A resident foreign corporation branch had the following results of operations in 2021, the fifth year...
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A resident foreign corporation branch had the following results of operations in 2021, the fifth year of its operations: Gross income from sales of goods Less: Allowable deductions Net income 5,000,000 4,850,000 150,000 The branch intends to remit all profits after applicable taxes to the home office. What is the branch profit remittance tax? Problem 2 Calatrava Corporation had the following data in 2021: First quarter Second quarter Third quarter Fourth quarter MCIT RCIT CWTS 500,000 480,000 150,000 450,000 490,000 120,000 500,000 520,000 140,000 700,000 480,000 160,000 There were excess MCIT of P 70,000 and P130,000 respectively in 2019 and 2020. What is the income tax payable in the second quarter? What is the income tax payable in the fourth quarter? Problem 3 A proprietary school reported a net operating loss on its fifth year of operation: Gross receipts Less: Direct cost of services Other business expenses What is the tax due? 4,000,000 2,800,000 1,500,000 A resident foreign corporation branch had the following results of operations in 2021, the fifth year of its operations: Gross income from sales of goods Less: Allowable deductions Net income 5,000,000 4,850,000 150,000 The branch intends to remit all profits after applicable taxes to the home office. What is the branch profit remittance tax? Problem 2 Calatrava Corporation had the following data in 2021: First quarter Second quarter Third quarter Fourth quarter MCIT RCIT CWTS 500,000 480,000 150,000 450,000 490,000 120,000 500,000 520,000 140,000 700,000 480,000 160,000 There were excess MCIT of P 70,000 and P130,000 respectively in 2019 and 2020. What is the income tax payable in the second quarter? What is the income tax payable in the fourth quarter? Problem 3 A proprietary school reported a net operating loss on its fifth year of operation: Gross receipts Less: Direct cost of services Other business expenses What is the tax due? 4,000,000 2,800,000 1,500,000
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Problem 1 To calculate the branch profit remittance tax we need to determine the taxable income of the branch Taxable income is calculated by subtract... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
Posted Date:
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