A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity- Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales Php 6,000,000 Operating Expenses - Php 5,900,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
Q: A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at…
A: Capital gain = Sales amount of shares - Cost of shares sold Capital gain tax = Capital gain * Tax…
Q: he Pooch Corporation is a regular corporation that contributes $15,000 cash to qualified charitable…
A: (a) The Pooch corporation would have a limit of 75% of the net income as a deduction for charity t…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Allowable deduction = Cost of service + Transportation and travel + Salaries and wages +…
Q: The tax payer is a resident citizen. The receipts/earnings/balances during the taxable period are as…
A: SOLUTION EXPLANATION- PARTICULARS AMOUNT TAXABLE WINNING FROM GAMBLING 900000 900000 INTEREST…
Q: Jackie forecasts the following for the taxable year 2023. Gross profit from regular operations -…
A: Working Note :- Optional standard…
Q: What is his taxable income?
A: Income tax department divides incomes into five heads on the basis of their source. For every type,…
Q: 19 A taxpayer registered in 2010 made available the following financial information for TY2021:…
A: Beginning July 1, 2020, the CREATE Act reduces the corporate income tax rate from 30% to 25%. The…
Q: A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost…
A: Income Tax in philipines: Income tax of domestic corporations is based on their gross income less…
Q: Nicanor registered as non-VAT taxpayer in 2019 with a capital of Php 100,000. His summary of gross…
A: VAT is form of Sales Tax. It is levied on sale, barter, exchange or lease of Goods or Properties and…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: On an accrual basis, An expense is charged in the profit and loss account that is incurred in the…
Q: What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100…
A: The amount Seth can claim as an itemized deduction for taxes paid during the current year: b.…
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: A taxpayer made available the following financial information: Gross receipts - Php…
A: Gross Receipts Php 10000000 Less: Cost Of Service Php 6000000 Salaries…
Q: How much is the VAT payable as at January 31, 2020?
A: Vat payable amount is the amount which requires to be paid to the government or tax authority which…
Q: Angel Ramos received the following income in 2020: Employment income Non-eligible dividends Sale of…
A: Computation:
Q: Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales…
A: Computation of tax due: Amount Gross sales P2,800,000 (Tax exempt income) (250,000)…
Q: What is the taxable income if the taxpayer had chosen optional standard deduction? A citizen who is…
A: In the context of the given question, we need to compute the taxable income of a married individual…
Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales…
A: SOLUTION- COMPUTATION OF TAX DUE - GROSS SALES 2800000 LESS- TAX EXEMPT INCOME (250000)…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Total allowable deduction if the taxpayer is a domestic corporation = Cost of service +…
Q: How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group…
A:
Q: Assume the following taxpayer information: The taxpayer is a South African manufacturing company…
A: particulars Amount Amount Sale Proceeds 560000 Lower of cost price or Sale proceeds 230000…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: SOLUTION- CALCULATION OF INCOME FROM BUSINESS- GROSS RECEIPTS 10000000 LESS- COST OF…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Total allowable deduction if the taxpayer is a resident citizen = Cost of service + Depreciation…
Q: A concerned citizen furnished the BIR a statement detailing the improper tax practices of a…
A: Solution : Given : A concerned citizen furnished the BIR a statement detailing the improper tax…
Q: GIVEN: • Taxpayer is a PEZA-registered enterprise Taxable year is 2021 • Financial data Related…
A: hilippine Economic Zone Authority (PEZA) registered entities are given tax incentives such as in the…
Q: A taxpayer registered in 2020 made available the following financial information for TY2021 :…
A: As per CREATE law, if income of domestic corporation is less than 5 million, then tax rate will be…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Answer: Gross receipts - Php 10,000,000 Minus: Cost of service – Php 6,000,000 Gross Income –…
Q: Compute for the capital gains tax.
A: Capital gains tax rate in the country which is Philippines is the 6% which is charged on the shares…
Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…
A: Income taxes payable is calculated as income tax liability on net income less any taxes withheld
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Taxable revenue is the money of income required to calculate an individual's or a business's tax…
Q: A single taxpayer has the following information for 2020: AGI State income taxes State sales tax…
A: Introduction: A taxpayer is any individual or corporate organization that pays taxes to the federal,…
Q: The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income…
A: Income of domestic corporation from all over the world is subject to tax. However dividend received…
Q: A taxpayer registered in 2010 made available the following financial information for TY2021 Balance…
A: If the taxable income is less than Php 5 million and the assets are less than Php 100 million, then…
Q: 2. Mr Asta, domestic corporation, revealed the following data for 2019: Gross income from business…
A: Taxable income: taxable income is a part of company or individual's income, on which tax calculated…
Q: A taxpayer made available the following financial information: Gross receipts - Php 10,000,000…
A: Taxable income refers to the AGI (Adjusted Gross Income) less the itemized deductions that the…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Allowable Deduction In the business entity the allowable deduction which includes all the expenses…
Q: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…
A: Tax is a charge which a tax has to pay to the government. The 3% percent tax rate is on the gross…
Q: A resident citizen taxpayer sold share of stock of a domestic corporation though the local stock…
A: Capital Gains Tax is a tax on capital gains arising upon sale of an asset. It is assumed that the…
Q: A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at…
A: Capital gain = Fair market value on date of sale – Cost of the shares sold =…
Q: A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss…
A: Short term capital loss can be set off only against capital gain( firstly towards short term capital…
Q: Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales…
A: Income tax expense is the expense which an income earner has to pay as obligation to the government.…
Q: How do you get the answer to part 4? Corning-Howell reported taxable income in 2021 of $156…
A: The following computations are done for Lincoln County’s General Fund.
Q: A taxpayer registered in 2010 made available the following financial information for TY2021:…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Taxable income using cash basis in the 2nd quarter = Collections for services rendered in 2nd…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…
A: According to the Phillipines taxation, Optional standard deduction is available to individual tax…
Q: In its first tax year, the Vasquez Estate generated $50,000 of taxable interest income and $30,000…
A: Following is the calculation of executor assign as a Form 706 deduction for the payment of the fess:
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Gross profit = Gross sales - Cost of sales = Php 10,000,000 - Php 6,000,000 = Php 4,000,000
A taxpayer registered in 2010 made available the following financial information for TY2021:
Balance Sheet:
Asset - Php 50,000,000
Liability - Php 30,000,000
Income Statement:
Gross sales - Php 10,000,000
Cost of sales Php 6,000,000
Operating Expenses - Php 5,900,000
How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction?A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? CHOICES: Php 480,000 Php 500,000 Php 400,000 Php 600,000
- A taxpayer registered in 2020 made available the following financial information for TY2021 : Balance Sheet: Asset - Php 500.000 Liability - Php 100.000 Stockholders' Equity - Php 400,000 Income Statement : Gross sales - Php 10.000.000 Cost of sales - Php 8.000.000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation ? Php 300.000 Php0 Php 600,000 Php 200.000GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet:Asset – Php 500,000Liability – Php 100,000Stockholders' Equity – Php 400,000 Income Statement:Gross sales – Php 10,000,000Cost of sales – Php 3,000,000Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporationa. 1,200,000b. 70,000c. 1,800,000d. 1,500,000
- A taxpayer registered in 2010 made available the following financial information for TY2021 Balance Sheet:Asset – Php 50,000,000Liability – Php 30,000,000Stockholders' Equity – Php 20,000.000 Income StatementGross sales – Php 100,000,000Cost of sales – Php 60,000,000 Operating Expenses – Php 50,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?a. 800,000b. 400,000c. 2,500,000d. 019 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? Group of answer choices Php 600,000 Php 500,000 Php 480,000 Php 400,000asap A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices b. 4,000,000 d. 2,400,000 c. 6,000,000 a. 2,410,000
- A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the income tax due if the taxpayer is an individual resident citizen?