A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. If he failed to signify his intention to avail of the 8% income tax rate on his first quarter return, he will pay: Group of answer choices Income tax on based on graduated income tax rates only. Income tax on gross sales/receipts excluding non-operating income in excess of P250,000 in lieu of graduated tax rates and percentage tax under Section 116. Income tax based on graduated income tax rates and percentage tax under Section 116 if not-Vat registered. Percentage tax under Section 116 only in lieu of income tax.
A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. If he failed to signify his intention to avail of the 8% income tax rate on his first quarter return, he will pay: Group of answer choices Income tax on based on graduated income tax rates only. Income tax on gross sales/receipts excluding non-operating income in excess of P250,000 in lieu of graduated tax rates and percentage tax under Section 116. Income tax based on graduated income tax rates and percentage tax under Section 116 if not-Vat registered. Percentage tax under Section 116 only in lieu of income tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. If he failed to signify his intention to avail of the 8% income tax rate on his first quarter return, he will pay:
Group of answer choices
Income tax on based on graduated income tax rates only.
Income tax on gross sales/receipts excluding non-operating income in excess of P250,000 in lieu of graduated tax rates and percentage tax under Section 116.
Income tax based on graduated income tax rates and percentage tax under Section 116 if not-Vat registered.
Percentage tax under Section 116 only in lieu of income tax.
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