The following are the compositions of the total gross income of a MSME domestic corporation which...

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The following are the compositions of the total gross income of a MSME domestic corporation which is subject to MCIT in 2021: (MSME uses 20% NCIT) Sales, net of discounts and allowances - 4,000,000 Cost of Sales - 2,400,000 Dividend Income - 100,000 Royalty Income - 250,000 Gain on sale of building - 150,000 Regular allowable deductions - 1,700,000 1. Compute how much is the Minimum Corporate Income Tax. 2. Compute how much is the regular corporate income tax. 3. How much is the corporation's income tax due? The following are the compositions of the total gross income of a MSME domestic corporation which is subject to MCIT in 2021: (MSME uses 20% NCIT) Sales, net of discounts and allowances - 4,000,000 Cost of Sales - 2,400,000 Dividend Income - 100,000 Royalty Income - 250,000 Gain on sale of building - 150,000 Regular allowable deductions - 1,700,000 1. Compute how much is the Minimum Corporate Income Tax. 2. Compute how much is the regular corporate income tax. 3. How much is the corporation's income tax due?

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To compute the Minimum Corporate Income Tax MCIT regular Corporate Income Tax CIT and the corporatio... View the full answer