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![Until the time of the
examination of its book, the
taxpayer failed to withhold
10% withholding tax
amounting to 10,000 from the
payments of professional fees
to vat-registered consultant.
What is the deductible amount
for professional services paid?
89,286
O 100,000
O 112,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92e07886-bf92-42b7-a762-2e4c36412223%2Ffd8da095-f3f3-4e04-babb-89e3ff80ee34%2Fxqapttm_processed.jpeg&w=3840&q=75)
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- petty peter pty paid the following legal expenses to attorneys for the 2022 year of assessment: R5 450 of the fee was for debt collection R25 000 related to the drawing up of a restraint of trade agreement which was paid to an ex-employer. R25 000 related to dispute between the company's director and one of the employees due to sexist remarks made by the director. What amount will be deducted in terms of legal expenses when the company is computing their taxable income for the 2022 year as assessment? A 30 450 B 55 450 C 25 000 D 5 450In 2018, a domestic corporation paid for the monthly rental of a residential house of its branch manager, Mr. Juan dela Cruz, amounting to P156,000. Assume there is no transfer of ownership, what is the total amount of deductible expense by the employer from its gross income? a. Answer not given b. P120,000 c. P198,000 d. P156,000 e. P42,000Sure Ako Corporation reported pretax income of P4,500,000 for the year ended December 31, 2022. The controller is unfamiliar with required treatment of temporary and permanent differences in reconciling taxable income to pretax financial income and has contacted you for an advice. The company record shows the following differences: Tax depreciation in excess of book depreciation P550,000 Proceeds from life insurance policy upon death of an officer* 250,000 Interest revenue on bank deposits 196,000 *The beneficiary of the insurance policy is Sure Ako Corporation. Tax rate is 30% in 2022 and in the future. Payments in previous quarters totaled P450,000. How much is the total income tax expense for the year 2022?
- On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable P30,000 P13,200 P27,200 P16,800XYZ’s financial income is P1,800,000 before provision of income tax. The following differences have been noted between taxable and financial income:· Excess of warranty expense over actual warranty expenditures: P27,000· Premiums paid on life insurance policy on officers where XYZ is the beneficiary, P200,000. · Rent collected in advance for period earned: P35,000· Penalties paid for late payment of taxes, P15,500· Excess of tax depreciation over book depreciation: P30,000· Excess of doubtful accounts expense for financial reporting over the actual write-offs for tax reporting: P12,000· Impairment of goodwill: P90,000Current income tax rate is 30%. How much is the taxable income? a. 2,149,500 b. 2,105,000 c. 2,061,000 d. 2,079,000Compute for the VAT payable. 1) On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable. a. P30,000 b. P13,200 c. P27,200 d. P16,800 2. On January 2020, DEF Corporation is a VAT registered manufacturer of refined sugar, purchased in cash from STU Corporation, also a VAT registered company, sugar cane amounting to P80,000. The refined sugar produced were sold on January 2020 on credit for P150,000, VAT exclusive. Compute for the VAT payable. a. P18,000 b. P8,400 c. P14,800 d. P9,600 3. Bible Community of the Philippines, Inc. (BCPI)is registered with the Securities and Exchange Commission as a nonstock, not-for-profit corporation with the primary purpose of…
- If the beginning balance in Swan, Inc.’s OAA is $6,700 and the following transactions occur, what is Swan’s ending OAA balance? Depreciation recapture income $ 21,600Payroll tax penalty (4,200) Tax-exempt interest income 4,012Nontaxable life insurance proceeds 100,000 Life insurance premiums paid (nondeductible) (3,007)Tiakies Limited has an assessed loss of R420 000 from the year ended 30 June 2021. During the 2022 tax year the company earned a gross income of R480 000 and incurred deductible expenses of R110 000. One creditor, to whom the company owed R120 000, agreed to accept the lesser amount of R90 000 in full and final settlement. Questions: Q.6.1 Calculate Tinkies Limited's taxable income or assessed loss for the 2022 tax year. Assume ring fencing is not applicable. Assume that the 80% limitation is not effective. Round your calculations to the nearest Rand.The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is 30%. Assume the following differences between the financial income and taxable income for the year: 1. Fines paid for late payment of taxes, P15,5002. Premiums paid on life insurance policy on officers, P200,000. Beneficiary named in the policies is Mechado Company.3. Impairment loss recognized on goodwill, P90,0004. Excess of tax depreciation over book depreciation, P30,0005. Excess of warranty expense over actual expenditures, P27,0006. Excess of estimated uncollectible accounts for financial reporting over the accounts actually written off for tax reporting, P12,000.7. Rent collected in advance of period earned, P35,000. Taxable income is?
- For the year ended December 31, 2021, Irene Company reported pretax accounting income of P6,000,000. The taxable income was P7,000,000. The difference is due to rental received in advance. Rental income is taxable when received. The income tax rate is 30% and the entity made no estimated tax payment in the current year. What amount should be reported as total income tax expense for the current year? O 2,100,000 O 1,800,000 O 1,000,000 O 1,100,000Sarsuela Co. at the end of 2022, its first year of operation, prepared reconciliation between pretax financial income and taxable income as follows: Pretax financial income P400,000 Estimated litigation expense 1,000,000 Installment sales (800,000) Taxable income P600,000 The estimated litigation expenses of P1,000,000 will be deductible in 2023 when it is expected to be paid. The gross profit from installment sales will be realized in the amount of P500,000 and P300,000 each of the next two years. The income tax rate is 30% in current year and 32% in 2023 and 33% in 2024 were enacted for future years. TRUE OR FALSE Statement 1: The net income after tax for the period ending December 31, 2022 is P660,000. Statement 2: Total income tax expense for the period ending December 31, 2022 is P120,000XYZ Co. at the end of 2018, its first year of operations, prepared a reconciliation betweenpretax financial income and taxable income as follows:Pretax financial income € 750,000Estimated expenses deductible for taxes when paid 1,200,000Extra depreciation (1,350,000)Taxable income € 600,000Estimated warranty expense of €800,000 will be deductible in 2019, €300,000 in 2020, and€100,000 in 2021. The use of the depreciable assets will result in taxable amounts of €450,000in each of the next three years.Instructions(a) Prepare a table of future taxable and deductible amounts.(b) Prepare the journal entry to record income tax expense, deferred income taxes, andincome taxes payable for 2018, assuming an income tax rate of 40% for all years.
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