TRUE OR FALSEA mixed income earner may choose to be taxed at 8% on both their employment incomeand income from business and/or practice of profession.The option to be taxed at 8% is irrevocable for the entire taxable year except when thetaxpayer has exceeded the VAT threshold of P3,000,000 during the taxable year.eA VAT self-employed taxpayer whose sales did not exceed P3 million is required tocompute his/her income tax using graduated rates of 0% to 35%.A partner in a general business partnership is required to use the progressive orgraduated rates of 0% to 35%.The sale of real property classified as capital asset located outside the Philippines by aresident alien is not subject to 6% capital gains tax, but to ordinary/regular income tax."Capital gain on the sale of short-term (less than 5 years) domestic bonds by a non-resident citizen is subject to 15% capital gains tax.

Only three subparts of a single question have been answered as per the answer guideline. 1. A…

A mixed income earner may choose to be taxed at 8% on both their employment income and income from business and/or practice of profession. The option to be taxed at 8% is irrevocable for the entire taxable year except when the taxpayer has exceeded the VAT threshold of P3,000,000 during the taxable year.e A VAT self-employed taxpayer whose sales did not exceed P3 million is required to compute his/her income tax using graduated rates of 0% to 35%.

A mixed income earner may choose to be taxed at 8% on both their employment income and income from business and/or practice of profession. The option to be taxed at 8% is irrevocable for the entire taxable year except when the taxpayer has exceeded the VAT threshold of P3,000,000 during the taxable year.e A VAT self-employed taxpayer whose sales did not exceed P3 million is required to compute his/her income tax using graduated rates of 0% to 35%.

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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