axpayer: 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
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- 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?Deductions from Gross Income Classify the items for deduction in the following scenarios. 3. A Domestic Corporation has the following data on income and expenses: Gross business income Deductions including SSS and PhilHealth contributions of P150,000 Contributions to the government for priority project in education Contributions to foreign private foundation Contributions to domestic charitable organization Compute for the deductible charitable and other contributions. P 6,200,000 2,500,000 100,000 100,000 190,000GIVEN: Taxpayer is a PEZA-registered enterprise • Taxable year is 2021 • Financial data Related Unrelated Activities Activities Gross Income Expenses Net P45,000,000 P15,000,000 20,000,000 25,000,000 6,000,000 9,000,000 COMPUTE: Tax on the income O A. P1,700,000 В. Р2,250,000 О С. Р3,000,000 O D. P4,500,000 ООО
- Taxpayer: Domestic Corporation (SME) It year of operation: 2017 Taxable period: 2021 Year 2017 2018 2019 2020 2021 2022 Gross Income 7,000,000 8,000,000 8,000,000 5,000,000 7,000,000 7,000,000 Deductions 8,000,000 7,500,000 6,000,000 6,000,000 5,900,000 6,000,000 Net (1,000,000) 500,000 2,000,000 (1,000,000) 1,100,000 1,000,000 Compute the corporate income tax should be paid in 2022?Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN Sales 8,000,000 Cost of sales 3,000,000 Incidental income 500,000 Other income (non-operating) 200,000 Allowable operating expenses 1,800,000 Allowable NOLCO 300,000 Total assets, excluding land on which business plant, equipment, and office are situated 80,000,000 How much is the net taxable income using itemized deductions? How much is the regular corporate income tax using itemized deductions?. How much is the net taxable income using OSD? How much is the regular corporate income tax using OSD? Assuming that all conditions are met, how much is the minimum corporate income tax (MCIT)?ASSUMING THE TAXPAYER IS A CORPORATION, how much is the net taxable income using OSD? a. 792,000 b. 840,000 c. 882,000 d. 930,000
- FACTS / DATA / GIVEN: . Тахрауer: Taxable period: Domestic Corporation 2021 Description Gross sales Other operating income Non-operating income Cost of sales Operating expenses Non-operating expenses Amount P2,500,000 200,000 100,000 1,000,000 500,000 50.000 COMPUTE: 2021 net taxable income using ITEMIZED deductions A. 1,150,000 B. 1,200,000 О С. 1,250,000 D. 1,300,000GIVEN: Taxpayer is a proprietary educational institution. Taxable period is 2021. • Financial data: Related Unrelated Activities Activities P15,000,000 P25,000,000 11,000,000 14,000,000 Gross Income Expenses Net COMPUTE: Income tax 5,000,000 10,000,000 A. P140,000 B. P240,000 C. P3,500,000 O D. P6,000,000 O OPete and his wife live in a home with their 13-year-old dependent son. This year, they had the following tax information. Pete's salary Wife's income as an independent contractor LT capital gains Deduction for % of self-employment tax State and local taxes Charitable Contributions Compute their adjusted gross income (AGI). #107 000 $ 60,000 95,000 2,800 6,712 9,200 3,500
- Amount in excess of P490,000.00 taxable income is to be multiplied to_______to compute for the graduated tax due a. 30% b. 32% c. 35%FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000