What is the amount of income tax due and payable assuming the company is a Non-Resident Foreign Corporation (NRFC)?
Q: Fill in the blanks: In 2018, Yzza Corporation a resident foreign corporation was on its 6th year of…
A: Philippine national taxes are divided into the various categories: One of them being - Corporate…
Q: Assuming World Data is a resident foreign corporation, what is the income tax payable for the…
A: A tax is a compulsory charge paid to the government by everyone who is generating any kind of…
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: total income subject to Philippine Tax
A: The income from sources outside Philippines is not taxable in the hands of non resident citizens of…
Q: Compensation income, Philippines, P 800,000 Gross business income, Philippines, P1,200,000…
A: As per the Philippines Tax Laws, the income tax slab rates for an individual is given below: For…
Q: If Canadian purchases of foreign real estate are $100 million, Canadian purchases of foreign-country…
A: Answer :- correct option is a)-$40
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: An individual (Resident citizen) earning compensation and business income provided the following…
A: Basic salary (Net of withholding tax) 400,000 Withholding tax on salary 30,000 Director's fee…
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: Problem Solving 1A, non-resident alien not engaged in business in the Philippines, has the following…
A:
Q: Katya Corporation had the following data in 2022: Gross Income, Philippines 600,000 Gross Income,…
A: 1) Domestic Corporation Particulars Amount (P) Gross income, Phillipines 600000 Less:…
Q: The accountant for Indra Ltd (Indra) has determined the following information for the year ended 30…
A: Other comprehensive income Other comprehensive income which is also described in the end of the…
Q: Determine the amount of final withholding tax (include the ordinary income) assuming the individual…
A: Withholding tax is the money that an employer deducts from an employee's gross wage and sends…
Q: What is the foreign tax credit X Corp, a US Corp, is able to take on its current year return based…
A: The following calculations are done in the records of X Corporation which is based in the US.
Q: The following Table 1 is the balance of payment for Malaysia in the year 2019. Table 1 Items RM…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property…
A: Particulars Amount Amount Income from Business Business income- Philippines…
Q: Compensation income, Philippines, P 800,000 Gross business income, Philippines, P1,200,000…
A: Tax is the mandatory amount paid by an individual or any other personal to state or local government…
Q: The following data were provided by ABC Corporation (Domestic Corporation) for 2022: Taxes and…
A: 1) any interest/ surcharges on tax or any tax on assessment or income tax due shall not be allowed…
Q: ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000…
A:
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: Summer Corporation’s business is international in scope and is subject to income taxes in a foreign…
A: A foreign tax credit is a tax credit which reduces the taxpayer's overall tax liability. This credit…
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: Compensation income, Philippines, P800,000 Gross business income, Philippines, P1,200,000…
A: Taxable income is the portion of the total income of a taxpayer who pays tax to the government. In…
Q: The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December…
A: Comprehensive income statement: It is a statement prepared to determine the total revenue, expenses,…
Q: 20. A resident citizen has a compensation income of P1,250,000 within the Philippines and P150,000…
A: Taxable income is the income on which the individual, resident of the country require to pay the…
Q: If national income Y = 10,500, disposable income Yd = 8,500 , consumption is C = 8,000, transfer…
A: The answer is stated below:
Q: Assuming Emman is a domestic corporation, compute the total income subject to Philippine income tax.…
A: Total income Subject to philippine income tax assuming Jasmine is a resident Citizen.... So, the…
Q: a. Calculate the total amount of income taxs and import duties paid to the Australian and Chinese…
A: When Invoice Price of Part 126 is AUD $300 per unit Revenue : 300 Cost : 220 ( 200+20…
Q: The accountant for Indra Ltd (Indra) has determined the following information for the year ended 30…
A: OTHER COMPREHENSIVE INCOME REFERS TO ITEMS OF INCOME AND EXPENSE THAT ARE NOT RECOGNIZED AS A PART…
Q: . tax rate is 35%. What are the funds available to the parent MNC if no tax credits are allowed? A)…
A:
Q: An individual (Resident citizen) earning compensation and business income provided the following…
A: GIVEN An individual (Resident citizen) earning compensation and business income provided the…
Q: Compensation income, Philippines 200,000.00 Rental income, Philippines 100,000.00 Net sales,…
A: Taxable net income is the amount of earnings on which tax liability is determined. The taxable…
Q: US
A:
Q: Final Taxes on Passive Income Compute for the final income tax due given the following scenarios on…
A: Passive Income:- Passive income is defined as the earnings, which can be earned through rental…
Q: A resident citizen has a compensation income of P2,280,000 within the Philippines and P1,370,000…
A: As the person is resident Therefore Income from abroad also taxable in Phillipans WOrking Notes are…
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: 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: Assuming Emman is a resident alien, compute the total income subject to Philippine income tax. *…
A: Resident Citizen receiving income from sources within or outside the Philippines will be included in…
Q: A resident foreign Corp has the following data: Gross Sales in Phil is 9M; Cost of sales- Phil is…
A: A resident foreign corporation are foreign corporations that have a residential status in the…
Q: d) Mexico receives $10 million in foreign aid from the United States. e) Mexican citizens deposit…
A:
Q: Royal Company (a U.S. based company) has foreign branch in Great Britain. The foreign branch…
A: Answer: Profit = £5,000,000 and tax 15% Tax value £5,000,000*15% = £750,000 Net profit transferred…
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: Based on the below data, answer as required: WITHIN OUTSIDE Gross…
A:
Q: Corporate taxes Southern Textile Ltd. is a manufacturer of sportswear that supplies to a number of…
A: Let's understand some basics Taxes are mandatory contributions levied on individuals or…
Q: A, non-resident alien not engaged in business in the Philippines, has the following income within…
A: A non-resident alien engaged in trade or business If a person stays for an aggregate period of…
ENKANTADYA Corporation furnished you its financial data for 2018 as follows:
Gross income, Philippines - P 800,500
Expenses, Philippines - 450,000
Gross income Singapore - 700,000
Expenses, Singapore - 400,000
Personal expenses - 150,000
Interest from time deposits, BPI, Philippines - 20,000
Interest on
What is the amount of income tax due and payable assuming the company is a Non-Resident Foreign Corporation (NRFC)?
Step by step
Solved in 2 steps
- ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a Resident Foreign Corporation (RFC)?ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a domestic corporation (DC) ?ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000How much is the amount of final withholding tax on passive income ?
- The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business P450,000 Dividends from domestic corporation 80,000 From Other Countries Saudi Arabia 180,000 Australia 75,000 Japan 190,000 Total Foreign Income Tax paid is P60,000 and Philippine quarterly income tax paid is P42,000. A. Compute for the income tax still due and payable if Tacurong is a domestic corporation. B. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.Paper is a resident foreign corporation with branches nationwide, including the Philippines. Its Philippine branch had an income of P10,000,000 in 2020 and it earmarked P8,000,000 for remittance. It actually remitted P7,000,000. How much is the branch profit remittance tax due of the Philippine branch?BUT PTE Singapore in Semarang obtained net income in 2021 as follows: Domestic Fiscal income IDR 400.000.000 Income from Deviden in Singapore (15% tax rate) IDR 100.000.000 Income from Loan in Vietnam (20% tax rate) IDR 250.000.000 Income from Royalti in Malaysia (35% tax rate) IDR 200.000.000 Loss Income from India (17% tax rate) (IDR 100.000.000) (Financial information of BUT PTE Singapore that Gross Income is Rp. 35.000.000.000 and Fiscal Costs are Rp 31.000.000.000) Calculate Tax Payable!
- Compensation income, Philippines, P800,000 Gross business income, Philippines, P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000 Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the taxable income?Compensation income, Philippines, P 800,000 Gross business income, Philippines, P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000 Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the income tax payable?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 an International Carrier.
- ABC Corporation earned the following income in 2019 (gross of withholding tax): Interest on bank deposit, BPI Manila P100,000 Interest, US Dollar deposit, BPI Manila $ 50,000 Dividend Income from a Domestic Co. P100,000 Royalty, Philippines P600,000 Royalty, US P200,000 Exchange rate: P50:$1 1. How much is the total final withholding taxes if ABC Corporation is a resident foreign corporation? a. 327,500 b. 240,000 c. 515,000 d. 525,000 2. How much is the total final withholding tax if ABC Corporation is a domestic corporation? a. 525,000 b. 515,000 c. 240,000 d. 327,500Compute the income tax due for 2021 if Phils is a resident foreign corporation: * Phils. Corporation reported the following gross income and expenses Philippines Overseas 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 P5,750,000 P2,750,000 P8,500,000 P6,800,000A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?