Which of the following is not correct?    a. Non-stock, non-profit private organizations are not subject to VAT if their income from sales is used for non-profit purposes. b. A VAT registered taxpayer can pass on the VAT even to non-VAT registered buyers. c. Services subject to specific percentage tax shall not be subject to VAT regardless whether their annual gross sales or gross receipts exceed P3,000,000. d. None of the above.

A corporation has a taxable income of $2,282,175.  At this income level, the federal income rate is 47%, the state tax rate is 20%, and the local tax rate is 11%.  If each tax rate is applied to the the total taxable income, the company would have to pay $2,282,175 * 0.47 in federal taxes.  Luckily for the corporation, the taxes paid are deducted as described above.  How much is paid in federal taxes if the customary deductions are taken into consideration? $                       .  Round to the nearest dollar.   A corporation's taxable income is taxed at the federal, state, and local levels.  It is customary for an agency to deduct the taxes paid to the other agencies before computing the company's tax liability.  For example, the federal taxes are based on the income that remains after the state and local taxes are deducted.  Similarly, the state taxes are based on the income that remains after federal and local taxes are deducted; the local taxes are based on the income that…

Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: a. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $41,000. Excess net passive income tax???   b. Passive investment income, $100,000; expenses associated with passive investment income, $70,000; gross receipts, $208,000; taxable income if a C corporation, $5,600; corporate Earnings and profit, $41,000. Excess net passive income tax???   c. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $0. Excess net passive income tax???

Which of the following statements regarding political contributions made by a corporation is CORRECT? a. Political contributions are allowed as a deduction in the computation of taxable income, therefore they are deducted on Schedule 2. b. Corporations receive a tax credit equal to 15% of political contributions made in the year. O c. Political contributions are not allowed as a deduction in the computation of business income, therefore they are added back on Schedule 1. O d. The total deduction for political contributions is limited to 75% of the corporation's net income in the year.

A corporation has a taxable income of $7,684,204. At this income level, the federal income rate is 46%, the state tax rate is 17%, and the local tax rate is 10%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (46 + 17+ 10)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place).

During the year, CDE Corporation earned enough profits to pay dividends to its shareholders. CDE is a C corporation. What are the tax consequences of this distribution?  (a) The corporation will increase their earnings and profits by the amount distributed.  (b) The corporation will reduce its taxable income by the amount distributed to the shareholders.  (c) The corporation will pay a flat tax of 21% on the amount distributed. The shareholders also include their dividends received in taxable income.  (d) There are no direct tax consequences for either the corporation or the shareholders.

A corporation has a taxable income of $2,302,253.  At this income level, the federal income rate is 49%, the state tax rate is 20%, and the local tax rate is 13%.  If each tax rate is applied to the the total taxable income, the company would have to pay $2,302,253 * 0.49 in federal taxes.  Luckily for the corporation, the taxes paid are deducted as described above.  How much is paid in federal taxes if the customary deductions are taken into consideration? $                       .  Round to the nearest dollar.

A corporation has a taxable income of $7,356,401.  At this income level, the federal income rate is 46%, the state tax rate is 21%, and the local tax rate is 13%.  If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (46 + 21 + 13)%.  Luckily for the corporation, the taxes paid are deducted as described above.  What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration?                        %.  Round to the nearest tenth of a percent (one decimal place). A corporation's taxable income is taxed at the federal, state, and local levels.  It is customary for an agency to deduct the taxes paid to the other agencies before computing the company's tax liability.  For example, the federal taxes are based on the income that remains after the state and local taxes are deducted.  Similarly, the state taxes are based on the income that remains after federal and local taxes…

A corporation has a taxable income of $7,060,373. At this income level, the federal income rate is 50%, the state tax rate is 22%, and the local tax rate is 13%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (50 + 22 + 13)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration?