal, state, city and county.
An exempt organization, reports unrelated business income of $290,000 and unrelated business expenses of $45,000. In addition, the organization has positive adjustments of $88,000. Assume a 21% corporate income tax rate. Calculate the amount of unrelated business income tax. (Is 1,000 standard deduction applicable?)
Form 1120 and complete pages 1 and 2 (Schedule C) to the best of your ability . The Sunra Corporation had the following data available for the current year : Gross profit on sales $ 0, 000 Dividend income from nonaffiliated domestic corporations (not debt financed 20%-owned) 2,000 Operating expenses ( exclusive of charitable contributions) 28,000 Charitable contributions 1,500 Sunra's taxable income for the current year is 11,300

SEE MORE QUESTIONS

Recommended textbooks for you

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Income from tuition fees	Php 3,500,000
School miscellaneous fees	1,500,000
Dividend income:
Domestic corporation	2,000,000
Foreign corporation	2,000,000
Rent income (net of 5% withholding tax)	1,900,000
Operating expenses	4,000,000