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- 1. Which of the following nominal rates does not apply to a C corporation? a. 10% b. 15% c. 25% d. 35% 2. Which of the following is never included in gross income? a. Loss on stock sale b. Social security benefits c. Gifts d.Unemployment benefits 3. What is George’s gross income if he has the following: Salary = $78,000; Dividends = $4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stock sale and a $4,000 loss on a small sole proprietorship that he owns. a. $78,000 b. $84,000 c. $92,000 d. $96,000 4. Azure Corporation (a C corporation) sold $100,000 of merchandise for which it paid $40,000. It also paid $35,000 of other expenses. All transactions were in cash. What is Azure’s Corporation’s after-tax net cash inflow? a. $21,250 b. $25,000 c. $60,000 d. $100,000 5. Koral Corporation can invest in a project that costs $400,000. The projectisexpectedtohaveanafter-taxreturnof$250,000ineachof years 1 and 2. Koral normally uses a 10 percent discount rate to…Based on the below data, answer as required: WITHIN OUTSIDE Gross income 8,000,000 4,000,000 Business expenses 5,000,000 3,000,000 Sale of land and warehouse (cost 2m) 3,000,000 - a. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? b. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?1. BATO 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 domestic corporation with company assets amounting to more than P100M. Group of answer choices P837,500.00 P800,000.00 P492,500.00 P3,350,000.00 2. 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 P500,000.00 3. YORMS Corp has the following data for the year ended December 31, 2021:…
- 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. $62,400Company B, a CCPC provides you with the following income data for this fiscal year: Aggregate Investment Income: $4,000 Active Business Income: $2,000 Canadian Dividends Connected (50% ownership, dividend refund received $1,500): $4,000 Canadian Dividends Non-connected: $3,000 What is Company's B's Taxable Income for this year ?GIVEN: Тахрауer: Resident citizen IN (Phils) P550,000 100,000 Description OUT (Abroad) Business gross income Business expenses Compensation income Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income P600,000 5,000 2,000 160,000 25,000 18.000 COMPUTE: Taxable income subject to REGULAR income tax. A. 450,000 B. 1,050,000 C. 1,210,000 O D. 1,235,000
- 2.2021 Year end results for Corporate Income Taxpayer Company B is as follows. The Company gave the declaration on 25 April 2022 and will pay tax on 30 April 2022. Profit for 2020: 5.500.000 TRY Non-deductible expenses: 400.000 TRY Previous year losses: 100.000 TRY for 2014, 300.000 TRY for 2016 Domestic Participation Exemption: 350.000 TRY French Permanent Establishment Income: 300.000 TRY (The income is transferred to Turkey) Russian Construction Permanent Establishment Income 450.000 TRY (The income is not transferred to Turkey) Donations to X Foundation that works for public interest: 55.000 TRY The prepaid tax: 205.000 TRY The withholding tax paid 330.000 TRY Corporate income tax rate is %22. Required: a) Calculate corporate income tax payable for 2020. b) Make the journal entries on 25 and 30 April 2021.FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000A company has pre-tax or operating income of $120,000. If the tax rate is 40%, what is the companys after-tax income? A. $300,000 B. $240,000 C. $48,000 D. $72,000
- YORMS 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 nonresident corporation. Group of answer choices P1,800,000.00 P500,000.00 P1,500,000.00 P600,000.00Fill in the blanks: Unlevered firm Levered firm EBIT 10,000 10,000 Interest 0 3,200 Taxable income Tax (tax rate: 34%) Net income CFFA What is the taxable income, tax, net income, and CFFA for the unlevered and levered firms?1. BBM Diploma Distributors 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 non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes. Group of answer choices P1,500,000.00 Exempt Exempt insofar as "As such" is concerned P837,500.00 2. What is the jurisdiction of the Commissioner of Internal Revenue as regards the interpretation of Tax Laws? Group of answer choices Concurrent Original Concurrent Appellate Exclusive Appellate Exclusive Original 3. It includes any gain from the sale or exchange of property which is not a capital assets. Group of answer choices Ordinary Income Gross Income Gain on Sale of Assets Net Income