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QUESTION: If it is now profit hospital, its income tax after tax credit is:
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- A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:
- "Easy lang ito" Corporation provided the following data for the calendar year ending December 31, 2012. ($1=P50) (See image) If it is a resident foreign corporation, its income tax is * Philippines P4,000,000 P2,500,000 Abroad $40,000 $15,000 $3,000 Gross Income Deductions Income tax paid a. P730,000 b. P450,000 c. P480,000 d. P525,000The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen. 1st quarter 2nd quarter 3rd quarter 4th quarter Gross sales 300,000.00 650,000.00 910,000.00 1,200,000.00 Cost of Sales 120,000.00 262,000.00 405,890.00 426,700.00 Creditable Withholding Tax - 5,000.00 25,000.00 25,000.00 Dividends-domestic corporation 20,000.00 20,000.00 30,000.00 30,000.00 Interest income - domestic BPI 4,000.00 8,000.00 12,000.00 16,000.00 UCPB 8,000.00 12,000.00 16,000.00 18,000.00 METROBANK 5,000.00 10,000.00 15,000.00 30,000.00 CAPITAL GAIN ON SALE OF LAND 150,000.00 150,000.00 150,000.00 150,000.00 >SELLING PRICE IS P600,000…The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up M300 000 and 26% of any amount over M300 000. Express the above as a tax function. Find the income tax for an income of M125 000. Compute the income tax of an income of M350 000.
- A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?Using the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be paid by a company that has a gross income of $250,000, expenses of $70,000, and depreciation of $20,000 O a. $22,250 O b. $160,000 Oc $45,650 O d. $62,400How much is the total income tax expense for the year? a. ₱ 2,280,000 b. ₱ 2,100,000 c. ₱ 3,120,000 d. ₱ 3,300,000
- 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. ₱ 2,580,0001. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00