The final tax paid on passive income within the year a P4000 b P10000 c P12500

The final tax paid on passive income within the year

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2. The final tax paid on passive income within the year:a. P4,000b. P10,000c. P12,500d. P16,0003. The income tax due at the end of the first quarter:4. The income tax due at the end of the second quarter:5. The income tax due at the end of the third quarter:6. The income tax due (refundable) at the end of the year:a. P55,000b. P350,000c. (P10,000)d. P46,000ASIA PACIFIC COLLEGEMakati City
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Page 2 of 5Items 7 through 11 are based on the following information:The books of D Company, a domestic corporation in its fifth year of operations in 2005, show the following:  SalesCost of Sales ExpensesOther IncomeFirst Quarter500,000260,000P120,000P  96,000 – Royalty, net of withholding tax of 20%Second Quarter450,000220,000100,000    150,000   –   Dividend   from   domestic corp.Third Quarter700,000390,000150,000  171,000 – Rent, net of withholding taxFourth Quarter     600,000     310,000  160,000  180,500 – Rent, net of withholding taxTotalP2,250,000P1,180,000P530,0007. The final tax paid on the royalty income within the year:8. The income tax due at the end of the first quarter:9. The income tax due at the end of the second quarter:10. The income tax due at the end of the third quarter:a. P99,800b. P108,800c. P110,000d. P188,80011. The income tax due (refundable) at the end of the year:12. A domestic corporation has the following data:Excess tax credits from 2004P15,000For the year 2005:1st Quarter  2nd QuarterIncome, net of 1% withholding taxP495,000P792,000Deductions480,000700,000How much is the income tax still due and payable in the second quarter?13. Which statement is wrong? The gross income tax:
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  • Spring '13
  • OslerAquino
  • Cost Accounting, Names of large numbers, Makati City

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