1. Using the above facts, how much is Mr. Chico taxable net income is? 2. Using the same facts, If he has no commission income, how much is Mr. Chico taxable net Income is? 3. Using the same facts, if he has no commission income & professional income, Mr. Chico taxable net income is how much?
1. Using the above facts, how much is Mr. Chico taxable net income is? 2. Using the same facts, If he has no commission income, how much is Mr. Chico taxable net Income is? 3. Using the same facts, if he has no commission income & professional income, Mr. Chico taxable net income is how much?
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 33P
Related questions
Question
![Mr. Chico provided the following data.
Salary for the year (P10,000 for 12 months, MWE-P10,000/mo.)
Overtime pay
Hazard pay
Holiday pay
Commission income as additional compensation income from the same company
Professional income as dentist
P 120,000
50,000
Prof. expenses
1. Using the above facts, how much is Mr. Chico taxable net income is?
2. Using the same facts, If he has no commission income, how much is Mr. Chico taxable net Income is?
20,000
20,000
10,000
250,00
0
50,000
3. Using the same facts, if he has no commission income & professional income, Mr. Chico taxable net income is
how much?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4eabe691-0109-41b8-a6cb-47be33d2c200%2F1c1114e7-6263-4f44-9e73-2632fdfcec61%2F6peii_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mr. Chico provided the following data.
Salary for the year (P10,000 for 12 months, MWE-P10,000/mo.)
Overtime pay
Hazard pay
Holiday pay
Commission income as additional compensation income from the same company
Professional income as dentist
P 120,000
50,000
Prof. expenses
1. Using the above facts, how much is Mr. Chico taxable net income is?
2. Using the same facts, If he has no commission income, how much is Mr. Chico taxable net Income is?
20,000
20,000
10,000
250,00
0
50,000
3. Using the same facts, if he has no commission income & professional income, Mr. Chico taxable net income is
how much?
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