Question 5)Canada, US, and China.Taxable incomeNet Canadian active business incomemanages by Canadian citizens who are in Ontario. They have activities inNet taxable capital gainroyalty incomeinterest expenseForeign Dividendsalary expenseForeign tax paid for businessForeign tax paid for None business250,000 $50,000 $15,000 $5,000 $2,000 $5,000 $75,000 $8,000 $12,000 $How much they have to pay for Federal tax?Canadasalary45,000 $China 5,000 $US 25,000 $revenue150,000 $40,000 $60,000 $

Tax : It is the amount which is levied by the country/state on the pay income of the individual and…

Answered: ncome 250,000 $ dian active business…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 6DQ: LO.3, 4, 5 Contrast the income taxation of individuals and C corporations as to: a. Alternative...

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LO.3, 4, 5 Contrast the income taxation of individuals and C corporations as to: a. Alternative minimum tax. b. Dividend income. c. Qualified business income deduction of 20 percent. d. Use of the cash method of accounting. e. Accounting period used for tax purposes. f. Applicable tax rates. g. Due date of the tax return.
Based on the below data, answer as required: WITHIN OUTSIDE Gross income 8,000,000 4,000,000 Business expenses 5,000,000 3,000,000 Sale of land and warehouse (cost 2m) 3,000,000 - a. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? b. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?
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
Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Domestic Corporation.
4. XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Abroad, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a domestic corporation. P10,200,000 P6,900,000 P8,500,000 P6,800,000
2. Summer Corporation’s business is international in scope and is subject to income taxes in a foreign country. Summer’s earnings and income taxes paid in Brazil $1,900,000 and $595,000 respectively. Summer’s earnings in Ireland were $1,000,000, where income tax of $100,000 was paid. If Summer Corporation’s worldwide income subject to taxation in the United States is $5,000,000 and the U.S. income tax due prior to the foreign tax credit is $1,050,000. Explain the purpose of the foreign tax credit and describe how it is computed. Compute the allowable foreign tax credit, and the US tax liability after the credit. If, instead, the total foreign income taxes paid were $550,000 (450,000 in Brazil plus 100,000 in Ireland), compute the allowable foreign tax credit.
Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? P50,000 P40,000 P87,500 P70,000
A Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an non-resident owner or lessor of aircraft, machineries & other equipment A Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a business partnership organized in the Philippines Qalvin Corporation, a MSME, reported the following in 2023: in 2022:…
Compute the tax due if the corporation is a non-resident foreign corporation. a. 800,000.00 b. 750,000.00 c. 500,000.00 d. 525,000.00
Qalvin Corporation, a large corporation, reported the following in 2023: in 2022: Related Unrelated Total Gross income P300,000 P200,000 P500,000 Deductions 100,000 100,000 200,000 Taxable income P200,000 P100,000 P300,000 Compute the income tax due if Qalvin is exempt non-profit corporation Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P700,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a resident foreign corporation
problem 2 Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bank deposit under FCDS 120,000Gain on sale of land in the Philippines held as capital asset with cost P1.5M when zonal is P1.2M 500,000 How much is the total income tax of Ana assuming she opted to be taxed at 8%?
what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000 P50,000 P100,000 P175,000

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ncome 250,000 $ dian active business income 50,000 $ ble capital gain