A domestic corporation, in its third year of operations, had: Gross Income P2,100,000 Expenses and Losses 800,000 REQUIRED: Compute for the Income tax if: Choosing Itemized Deductions Using Optional Standard Deduction
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- A domestic corporation, in its third year of operations, had:
Gross Income P2,100,000
Expenses and Losses 800,000
REQUIRED: Compute for the Income tax if:
- Choosing Itemized Deductions
- Using Optional Standard Deduction
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Solved in 2 steps
- A domestic corporation, in its third year of operations, had: Gross Income P2,100,000 Expenses and Losses 800,000 Compute for the income tax if: Choosing the Itemized Deductions Using Optional Standard DeductionWhat is the income tax due using a 21 % federal income tax rate for a corporation with the following data: Gross income from sales: $40,000,000 Accumulated expenses for the year: $6,000,000 Depreciation charges for the year: $4,000,000A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% Required: 1. How much is the taxable income?2. How much is the accounting income subject to tax?3. How much is the permanent difference?4. How much is the net temporary differences?
- A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000A domestic corporation had the following cumulative data in a year: 1st Qtr 2nd Qtr 3rd Qtr Year Gross Income P400,000 P800,000 1,000,000 P1,200,000 Expenses and Losses 200,000 420,000 600,000 720,000 REQUIRED: Compute for the Taxable Income if: The corporation chose the itemized deductions in the return for the first quarter? The corporation did not file a return for the 1st quarter? The corporation chose the Optional Standard Deduction for the first quarter?
- 1. If a corporation’s tax return shows taxable income of $98,300 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, balance sheet for “Income taxes payable” if the company has made estimated tax payments of $35,600 for Year 2? 2. An income statement that reports current tax expense of $81,800 and deferred tax benefit of $23,700 will report total income tax expense of $? If total tax expense is $47,500 and deferred tax expense is $64,900, then the current portion of the expense computation is referred to as current tax expense of $ ?Umasa Corporation reported the following information for the current year: Pretax financial income Income from exempt municipal bonds Rent received in advance P 9,000,000.00 2,000,000.00 1,500,000.00 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for current year Income tax rate 1,000,000.00 500,000.00 30% 21. What amount of current tax liability should be reported at the year-end? B. P2,250,000 A. P1,750,000 C. P2,750,000 D. P2,850,000 22. What is the total tax expense? A. P2,700,000 B. P2,100,000 C. P2,250,000 D. P1,600,000The entity made corporate estimated tax payment in the To compute the provision for income tax, the following Tax depreciation in excess of financial statement amount 160,000 Pecorino Company had pretax financial income of P2,500,000 3. What amount of income tax payable should be reported? 4. What amount of total tax expense should be reported? Problem 16-30 (IFRS) in the current year. amount of 180,000 during the current year. information was provided: 360,000 Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 280,000 30% 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 000,00 a: 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be repor0 a. 714,000 b. 726,000 c. 642,000 d. 594,000 570
- A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% 1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.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. $62,400To compute the provision for income tax, the following 3. What amount of income tax payable should be reported? 4. What amount of total tax expense should be reported: Fecorino Company had pretaxr financial income of P2,500,00g The entity made corporate estimated tax payment in the Tax depreciation in excess of financial statement amount 160,000 Problem 16-30 in the current year. amount of 180, 000 during the current year. information was provided: S60,000 Interest income received Tax depreciation in excess of financial statement amount 280,000 S0% Rent received in advance Corporate tax rate 1. What amount of permanent difference between boo income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 3. What amount of income tax pavable should be reporer a. 498,000 b. 606,000 c. 330,000 d. 570,000 a. 714,000 b. 726,000 c. 642,000 d. 594,000
