8. During the year, Coleen received compensation income of P455,000 after P15,000 withholding tax on compensation. Compute her income tax still due. a. P 48, 750 P 47, 500 c. P 28, 750 d. P 32, 500
8. During the year, Coleen received compensation income of P455,000 after P15,000 withholding tax on compensation. Compute her income tax still due. a. P 48, 750 P 47, 500 c. P 28, 750 d. P 32, 500
8. During the year, Coleen received compensation income of P455,000 after P15,000 withholding tax on compensation. Compute her income tax still due. a. P 48, 750 P 47, 500 c. P 28, 750 d. P 32, 500
Income Taxation: INDIVIDUAL INCOME TAXATION in the philippines
Can you show me the solution as to why Letter b. P 47, 500 is the answer?
Transcribed Image Text:7. Shown below is the summarized of operations of Mr. Chiz Mozo's
business:
P 900, 000
300, 000
P 600, 000
100, 000
Sales
Cost of sales
Gross profit
Other deductible expenses
Contributions expenses:
Government priority project
Non-accredited non-profit institution
Foreign foundation
50, 000
55, 000
25, 000
P 370, 000
Net income
Transcribed Image Text:8. During the year, Coleen received compensation income of P455,000
after P15,000 withholding tax on compensation. Compute her income tax
still due.
a. P 48, 750
b. P 47, 500
c. P 28, 750
d. P 32, 500
Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.
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