Income Taxation - Regular Income Tax
Income Taxation - Regular Income Tax
Income Taxation - Regular Income Tax
1. Roxanne, a Filipino, had been employed as a manager at a local firm for several years. In
February 2020, she received an offer to be employed at an international firm. She resigned from
in April 2020 and left the Philippines in May 2020 to work. The following data is available during
2020:
a. Determine the amount of income tax payable each quarter using itemized deductions
Following from the above data, in 2021, the corporation had the following transactions:
b. Compute the income tax payable each quarter using itemized deductions.
Following from the previous data, in 2022, Devon corporation had the following transactions:
1st 2nd
Quarter Quarter
Sales 3,495,000 3,265,010
Sales discounts 100,000 90,000
Cost of sales 1,950,250 2,057,000
Interest expense 100,000 100,000
Advertising expense 300,000 300,000
Depreciation 300,000 300,000
Salaries of employees 500,000 500,000
Creditable withholding taxes on sales 7,400 7,500
c. Compute the income tax payable in each quarter using itemized deductions.