istered 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:
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Here in this question, we are required to answer taxable income in Philippines if used OSD. Under…
Q: Ms. Locker operates a manufacturing business in California. For the year ended 30 June 2020, the…
A: The following calculations are done for Mr. Locker and the taxable income for the current period is…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of…
A: Income tax due is the amount of tax which is due on income taxable during the year.
Q: The taxpayer is a resident citizen who is married. The spouse had a gross compensation income of…
A: Gross compensation income It is the taxable income, that is arising from an employer/employee…
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: 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: On November 1, 2020 Mr. Raul Ferrer a VAT registered taxpayer made the following purchases from VAT…
A: VAT is the value added tax. Vat rate in Philippines is 12%. Input vat of capital goods should be…
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: 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: XYZ, Inc. is an accrual basis taxpayer with a calendar year end. XYZ received $72,000 cash on August…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: In each of the following independent situations, determine the corporation's income tax liability.…
A: Taxable income is the part of gross income which is taxable by the government, calculated by adding…
Q: Gomez maintains a law firm and registered as non-VAT taxpayer. For a particular client, the amount…
A: Here in this situation Mr. Gomez operates a law firm and registered the company as non VAT…
Q: If Lorna Da Ganda is a resident citizen and is earning compensation income and business income for…
A: Claculation of tax due are as follows
Q: A taxpayer registered in 2010 made available the following financial information for TY2021: Balance…
A: The tax rate for domestic corporation under CREATE law is 25%, if income of the corporation is more…
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: A taxpayer registered in 2010 made available the following financial information for TY2021:…
A: Under CREATE law, tax rate for domestic corporation is 20% to 25% depending on the net income of the…
Q: How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group…
A:
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Taxable income is the foundation income on which taxes are levied. It includes some or all of the…
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 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: Vicki Vale operates a convenience store while at the same time offers bookkeeping services to her…
A: Taxable income is the one which is computed after deducting the expenses from the revenues. It also…
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: Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any…
A: UBTI stands for Unrelated business taxable income which is defined as the income generated regularly…
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: Balance Sheet: Asset – Php 500,000 Liability – Php 100,000 Stockholders' Equity – Php 400,000…
A: Income tax is a tax that is paid on the income of a company, individual, AJP, BOI (i.e.on person)…
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: 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: Mr. Fara, a representative of a domestic firm, disclosed the following information for 2019: The…
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…
A: Allowable Deduction In the business entity the allowable deduction which includes all the expenses…
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: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…
A: 8% Income Tax Rate: Avail of 8% income tax rate should be signified by individual tax payer in his…
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: ABC Corp. in 2010 made available the following financial information for TY2021: Balance sheet:…
A: Income tax payable is a current liability item appearing in the liabilities side of the balance…
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: 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: Kirsy , a single taxpayer, has taxable income of $40,000 and is in the 12% tax bracket. During 2021,…
A: Correct option is D i.e 12% × 23,000 Explanation:
Q: Maria is a resident Citizen Taxable period 2021 Gross Sales php 2,500,000 Other operating income…
A: Itemized deductions: It includes all the expenses that are allowed to be deducted from the…
Q: A resident citizen obtains P9,500 each from the following sources, net of final tax. Under which of…
A:
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 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?
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.LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?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 200.000
- GRADUATED 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 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?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 500,000Liability – 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. 1,500,000A 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. 0
