Problem
X 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 X Corporation as of 31 December 2022, it had 200,000,000 in assets (40,000,000 of which pertains to the value of land), and 70,000,000 in liabilities. Finally, all of X Corporation's stockholders are resident citizens.
I. How much is X Corporation's income tax payable?
II. How much final withholding tax was withheld from X Corporation's income?
III. As a withholding agent, how much final withholding tax should X Corporation remit to the BIR?