A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales - Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Choices O Phn 2.400.000
Q: Taxpayer operates a trucking business using the accrual method and reports on a calendar year. This…
A: Under the accrual method, taxpayer generally report income in the tax year they earn such income,…
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: A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at…
A: Capital gain = Sales amount of shares - Cost of shares sold Capital gain tax = Capital gain * Tax…
Q: In Year 8, a married individual taxpayer incurred net long-term capital losses that amounted to…
A: Year 8 : Long term capital loss: $10,000 Capital gain : Year 5 : $2,000 Year 6 : $2,000 Year 7 :…
Q: In 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of…
A: Any goods sold to the government as per National Internal Revenue code of section 114(c) final VAT…
Q: 19 A taxpayer registered in 2010 made available the following financial information for TY2021:…
A: Beginning July 1, 2020, the CREATE Act reduces the corporate income tax rate from 30% to 25%. The…
Q: Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income…
A: Individuals and businesses pay income taxes based on their earnings or profits. In most…
Q: Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction…
A: Under the old law that is NIRC, PCSO and lotto winnings were not subjected to any amount of tax that…
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: 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: Johnson’s Hardware, a registered taxpayer, during the month of December purchased $100 000 of…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: .Pedro earned and incurred the following income and expenses: |Compensation (exclusive of mandatory…
A: Taxable income: Taxable income refers to the sum of gross income from all the sources that indicate…
Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales…
A: SOLUTION- COMPUTATION OF TAX DUE - GROSS SALES 2800000 LESS- TAX EXEMPT INCOME (250000)…
Q: . The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive…
A: 1) In the given goods are purchased for 200,000 ( exclusive of VAT) VAT = 12% ( 200000 x 12%) The…
Q: dvise Roger as to his taxable income/loss each year. Would your advice be any different if the…
A: Roger has the following Income Year -1 Year -2 Year-3 Assessable Income $…
Q: Nicanor is a married man with surviving spouse: Community properties: Real property located in…
A: Computation of Gross Estate: Particulars Exclusive Communal Total Exclusive Family House…
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 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: Calculate the taxpayer's qualifying business income deduction for a qualified trade or business:…
A: Qualifying Business Income is limited to whichever is the least from the following: 20% of…
Q: . In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company…
A: Answer: Income from employment = P 1,000,000 Tax rate applicable in Philippines is 32% Income tax…
Q: Taxpayer started a calendar-year business on 1 August 2020. On that date, Taxpayer paid $9,600 in…
A: Calendar year: Ca lender year start from 1st January and end on 31st December. Cash System of…
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: Assuming the taxpayer is a corporation, compute respectively the total items of gross income and the…
A: As per bartleby guideline In case different question answer only first question The 3rd question is…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Taxable revenue is the money of income required to calculate an individual's or a business's tax…
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 “sari-sari" store registered as a VAT taxpayer had the following sales. Sales of newspapers…
A: In Philippines government give exemption from VAT is following. 1. News paper, books and magazines…
Q: The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income…
A: Income of domestic corporation from all over the world is subject to tax. However dividend received…
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: Taxpayer - Resident citizen Gross sales 2,600,000 Other operating income 200,000 Non-operating…
A: Optional Standard Deduction or OSD pertains to a 40% tax deduction to your annual gross income. On…
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: Ms. Claveria had a business net income of P300,000. She alsoearned P5,000 commission from selling…
A: The net income is the total profits earned against various costs.
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: How much is the cash paid to the professional?
A: Withholding tax is the amount of tax which has been withhold by the payor on the payment with had…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…
A: CREATE is the law named "Corporate Recovery and Tax Incentives for Enterprises Act" which provides…
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: The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income…
A: Gross income: It implies to the income before deducting for any operating expenses incurred by the…
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: 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: Ms. Kirsten provided information to the BIR leading to the recovery of P8,000,000 unpaid taxes.…
A: Amount of cash reward will be lower of the following: 1.10% of revenues, surcharges, or fees…
Q: 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…
A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…
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: Mr. Lito Bag is engaged in the sale of goods and has a maximum charitable contribution of P30,000…
A: Answer: Itemized deductions is the deduction that are taken if standard deduction is not taken. It…
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
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- 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…
- 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…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% 8,000,000Use the graduated tax table if applicable: 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 Nicanor is a professional Architect and at the same time an employee of ABC Corp. He made available the following information: Gross receipts Php 2,000,000 Cost of service Php 1,000,000 Other valid expenses 200,000 Gross compensation Php 1,000,000 Non-taxable compensation Php 200,000 Compute the annual income tax due if Nicanor will opt for graduated tax rate. Group of answer choices Php 370,000 Php 430,000 Php 350,000 Php 290,000
- 13. Instructions Use the graduated tax table below if applicable: 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 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? Group of answer choices Php 300,000 Php 600,000 Php 200,000…18. Instructions Use the graduated tax table below if applicable: 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductible representation expense? Group of answer choices Php 125,000 Php 105,000 Php 150,000 Php 25,00014. Instructions Use the graduated tax table below if applicable: 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000 How much is the 13th month pay? Group of answer…
- INCOME TAXATION - TAX DUE TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022) If taxable income is: Tax due is: Not over P250,000 Over P250,000 but not over P400,000 Over P100,000 but not over PS00,000 Over P800,000 but not over P2,000,000 Over P2,000,000 but not over PS,000.000 Over P8,000,000 * 0% * 20% of the excess over P250,000 * P30,000 + 25% of the excess over P100,000 * P130,000 + 30% of the excess over P800,000 * P190,000 + 32% of the excess over P2,000,000 * P2,410,000 + 35% of the excess over PS,000,000 1. How much is the tax due on a taxable income of P 250 000? 2. How much is the tax due on a taxable income of P 890 000? 3. Ms. Z is single with no qualified dependent, earns compensation income of P3 230 000 during a taxable year. How much is the tax due of Ms Z? 4. Mrs. Z, married and a mother of two qualified dependent children, eams compensation income of P 460 000 during 2020. How much is the tax due of Mrs.. Z? 5. The pay slip of Mr. B for the month shows the following: 472,000…12. Instructions Use the graduated tax table below if applicable: 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 A taxpayer registered in 2010 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 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation? Group of answer choices Php 2,500,000 Php 3,000,000 Php…16. Use the graduated tax table below if applicable: 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 0 0 - P 250,000 400,000 0 20% P 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% 8,000,000 A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies…