What are the 5 income items generated by domestic and resident foreign corporations which are subject to final tax?
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What are the 5 income items generated by domestic and resident foreign corporations which are subject to final tax?
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- 5. Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of OSD to be used to arrive at Net Income before tax.a. What is the Taxable Income? b. Assume F5 corporation is a resident foreign corporation, how much is the taxable income?Which of the following taxes is allowed to be deducted from gross income derived from the exercise of profession, trade or business? Group of answer choices Import duties Philippine income tax Estate and donor's tax Tax on sale of shares of stock traded through the local stock exchange
- 1. Who is required to file a federal return in Puerto Rico (US Territories) and the United States? Why? 2. Explain the difference between an individual and a company at the time of paying taxes when they file taxes?Why might the effective tax rate paid on income earned within a country be different from that country’s national corporate income tax rate?Define formula to calculate income tax for individuals and corporations in US.Contrast different concepts of income under income tax law in US.
- Which of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and ivCompute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: A.Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? B.Using the same data in the previous question, what is the income tax due if Sandbox is a non-resident foreign corporation? C.Using the same data in the previous question, what is the income tax due if Sandbox is a private proprietary educational institution?Which of the following is not deductible from gross income? * Community tax Excise tax Documentary stamp tax Foreign income tax claimed as tax credit
- Which of the following is not an exclusion from gross income? A. Income of government propertiesB. Income taxes collected by the BIRC. SSS benefitsD. Dividend income payable to a foreign governmentThis is about tax in the Caribbean can you help please. iii. Calculate the Corporation Tax Liability of Full Co. for Y/A: 20212. Using the Barbados Income Tax Act or any other relevant document explain the treatment of theitems included or omitted from the income tax computation.Using the relevant sections of the Income Tax Act of Mauritius, distinguish between the tax residency of an individual and that of a company.
