GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with a Certificate of Tax Exemption • Financial data this taxable period (2021): Related Unrelated Gross Income Expenses Net Activities P35,000,000 10,000,000 25,000,000 Activities P5,000,000 1,000,000 4,000,000 COMPUTE: Taxable income

GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with a Certificate of Tax Exemption • Financial data this taxable period (2021): Related Unrelated Gross Income Expenses Net Activities P35,000,000 10,000,000 25,000,000 Activities P5,000,000 1,000,000 4,000,000 COMPUTE: Taxable income

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 26P

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1. Taxpayer is a non-stock and non-prodit educational institution. It has been granted with a Certificate of Tax Exemption. Compute for the taxable income given the financial date this taxable period (2021): Related Activities Unrelated Activities Gross Income P35, 000, 000 5, 000, 000 Expenses 10, 000, 000 1, 000, 000 Net 25, 000, 000 4, 000, 000
GIVEN: Taxpayer is a proprietary educational institution. Taxable period is 2021. • Financial data: Related Unrelated Activities Activities P15,000,000 P25,000,000 11,000,000 14,000,000 Gross Income Expenses Net COMPUTE: Income tax 5,000,000 10,000,000 A. P140,000 B. P240,000 C. P3,500,000 O D. P6,000,000 O O
Multiple-choice question Compute for the Income tax Given: Taxpayer is a proprietary educational institution. Taxable period is 2021. Financial data: Related Activities Unrelated Activities Gross Income P 15,000,000 P 25,000,000 Expenses 5,000,000 11,000,000 Net 10,000,000 14,000,000 A. P140,000 B. P240,000 C. P3,500,000 D. P6,000,000
GIVEN: Taxpayer is a PEZA-registered enterprise • Taxable year is 2021 • Financial data Related Unrelated Activities Activities Gross Income Expenses Net P45,000,000 P15,000,000 20,000,000 25,000,000 6,000,000 9,000,000 COMPUTE: Tax on the income O A. P1,700,000 В. Р2,250,000 О С. Р3,000,000 O D. P4,500,000 ООО
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
Each of the following taxpayers has 2022 taxable income before the standard deduction as shown. Determine from the tax table provided, the amount of the income tax (before an credits) for each of the following taxpayers for 2022: Taxpayer(s) Allen Boyd Caldwell Dell Evans Filing Status Single MFS MFJ H of H Single Taxable Income Before the Standard Deduction $34,600 37,175 62,710 49,513 57,397 Income Tax
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A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00