If it opts to claim the tax paid abroad as deduction from gross income, compute  for its income tax.

Q: YORMS Corp has the following data for the year ended December 31, 2021:…

A: The corporate tax rates apply to gross revenue obtained from sources within the Philippines for…

Q: Prey Ltd accountant has estimated current tax of P50 000 based on the current profit. The income tax…

A: Tax expense is the aggregate of current tax and deferred tax. The distinction between the…

Q: For its current tax year, Ilex Corporation has ordinary income of $250,000, a short-term capital…

A: As it is given in the question, Prior to 2018, the U.S. corporate tax rate structure had eight tax…

Q: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…

A: Foreign tax credit is a refundable tax credit that can be availed by individuals working in foreign…

Q: Compute the income tax due for 2021 if Phils is a resident foreign corporation: * Phils.…

A: The Taxable rate for foreign corporation is @25%. The taxable income is 34,000,000 The Tax…

Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…

A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO THE…

Q: Marsden Inc., a Canadian public company, has 2020 Taxable Income of $362,000. It has permanent…

A: Given: The table is  shown below as,

Q: DICK Corp has the following data for the year ended December 31, 2021:…

A: Government Owned and Controlled Corporation (GOCC) According to Philippines taxation rules…

Q: The income tax T owed in a certain state is a function of the taxable income I, both measured in…

A: Given , The equation of tax is as follows: T=0.13I-300…

Q: The Tacurong Company has the following business income and expenses in year 2020: Gross Income…

A:

Q: Kendrick Inc, a resident foreign corporation, earned $46,250 interest income on in depositary…

A: Currency exchange rate is the exchange rate of currency between two or more countries, each country…

Q: Note: Apply Philippine Taxation Nicanor registered as a non-VAT taxpayer in 2019 with a capital of…

A: Every person in Philippine is required to take VAT registration if its Gross sales are more than the…

Q: BBB Corporation is a resident foreign corporation with total assets in the Philippines amounting to…

A: The income tax is payable on the earned income. The tax rates in Country P are different for the…

Q: Tax rate is 20 % STCG is 320000 Salary income is 150000 Maximum exemption is $ 170000

A: Formula: Tax payable amount = Taxable income x Tax rate

Q: A taxpayer received during the taxable year the following passive income derived from within the…

A: The income is the income earned without the use of time and labor of the taxpayer. Passive income…

Q: Calculate ABM Ltd's tax payable or refundable

A: It has been given in the question that the ABM Ltd is the Australian resident company. For the year…

Q: USCo incurred $100,000 in interest expense for the current year. The tax book value of USCo’s assets…

A: Interest to be apportioned to foreign-source income = Interest Expense x % of Foreign source income

Q: "Easy lang ito" Corporation provided the following data for the calendar year ending December 31,…

A: A resident foreign corporation indicates the foreign corporations conducting business operations in…

Q: Differences between pretax accounting income and taxable income were as follows during 2021:…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: What is the income tax payable to BIR?

A: Under the preferential tax rate system for a corporation registered under PEZA, tax is calculated at…

Q: San Carlos Corporation, a U.S. multinational, had pretax U.S. source income and foreign source…

A: If the foreign tax credit is taken then the credit is reduced from the total tax liability. If the…

Q: 1. Uno Company reported income before tax for the first six months ended June 30, 2021 at…

A: Interim financial statements are those statements which are prepared in between two accounting…

Q: Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell…

A: Income tax  refund  will be receivable of previous  2 year

Q: Visayas Corporation has one temporary difference at the end of 2020 that will reverse and cause…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: Kendrick Inc, a domestic corporation, earned $46,250 interest income on in depositary account in an…

A: Step 1 Interest income from bank deposits or monetary benefit from depository received by a domestic…

Q: If the offshore banking unit can claim allowable deduction of P 2,830,000, how much is the offshore…

A: The offshore banking units means the banking units that are the branch of foreign banks approved by…

Q: Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of…

A: Gross Pay- Gross pay is the total amount paid to employees by an employer before any deductions. In…

Q: LENI Lugawan Corp has the following data for the year ended December 31, 2021:…

A: The company is a resident corporation hence domestic corporate income tax due will be income tax at…

Q: In 2019, Mini reports $1,503,600 of pretax book net income. Mini did not deduct any bad debt expense…

A: Total Income Tax Expenses: Once computed, your income tax cost is the amount you estimate you owe on…

Q: ABC Corp operates in the city and would besubjected to the following taxes:   i. Federal corp…

A: Federal Corporation income tax surtax: 26% Normal tax: 22% Income before taxes: $370,000 Tax…

Q: ABC corporation provided the following data for calendar year ending December 31,          2021 ($…

A: A non-resident foreign corporation is one which does not have any presence in the Philippines but…

Q: Uno Company reported income before tax for the first six months ended June 30, 2021 at P5,000,000.…

A: Interim financial statements are those financial statements which are prepared in between two…

Q: Compute the 2021 tav kability and the marginal and average tax rates for the following taxpayers.…

A: a. Tax liability: Up to $9,950 - 10% $995 $9,951 to $40,525 - 12% $3369 $40,526 to $86,375 -…

Q: J, VAT registered taxpayer, had the following data on importation in 2022: Invoice cost (exchange…

A: Here discuss about the details of the computation of VAT payable for the purchase on importation and…

Q: XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is…

A: SOLUTION-  A DOMESTIC CORPORATION IS  TAXED @ 25%FROM JULY 1 2020 . PREVIOUS RATE WAS 30% . A…

Q: South Carolina Corporation has one temporary difference at the end of 2020 that will reverse and…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50).…

A: Under the New tax rate under CREATE LAW Any domestic corporation whose net taxable income during a…

Q: Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial…

A: Tax base is the amount attributed to that asset or liability for the tax purpose.

Q: Enders, Inc., a domestic corporation that invests in foreign securities, reports total taxable…

A: FTC stands for Foreign Tax Credit which is defined as the tax that is non- refundable and it is…

Q: How much was the income tax payable for the first quarter?  How much was the income tax payable for…

A: Minimum corporate income tax (MCIT) in total income, beginning in the fourth tax year following the…

Q: ABC Corporation earned the following income in 2019 (gross of withholding tax): Interest on bank…

A: ABC corporation for year 2019 are : 1. Interest on bank deposit = P100000 Tax on domestic interest…

Q: ABC corporation provided the following data for calendar year ending December 31,          2021 ($…

A: As per our protocol we provide solution to either one question or first three sub-parts kindly…

Q: Len Corporation earned the following income for taxable year 2021:      Royalty income from…

A: Here discuss about the details of the passive income which are received for the non resident foreign…

Q: How much is the total gross income subject to regular income tax if a domestic corporation reported…

A: Gross income includes the total income which is subject to tax.  Domestic corporation means the…

Q: How much is the income tax due assuming the taxable year is 2021? 2. Assuming the corporation is a…

A: A non-resident foreign corporation is the corporation have to pay tax to the Philippines country…

Q: Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the…

A: Taxable income is the income  earned by a person and he\she is liable to pay tax on it. Corporate…

Q: sed to amount of $491,000. Taxable income for 2021 is $845,000. The tax rate is 30% for all years.…

A: Answer: Given: Year 2021 Temporary Difference       ($491,000 - $388,000) $103,000 Financial…

Q: Using the same data in the previous question, what is the income tax due if Sandbox is a resident…

A: Resident foreign corporations (i.e. foreign corporations engaged in trade or business in the…

Q: Dynasty Corp. just completed its third year of operations. It has the following financial…

A: Here discuss about the taxable income and tax due for domestic corporation, Resident foreign…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.