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    November 6 - Corporations

    Uploaded by

    Darius Delacruz
    The document contains information about income taxation for corporations in 6 problems: Problem 16.1 shows the MCIT, RCIT, tax due, excess MCIT carryover, tax payable, and excess MCIT usage for a corporation from 2018-2022. Problem 16.2 provides gross income, deductions, NOLCO, taxable income, tax due, earnings, dividends declared, retained earnings, and income tax for a corporation. Problem 16.3 lists the taxable income, tax due, tax base, and business tax credits for a corporation. Problem 16.4 compares the regular and minimum corporate income tax rates for domestic corporations, resident foreign corporations, non-resident foreign corporations

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    November 6 - Corporations

    Uploaded by

    Darius Delacruz
    14 views2 pages
    The document contains information about income taxation for corporations in 6 problems: Problem 16.1 shows the MCIT, RCIT, tax due, excess MCIT carryover, tax payable, and excess MCIT usage for a corporation from 2018-2022. Problem 16.2 provides gross income, deductions, NOLCO, taxable income, tax due, earnings, dividends declared, retained earnings, and income tax for a corporation. Problem 16.3 lists the taxable income, tax due, tax base, and business tax credits for a corporation. Problem 16.4 compares the regular and minimum corporate income tax rates for domestic corporations, resident foreign corporations, non-resident foreign corporations

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    The document contains information about income taxation for corporations in 6 problems: Problem 16.1 shows the MCIT, RCIT, tax due, excess MCIT carryover, tax payable, and excess MCIT usage for a corporation from 2018-2022. Problem 16.2 provides gross income, deductions, NOLCO, taxable income, tax due, earnings, dividends declared, retained earnings, and income tax for a corporation. Problem 16.3 lists the taxable income, tax due, tax base, and business tax credits for a corporation. Problem 16.4 compares the regular and minimum corporate income tax rates for domestic corporations, resident foreign corporations, non-resident foreign corporations

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    14 views2 pages

    November 6 - Corporations

    Uploaded by

    Darius Delacruz
    The document contains information about income taxation for corporations in 6 problems: Problem 16.1 shows the MCIT, RCIT, tax due, excess MCIT carryover, tax payable, and excess MCIT usage for a corporation from 2018-2022. Problem 16.2 provides gross income, deductions, NOLCO, taxable income, tax due, earnings, dividends declared, retained earnings, and income tax for a corporation. Problem 16.3 lists the taxable income, tax due, tax base, and business tax credits for a corporation. Problem 16.4 compares the regular and minimum corporate income tax rates for domestic corporations, resident foreign corporations, non-resident foreign corporations

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    Income Taxation Corporations 06 November 2020

    Problem 16.1

    2018 2019 2020 2021 2022


    MCIT - 120,000 200,000 190,000 170,000
    RCIT 90,000 110,000 220,000 - 180,000
    Tax Due 90,000 120,000 220,000 190,000 180,000
    Excess MCIT Carryover - - (10,000) - (180,000)
    Tax Payable 90,000 120,000 210,000 190,000 -

    Excess MCIT 10,000 190,000


    Usage (10,000) (180,000)
    Balance - 10,000

    Problem 16.2

    Gross Income 4,000,000


    Allowable Deductions (3,200,000)
    NOLCO (50,000)
    Taxable Income 750,000
    Tax Due (225,000)
    NOLCO 50,000
    Interest Income 40,000
    Gain on sale 60,000
    Total Earnings 675,000
    Dividends Declared (400,000)
    Common Stocks (400,000)
    Retained Earnings, beginning 500,000
    Tax Base 375,000
    Tax Rate 10%
    IAET 37,500

    Problem 16.3

    Taxable Income 1,200,000


    Tax Due (360,000)
    Tax Base 840,000
    Tax Rate 15%
    BPRT 126,000

    Problem 16.4

    Domestic Corporation Regular:


    Taxable Income 350,000
    Tax Rate 30% 105,000
    Minimum:
    Gross Income 700,000
    Tax Rate 2% 14,000
    Higher 105,000

    Resident Foreign Corporation Regular:


    Taxable Income 200,000
    Tax Rate 30% 60,000
    Minimum:
    Gross Income 400,000
    Tax Rate 2% 8,000
    Higher 60,000

    Non-Resident Foreign Philippine Gross Income 400,000


    Corporation Tax Rate 30%
    Income Taxation Corporations 06 November 2020

    Tax 120,000

    Private School/Non-Profit World Taxable Income 350,000


    Hospital Tax Rate 10%
    Tax Due 35,000

    Non-Profit Entity Nil; exempt

    GOCC World Taxable Income 350,000


    Tax Rate 30%
    Tax Due 105,000

    International Carriers Gross Philippine Billings 400,000


    Tax Rate 2.50%
    Tax Due 10,000

    Problem 16.5

    Net Income - RBU 1,200,000


    Tax Rate 30%
    Regular Tax Due 360,000

    Problem 16.6

    Direct Flight from Cebu to Seoul 2,000,000


    Direct Flight from Davao to Taipei 1,800,000
    Interconnecting flight from Phnom Penh to Tokyo 1,000,000
    Gross Philippine Billings 4,800,000
    Tax Rate 2.50%
    Income Tax Due 120,000

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