2. Mr. Adolfo, owner of AR Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income. For the first three quarters of 2018, shop's total sales amount to P3,000,000 while for the fourth quarter, it is P2,300,000. Below are the cost of sales and operating expenses. What is the income tax due for the year 2018? 1Q (8%) 2Q(8%) 3Q(8%) 4Q Gross Sales P650,000 P900,000 P1,450,000 P2,300,000 Less: COS 300,000 450,000 550,000 900,000 Gross Income 350,000 450,000 900,000 1,400,000 Less: OPEX 160,000 210,000 260,000 420,000 Taxable Income P190,000 P240,000 P640,000 P980,000

2. Mr. Adolfo, owner of AR Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income. For the first three quarters of 2018, shop's total sales amount to P3,000,000 while for the fourth quarter, it is P2,300,000. Below are the cost of sales and operating expenses. What is the income tax due for the year 2018? 1Q (8%) 2Q(8%) 3Q(8%) 4Q Gross Sales P650,000 P900,000 P1,450,000 P2,300,000 Less: COS 300,000 450,000 550,000 900,000 Gross Income 350,000 450,000 900,000 1,400,000 Less: OPEX 160,000 210,000 260,000 420,000 Taxable Income P190,000 P240,000 P640,000 P980,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 18P

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