1. Mr. Cruz is a minimum wage earner and a part-time real estate agent for a real estate broker. In addition to the statutory minimum wage of P180,000, he likewise earned P100,000 as commission from his real estate dealings for the year 2019. If he opted to be taxed at 8%, how much would be his income tax? Group of answer choices a. P2,400 b. PO c. P8,000 d D6 0 0
1. Mr. Cruz is a minimum wage earner and a part-time real estate agent for a real estate broker. In addition to the statutory minimum wage of P180,000, he likewise earned P100,000 as commission from his real estate dealings for the year 2019. If he opted to be taxed at 8%, how much would be his income tax? Group of answer choices a. P2,400 b. PO c. P8,000 d D6 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounting
1. Mr. Cruz is a minimum wage earner and a
part-time real estate agent for a real estate
broker. In addition to the statutory minimum
wage of P180,000, he likewise earned P100,000
as commission from his real estate dealings for
the year 2019. If he opted to be taxed at 8%,
how much would be his income tax?
Group of answer choices
а. Р2,400
b. PO
с. Р8,000
d. P6,000
2. A self-employed resident citizen taxpayer,
who is married, has gross profit from sales of
goods of P800,000, operating expenses of
P200,000, cost of goods sold of P300,000 and
personal expenses amounting to P30,000. If the
taxpayer chooses to be taxed at 8%, his income
tax will be:
Group of answer choices
a. P44,000
b. P24,000
c. P68,000
d. P64,000
3. Mr. Santos received the following yearly
benefits from his employer, ABC Corporation:
13th-month pay
P85,000
Rice subsidy
36,000
Clothing allowance 10,000
How much is the taxable 13th month pay and
other benefits?
Group of answer choices
a. PO
b. P131,000
с. Р41,000
d. P11,000
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