Task For this assignment, you will need to determine the correct income by showing the steps in arriving at the true amount to be reported as taxable income and calculating the exact taxes due to the government based on the given information. Procedure 1. For ease of computing, disregard transitory rates under RA 11534. Assume full application of RA11534 after the transitory period. Case Proper The annual Income Tax Return (ITR) of a taxpayer for the taxable year 2022, reported a taxable income of P720,240. Careful scrutiny revealed that some items included as income and expenses are the following: Part I. Provide the correct values. Show solution. A. Assume a domestic corporation using itemized deduction. 1. Non-deductible amount/s 2. Non-taxable amount/s 3. Net capital loss carry-over 4. Final tax on passive income 5. Correct taxable income 6. Income tax due and payable B. Assume a resident foreign corporation using itemized deduction 7. Correct taxable income 8. Income tax due and payable C. Assume an individual taxpayer using itemized deduction subject to graduated tax rates 9. Non-deductible amount/s 10. Non-taxable amount/s 11. Final tax on passive income 12. Correct taxable income 13. Income tax due and payable D. Assuming the amount of P720,240 is the reported gross sales/gross receipts of an individual taxpayer where the items of income are included in the amount but excluding all items of expenses. Compute the following using OSD subject to an 8% optional tax rate. 14. Correct taxable income 15. Income tax due and payable Part II. Show your solutions in a clear, easy-to-read, and logical manner. 1. Correct taxable income of a domestic corporation using itemized deduction. 2. Correct taxable income of a resident foreign corporation using itemized deduction. 3. Correct taxable income of an individual using itemized deduction subject to graduated tax rates. 4. Correct taxable income of an individual using optional standard deduction subject to 8% tax rate. Task For this assignment, you will need to determine the correct income by showing the steps in arriving at the true amount to be reported as taxable income and calculating the exact taxes due to the government based on the given information. Procedure 1. For ease of computing, disregard transitory rates under RA 11534. Assume full application of RA11534 after the transitory period. Case Proper The annual Income Tax Return (ITR) of a taxpayer for the taxable year 2022, reported a taxable income of P720,240. Careful scrutiny revealed that some items included as income and expenses are the following: Part I. Provide the correct values. Show solution. A. Assume a domestic corporation using itemized deduction. 1. Non-deductible amount/s 2. Non-taxable amount/s 3. Net capital loss carry-over 4. Final tax on passive income 5. Correct taxable income 6. Income tax due and payable B. Assume a resident foreign corporation using itemized deduction 7. Correct taxable income 8. Income tax due and payable C. Assume an individual taxpayer using itemized deduction subject to graduated tax rates 9. Non-deductible amount/s 10. Non-taxable amount/s 11. Final tax on passive income 12. Correct taxable income 13. Income tax due and payable D. Assuming the amount of P720,240 is the reported gross sales/gross receipts of an individual taxpayer where the items of income are included in the amount but excluding all items of expenses. Compute the following using OSD subject to an 8% optional tax rate. 14. Correct taxable income 15. Income tax due and payable Part II. Show your solutions in a clear, easy-to-read, and logical manner. 1. Correct taxable income of a domestic corporation using itemized deduction. 2. Correct taxable income of a resident foreign corporation using itemized deduction. 3. Correct taxable income of an individual using itemized deduction subject to graduated tax rates. 4. Correct taxable income of an individual using optional standard deduction subject to 8% tax rate
