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- LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige generated taxable income of 1,200,000. What is Beige Corporations tax liability for this period?Taxpayer - Resident citizen Gross sales 2,600,000 Other operating income 200,000 Non-operating income 150,000 Cost of sales 1,000,000 perating expenses 500,000 Non-operating expenses 60,000 How much is the net taxable income using itemized deduction? How much is the net taxable income using optional standard deduction?taxpayer: Domestic Corporation Gross sales P2,700,000 Other operating income 250,000 Non-operating income 150,000 Cost of sales 1,000,000 Operating expenses 500,000 Non operating expenses 100,000 what is the net taxable income using ITEMIZED deductions
- 10. Payments made for income taxes P760,000 Income tax payable increased by 200,000 Deferred tax liability, Jan. 1 360,000 Deferred tax liability, Dec. 31 470,000 Deferred tax asset, Jan. 1 85,000 Deferred tax asset, Dec. 31 65,000 Income tax expense under accrual basis accounting is a. 1,090,000 b. 960,000 c. 850,000 d. 830,000For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00
- Total deductible income tax credit would be P80,000 P60,000 P20,000 P0 None of the above Income tax still due and payable per ITR. P170,000 P250,000 P120,000 P130,000 None of the above The total final tax would be P22,000 P25,000 P10,000 P12,000 None of the aboveWhat amount should be reported as deferred tax liability? 1,200,000 1,350,000 1,050,000 4,000,000 What amount should be reported as deferred tax asset? 630,000 780,000 480,000 450,000Given the following information, how much is the total income tax credit available for deduction from the regular corporate income tax due? Quarterly income tax payments P320,000.00 Creditable withholding taxes withheld by customers P 80,000.00 Net operating loss carry-over from 2021 P150,000.00 MCIT excess credits from 2020 P 50,000.00 Group of answer choices P50,000.00 P600,000.00 P450,000.00 P400,000.00
- The taxpayer is a domestic corporation: Gross sales P 9,350,000 Sales returns and allowances 250,000 Sales discounts 100,000 Interest income on trade notes receivable 150,000 Other income 50,000 Cost of sales 3,000,000 Operating expenses with vouchers and receipts 4,000,000 Interest income from savings deposits 80,000 Interest income from deposit under FCDS 125,000…Proposed Regressive Plan (Regressive Tax) Calculate the tax for $95,000 . For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):
