Question
Nicanor, an employee of ABC Corp., suffered an accident at work and died. The following are information were made available by the employer: Basic salary
Nicanor, an employee of ABC Corp., suffered an accident at work and died. The following are information were made available by the employer:
Basic salary Php 600,000.00
13th month pay and other benefits 100,000.00
Commission 100,000.00
Separation Pay 500,000.00
Gross compensation income Php 1,300,000.00
Question: How much is the total exclusions from gross income?
Group of answer choices
Php 590,000
Php 600,000
Php 90,000
Php 180,000
A taxpayer registered in 2010 made available the following financial information for TY2021:
Balance Sheet:
Asset - Php 50,000,000
Liability - Php 30,000,000
Stockholders' Equity - Php 20,000,000
Income Statement:
Gross sales - Php 10,000,000
Cost of sales Php 6,000,000
Operating Expenses - Php 2,000,000
How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction?
Group of answer choices
Php 500,000
Php 600,000
Php 480,000
Php 400,000
A taxpayer registered in 2010 made available the following financial information for TY2021:
Balance Sheet:
Asset - Php 500,000
Liability - Php 100,000
Stockholders' Equity - Php 400,000
Income Statement:
Gross sales - Php 100,000,000
Cost of sales Php 60,000,000
Operating Expenses - Php 30,000,000
How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?
Group of answer choices
Php 3,000,000
Php 2,500,000
Php 2,000,000
Php 400,000
A taxpayer registered in 2020 made available the following financial information for TY2021:
Balance Sheet:
Asset - Php 500,000
Liability - Php 100,000
Stockholders' Equity - Php 400,000
Income Statement:
Gross sales - Php 10,000,000
Cost of sales Php 8,000,000
Operating Expenses - Php 5,000,000
How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
Group of answer choices
Php 600,000
Php 0
Php 300,000
Php 200,000
ABC Corp. registered in 2010 made available the following financial information for TY2021:
Balance Sheet:
Asset - Php 50,000,000
Liability - Php 30,000,000
Stockholders' Equity - Php 20,000,000
Income Statement:
Gross sales - Php 100,000,000
Cost of sales Php 60,000,000
Operating Expenses - Php 50,000,000
How much is the income tax payable under CREATE if the taxpayer is a domestic corporation?
Group of answer choices
Php 400,000
Php 0
Php 2,500,000
Php 800,000
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
9th Edition
978-0073527062
