How much is the deductible pension contributions for 2021? 

How much is Jiho Corporation's income tax payable?

Consider the following information regarding a corporation's pension contributions:

 

           

	2020	2021	2022
Current service costs	200,000.00	200,000.00	200,000.00
Past service costs	50,000.00	30,000.00

 

Jiho Corporation, a domestic corporation, had the following items of revenues and expenses for the calendar year ending 31 December 2022:

 

Sales	10,000,000
Cost of sales	7,000,000
Rent income, gross of 5% withholding tax	350,000
Royalties earned in the Philippines	40,000
Interest income from bonds	56,000
Interest income from bank deposits	33,000
Operating expenses	1,450,000
Income taxes paid, first three quarters	27,700
Dividends declared and paid	133,000

Further, according to the statement of financial position of Jiho Corporation as of 31 December 2022, it had P200,000,000 in assets (P40,000,000 of which pertains to the value of land), and P70,000,000 in liabilities.

Finally, all of Jiho Corporation's stockholders are resident citizens.

Answer rating: 100% (QA)

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