10. The income tax payable for the 2nd quarter 11. The income tax payable for the 3rd quarter 12. The annual income tax payable by Panday Corporation 13. Assuming that during the 4th quarter, the normal income and the MCIT are 50,000 and 120,000, respectively, the annual income tax payable 1st quarter 2nd Quarter 3rd Quarter Final Quarter #13
Income tax due 100,000 330,000 470,000 670,000 550,000
Net income tax due 40,000 230,000 70,000 165,000 75,000
(#9) (#10) (#11) (#12) (#13) 14. The income tax due if the cost of construction is treated as an expense 15. The income tax due if the cost of construction is treated as a capital expenditure Gross Income 10,000,000 Less: Deductions Operating Expense 6,400,000 Cost of Building 2,500,000 8,900,000 Taxable Income 1,100,000 Tax Rate 10% Income Tax Due 110,000
Gross Income 10,000,000
Less: Deductions Operating Expense 6,400,000 Depreciation (2500T/50x6/12) 25,000 6,425,000 Taxable Income 3,575,000 Tax Rate 10% Income Tax Due 357,500 16. Letter B (The school building being rented by the school – from real property tax)
17. Letter C ( A portion of the school building being leased to a fast
food chain – from real property tax) 18. How much is the income tax payable if the taxpayer is a domestic corporation? Gross Income, Philippines 740,000 Gross Income, USA 690,000 Royalties, USA 50,000 Total 1,480,000 Less: Deductions Expenses, Philippines 425,000 Expenses, USA 450,000 875,000 Taxable Income 605,000 Rate of Tax 30% Income Tax Due 181,500 19. How much is the income tax payable if the taxpayer is a resident foreign corporation? Gross Income, Philippines 740,000 Less: Expenses, Philippines 425,000 Taxable Income 315,000 Rate of Tax 30% Income Tax Due 94,500 20. How much is the income tax payable if the taxpayer is a nonresident foreign corporation? Gross Income, Philippines 740,000 Interest on bank deposit with BDO 10,000 Total Gross Income 750,000 Rate of Tax 30% Final Withholding Tax 225,000
Rodel's 2020 Income Tax Computation with Itemized DeductionsTITLE Mulry's 2020 Taxable Income and Tax Payable TITLE Sharon's Various 2020 Tax Computations as Resident, Non-Resident ETB and NETB