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

Q: Rainbow Co. is a Canadian controlled private corporation with active business income of $350,000 in…

A: A) Net income  Particulars Amount Income from business 350000 Deduction (350000) Net loss…

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: 7.Domex Corporation is a resident foreign corporation. It shows the following for the taxable year…

A: Royalties are charged at a separate rate and business income from abroad is also charged at…

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

A:

Q: Which of the following is true? A resident and non-resident foreign corporation shall be…

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: 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: BBS Corporation is a Resident Foreign Corporation, compute the Taxable Income and the Income Tax…

A: Income tax due is the amount which is due to the taxpayer which have to be paid to the government…

Q: or Fracto Inc.’s 2019 taxation year, calculate the following items: A.    Part I Tax Payable. B.…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

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

A: Income tax is the tax which is paid by the company on the taxable income earned by the company…

Q: Compute Akita’s U.S. income tax assuming that the other jurisdictions were the states of Montana,…

A:

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: PHILIPPINES -

A: Any interest/ surcharges  on tax or any tax on assessment or income tax due shall not be allowed as…

Q: ,000 and a net income from business of P700,000 for a year. Compute for the total income subject to…

A: Income is the sum value of money collected by an entity through multiple sources in a particular…

Q: Wren Writers Ltd is an Australian company (resident for tax purposes) with an aggregate turnover of…

A: Wren Writers Ltd. is an Australian company which is a resident for tax purposes Aggregate turnover…

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: The BIR was imposing the improperly accumulated profits tax on the accumulation of profits of 2009.…

A: As per our protocol we provide solution to the one question only but you have asked two questions…

Q: The Dakota Corporation had a 2021 taxable income of S20,000,000 from operations after all operating…

A: Formula: Income tax liability = Taxable income x Tax rate

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: The Income Statement of the ABC Corporation in Puerto Rico, prepared on a tax basis, presents the…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Low Tech Inc. is a Canadian-controlled private corporation (CCPC) with 2020 SR&ED expenditures of…

A: Investment Tax Credit An investment tax credit ( ITC ) at an enhanced rate of 35% may be earned by…

Q: China Airlines Inc., a resident foreign corporation, has the following data for the taxable year…

A: SOLUTION- PASSENGER ORIGINATING FROM PHILIPPINES AND CARGOES ORIGINATION FROM PHILIPPINES  ARE…

Q: For fiscal year 2021, ABC Corporation, a retailer, has Pl.4 billion in gross sales, P560 million in…

A: The amount of income tax due is the difference between the net income received and the amount paid…

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: XY is a  domestic corporation in the philippines. The corporation started operating year 2017. The…

A: CIT termed as Corporate income tax which is imposed through the state as well as federal governments…

Q: Y is a  domestic corporation in the philippines. The corporation started operating year 2017. The…

A: Income tax refers to the tax levied on the income or profit gained by an individual or an entity 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: Emma, a U.S. resident, received the following income items for the current tax year. Identify the…

A: Answer : (1). $10,000 dividend from International Consolidated, Inc., a foreign corporation that…

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: SuperCare Pty Ltd pays total taxable wages for the entire financial year beginning 1 July 2019,…

A: To determine your organization's state tax liability in each Australian state and territory, you…

Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales…

A: Ana, a self employed resident citizen for year 2018 are : Sales = P3800000 Cost of sales = P1125000…

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: Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Yolanda Corporation reported the following gross income and expenses: Philippines Abroad Gross…

A:

Q: Stevenson and brothers Ltd is an Australian corporation (tax resident) with a turnover of less than…

A: Stevenson and brothers Ltd. is a tax resident of Australia  Turnover is less than $40 million.…

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: Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual corporate income.…

A: Given : 7% tax on the first $ 5 million

Q: Calculate: Taxable income Net tax payable

A: The amount of income over the net tax payable is determined is known as taxable income. It is…

Q: Based on the below data, answer as required: WITHIN OUTSIDE Gross…

A:

Q: Ranger Company located business in two jurisdications, Singapore and Malaysia. In both countries,…

A: >Deferred Tax assets are the taxes paid incurrent year on temporary differences.>Deferred Tax…

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

A: Private educational institution in the Philippines are subject to tax because they are making…

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…

Q: Phils. Corporation reported the following gross income and expenses   Philippines Overseas   Gross…

A: A domestic corporation is taxed @25% from july 1,2020. Previously rate of tax was 30%. A domestic…