Per the CREATE, proprietary educational institutions and non-profit hospitals shall enjoy an income tax computed at what rate beginning 0: July 2022 until 30 June 2023?
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Per the CREATE, proprietary educational institutions and non-profit hospitals shall enjoy an income tax computed at what rate beginning 01 July 2022 until 30 June 2023?
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- Multiple-choice question Compute for the Income tax Given: Taxpayer is a proprietary educational institution. Taxable period is 2021. Financial data: Related Activities Unrelated Activities Gross Income P 15,000,000 P 25,000,000 Expenses 5,000,000 11,000,000 Net 10,000,000 14,000,000 A. P140,000 B. P240,000 C. P3,500,000 D. P6,000,000An entity’s defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit obligation 8 million 9 million Discount rate 10% 10% Present value of available future refunds and reduction in future contributions 1.6 million 2 million In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 isGIVEN: 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 O
- You must calculate the accrual fund, tax and profit for the year for a limited company that started operations on 1 January 2020. The limited company wants to make a maximum provision for accruals for the year 2020. The tax rate for the year 2020 is 21.4%. Assume the following conditions: Reported profit before appropriations and tax SEK 50,000 Non-deductible expenses SEK 5,000 Non-taxable income SEK 15,000 Enter amount (in SEK) for the following items in the income statement for the year 2020: a. Accruals *kr b. Tax cost *kr c. Profit for the yearkr1. For calendar year January to December 2020, A duly accredited private educational institution with valid accrediation reported net taxable income in its 1702 amounting to P1,000,000. If its total assets is less than P100,000, 000, its income tax due in 1702 isa. 32.5kb. 50,000c. 55,000d. 10,000 2. For calendar year January to December 2020, A private educational institution with no Valid accreditation reported net taxable income in its 1702 amounting to P1,000,000. If its total assets is less than P100,000, 000, its income tax due in 1702 isa. 250,000b. 200,000c. 275,000d. 225,000 3. For calendar year January to December 2020, A duly accredited private not for profit hospital reported net taxable income in its 1702 amounting to P1,000,000, P550,000 of which are from unrelated businesses. If its total assets is less than P100,000, 000, its income tax due in 1702 isa. 250,000b. 200,000c. 275,000d. 225,000 4. In the general professional partnership of X and Y, P1,500,000 net income…What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000
- 5. Compute the income tax due for 2021 if XYZ is a private proprietary educational institution. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P3,400,000 P10,200,000 P8,500,000 P340,000At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reportedOn 1, 2020, the tax asset Complex of P12,800,000 for P18,300,00 for The income recognized on 31, 2019 in at which The tax was to a of P500,000 The for the tax rent of P6,000,000 on 1, entire is tax Pro Problem 16-13 (IFRS) Complex Company reported pretax accounting inco P6,2 tax rate is 30%. Incl P450,000 and no deferred tax liability. The deferred tax asset was due to a provision of P500. Th of The other reason for the deferred tax asset was res, P1,000,000 collected in 2019 but earned only in 2020 time it was tax deductible. ta: Life insurance premiums of P200,000 were recognized o year on key officers for 2020 and 2021. ye The entity paid for a two-year casualty insurance for P6,000,000 on January 1, 2020. The entire premium is to deductible when paid. The entity collected rent from leasing some of its equipment The rent is recognized as revenue when earned but taxahla when collected. 2020 2021 3,300,000 2,500,000 Rent collected 3,500,000 3,300,000 Rent earned The entity had trading…
- 3. Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees Miscellaneous Fees Interest on Bank Deposits Rent Income Salaries and Bonuses, all personnel Other Operating Expenses Quarterly Income Tax Payments P 12,800,000 1,800,000 12,300 350,000 7,500,000 3,500,000 48,000 An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a depreciable life of 50 years. a. Compute the income tax payable assuming the university opted to claim the cost of construction as an outright expense. b. Compute the income tax payable assuming the university opted to capitalize the cost of building construction. 3What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0 What is the benefit expense for 2019? 500 000 795 000 295 000 195 000B. An entity was organized on January 1, 2021. The entity had pretax accounting income of P5,000,000 and taxable income of P7,000,000 for the current year. The only temporary difference is accrued product warranty cost that is expected to be paid in 2022. The enacted tax rates are 20% for 2021 and 25% for 2022 and thereafter. What amount should be reported as total income tax expense in the income statement for 2021?