te De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees P 12,800,000 Miscellaneous Fees 1,800,000 Interest on Bank Deposits 12,300 Rent Income 350,000 Salaries and Bonuses, all pers
- Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18:
|
Tuition Fees |
P 12,800,000 |
|
Miscellaneous Fees |
1,800,000 |
|
Interest on Bank Deposits |
12,300 |
|
Rent Income |
350,000 |
|
Salaries and Bonuses, all personnel |
7,500,000 |
|
Other Operating Expenses |
3,500,000 |
|
Quarterly Income Tax Payments |
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.
- Compute the income tax payable assuming the university opted to claim the cost of construction as an outright
- Compute the income tax payable assuming the university opted to capitalize the cost of building
- A non-profit domestic hospital has the following data during the year 2x18:
|
Gross income from hospital operation |
P2,000,000 |
|
Operating Expenses (excluding depreciation for the new hospital building) |
500,000 |
|
Rent income of commercial space, hospital ground floor, net of 5% withholding taxes |
190,000 |
|
Interest on bank deposit, net of 20% withholding tax |
40,000 |
|
Dividend income from a domestic corporation |
100,000 |
An additional hospital building was built and finished on June 30, 2X18 at the cost of P4,000,000 with a depreciable life of 25 years.
- Compute the income tax still due and payable in
- Assume the hospital was organized for profit, compute the income tax still due and payable in
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