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10. Compute the income tax due if Jerik opted to use the 88 optional income tax. a. P 72, 960 b. P 72, 000 c. P 52, 960 d. P 52, 00

10. Compute the income tax due if Jerik opted to use the 88 optional income tax. a. P 72, 960 b. P 72, 000 c. P 52, 960 d. P 52, 00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Income Taxation: INDIVIDUAL INCOME TAXATION in the philippines

Can you show me the solution as to why Letter b. P 72, 000 is the answer?

10. Compute the income tax due if Jerik opted to use the 88 optional income tax. P 72, 960 b. P 72, 000 c. P 52, 960 d. P 52, 000
Transcribed Image Text:10. Compute the income tax due if Jerik opted to use the 88 optional income tax. P 72, 960 b. P 72, 000 c. P 52, 960 d. P 52, 000
7. Jerik, a self-employed employee with ten dependent children, had the following items of income and expenses in 2020: P 900, 000 400, 000 Р 500, 000 16, 000 12, 000 Sales Less: Cost of sales Gross profit Interest income, net of 20% final tax Interest income from clients notes Expenses: Salaries expense Depreciation expense Rent & other expenses Interest expense P 100, 000 15, 000 50, 000 30, 000 P 333, 000 Net income
Transcribed Image Text:7. Jerik, a self-employed employee with ten dependent children, had the following items of income and expenses in 2020: P 900, 000 400, 000 Р 500, 000 16, 000 12, 000 Sales Less: Cost of sales Gross profit Interest income, net of 20% final tax Interest income from clients notes Expenses: Salaries expense Depreciation expense Rent & other expenses Interest expense P 100, 000 15, 000 50, 000 30, 000 P 333, 000 Net income
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