Question
The following are the compositions of the total gross income of a MSME domestic corporation which is subject to MCIT in 2021: (MSME uses
The following are the compositions of the total gross income of a MSME domestic corporation which is subject to MCIT in 2021: (MSME uses 20% NCIT) Sales, net of discounts and allowances - 4,000,000 Cost of Sales - 2,400,000 Dividend Income - 100,000 Royalty Income - 250,000 Gain on sale of building - 150,000 Regular allowable deductions - 1,700,000 1. Compute how much is the Minimum Corporate Income Tax. 2. Compute how much is the regular corporate income tax. 3. How much is the corporation's income tax due?
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Financial Accounting
Authors: LibbyShort
7th Edition
78111021, 978-0078111020
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