9. EEE is a Filipino CPA. She is an employee of ZZZ Corporation and owner of YYY Accounting Services. Her annual Gross Compensation income in ZZZ Corporation is P900,000, including a P100,000 non taxable compensation income. YYY Accounting Services is a VAT registed company. During the year, he reported an annual business income Philippines of P4,000,000, Business Income Abroad of P1,000,000 and allowed deduction Philippines, P1,000,000 Allowed deduction Abroad of P500,000 and non deductible business expenses Philippines of P150,000. Compute the basic income tax due.

9. EEE is a Filipino CPA. She is an employee of ZZZ Corporation and owner of YYY Accounting Services. Her annual Gross Compensation income in ZZZ Corporation is P900,000, including a P100,000 non taxable compensation income. YYY Accounting Services is a VAT registed company. During the year, he reported an annual business income Philippines of P4,000,000, Business Income Abroad of P1,000,000 and allowed deduction Philippines, P1,000,000 Allowed deduction Abroad of P500,000 and non deductible business expenses Philippines of P150,000. Compute the basic income tax due.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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