Module 5

Income Taxes for Corporations

Group 3

The next fourteen (14) questions are based on the following data: (16-25)
Hananiah Corporation provided the following data for calendar year ending December 31, 2018:
($1-50)

Philippines Abroad
Gross Income P4,000,000 $ 40,000
Deduction P2,500,000 $ 15,000
Income tax paid $ 3,000

A. 16. If it is a resident corporation, its income tax is:

a. P 450,000
b. P 1,280,000
c. P 880,000
d. P 525,000

Gross Income, Philippines P 4,000,000

Expense, Philippines 2,500,000
Taxable Income P 1,500,000
Tax Rate 30%
INCOME TAX DUE P 450,000

A. 17. If it is a non-resident corporation, its income is:

a. P 1,200,000
b. P 1,280,000
c. P 880,000
d. P 1,400,000
Gross Income, Philippines P4,000,000
Tax Rate 30%
INCOME TAX DUE P1,200,000