38. Maginoo in number 40 resigned from Philippine Nuclear Fusion in the first week of January 2019 to concentrate on his cafeteria business. His total compensation income in 2019 amounted to P180,000 inclusive of other benefits (productivity bonus) of P30,000. In 2019, the cafeteria had gross sales of P2,300,000, cost of sales of P750,000, and operating expenses of P450,000. It also had non-operating income of P235,000. What is his income tax due for 2019 if he avails of the 8% income tax rate option on his gross sales plus non-operating income arising from his business? (a) P 202 800
38. Maginoo in number 40 resigned from Philippine Nuclear Fusion in the first week of January 2019 to concentrate on his cafeteria business. His total compensation income in 2019 amounted to P180,000 inclusive of other benefits (productivity bonus) of P30,000. In 2019, the cafeteria had gross sales of P2,300,000, cost of sales of P750,000, and operating expenses of P450,000. It also had non-operating income of P235,000. What is his income tax due for 2019 if he avails of the 8% income tax rate option on his gross sales plus non-operating income arising from his business? (a) P 202 800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:38. Maginoo in number 40 resigned from Philippine Nuclear Fusion in the first week of January 2019 to
concentrate on his cafeteria business. His total compensation income in 2019 amounted to P180,000
inclusive of other benefits (productivity bonus) of P30,000.
In 2019, the cafeteria had gross sales of P2,300,000, cost of sales of P750,000, and operating expenses
of P450,000. It also had non-operating income of P235,000.
What is his income tax due for 2019 if he avails of the 8% income tax rate option on his gross sales
plus non-operating income arising from his business?
(a) P 202,800
(b) P194,800
(c) P182,800
(d) None of the above.
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