Professional Documents
Culture Documents
Vasquez
BSA-AC2A
QUIZ IN CORPORATION
SOLUTIONS:
NO. 18-21 NO. 22
Q1. Q2. Q3. Annual Annual
Tax Due 100,000 330,000 470,000 670,000 530,000
Ex. MCIT -30,000 -30,000 30,000
Ex. WHT -10,000 -10,000 -10,000 10,000 -10,000
Tax. WH -20,000 -50,000 -90,000 -125,000 -125,000
Quarterly
Q1 -40,000 -40,000 -40,000 -40,000
Q2 -230,000 -230,000 -230,000
Q3 -70,000 -70,000
Tax Payable 40,000 230,000 70,000 165,000 55,000
NO. 25
Manila-Tokyo 2,000,000
Transfer Flight 2,000,000
Manila-Taipei 3,000,000
GPB 7000000
Tax Rate 2.50%
Tax Due 175,000
NO. 26-28 NO. 26 DC NO. 27 RFC NO.28 NRFC
Gross Income-Phil 4,000,000 4,000,000 4,000,000
Gross Income-Abroad 2,000,000
Expense-Phil -2,500,000 -2,500,000
Expense-Abroad -750,000
Net Income 2,750,000 1,500,000 4,000,000
NO. 29
Tax. Income 2,750,000
Tax Credit -150,000
Net Income 2,600,000
Tax Rate 30%
Tax Due 780,000
NO. 30-33
NO. 30 NO. 31 NO. 32 NO. 33
Int. Carrier Cin. Lessor Vessel Aircraft
GPB 4,000,000 4,000,000 4,000,000 4,000,000
Tax Rate 2.50% 25% 4.50% 7.50%
Tax Due 100,000 1,000,000 180,000 300,000
NO. 34
Income 4,000,000
Expense -2,000,000
Tax. Income 2,000,000
Tax Rate 30%
Tax Due 600,000
NO. 41-44
Q1 Q2 Q3 Annual
Gross Profit 800,000 1,600,000 2,400,000 3,100,000
Business Expense -600,000 -1,200,000 -1,700,000 -2,100,000
Taxable Income 200,000 400,000 700,000 1,000,000
Tax Due 60,000 120,000 210,000 300,000
Tax Withheld -15,000 -35,000 -65,000 -115,000
Quarterly Payments
Q1 -35,000 -35,000 -35,000
Q2 -40,000 -40,000
Q3 -60,000
Tax Credit -10,000 -10,000 -10,000 -10,000
Tax Payable 35,000 40,000 60,000 40,000
NO. 45 NO. 46
Q1 Q2 Income 1,500,000
Income 500,000 800,000 Gain on Sale 60,000
Deductions 480,000 700,000 Expense -600,000
Tax. Income 20,000 100,000 NOLCO -130,000
RCIT 6,000 30,000 Tax. Income 830,000
MCIT 10,000 16,000 Tax Rate 30%
Tax Due 10,000 36,000 Tax Due 249,000
Excess MCIT -10,000
Tax. Wheld -5,000 -13,000
Q1 Payment -5,000
Tax Payable 5,000 8,000
NO. 48-52
2016 2017 2018
Income 2,000,000 3,000,000 4,000,000
Gain in Sale 400,000 500,000
NOLCO -100,000
Deductions 1,940,000 3,100,000 -3,500,000
Tac. Income 460,000 -100,000 900,000
RCIT 138,000 - 270,000
MCIT 48,000 60,000 90,000
Tax Due 138,000 60,000 270,000
Excess MCIT -60,000
Tax Payable 138,000 60,000 210,000
NO. 53 I II
Total Sales 90,000,000 90,000,000
COS 45,000,000 45,000,000
Gross Inc 45,000,000 45,000,000
Tax Rate 30% 5%
Tax Covered 13,500,000 2,250,000