Malik Corporation, a domestic corporation has total assets of P40 million. It has the data and for the Taxable Year 2022:

The First Quarter Income Tax Return shows income tax due of P20,000 (RCIT is higher under OSD).

The Second Quarter Income Tax Return shows cumulative gross income of P2,000,000 and cumulative taxable net income of P50,000 under itemized deductions based on the company's record.

Moreover, in Taxable Year 2021, the total tax credit amounted to P100,000 compared to the income tax due of P90,000.

How much is the income tax payable in the second quarter of Taxable Year 2022?

Answer rating: 100% (QA)

To calculate the income tax payable in the second quarter of Taxable Year 2022 we need to consider t... View the full answer