A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. Assuming the taxpayer is a resident or citizen, received money from Philippine Charity Sweepstakes and Lotto winnings, his income is Group of answer choices Subject to 20% final tax if less than P10,000 Exempt from income tax Subject to 20% final tax except P10,000 or less from PCSO and Lotto shall be exempt Subject to 20% final tax without exception
A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. Assuming the taxpayer is a resident or citizen, received money from Philippine Charity Sweepstakes and Lotto winnings, his income is Group of answer choices Subject to 20% final tax if less than P10,000 Exempt from income tax Subject to 20% final tax except P10,000 or less from PCSO and Lotto shall be exempt Subject to 20% final tax without exception
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.
Assuming the taxpayer is a resident or citizen, received money from Philippine Charity Sweepstakes and Lotto winnings, his income is
Group of answer choices
Subject to 20% final tax if less than P10,000
Exempt from income tax
Subject to 20% final tax except P10,000 or less from PCSO and Lotto shall be exempt
Subject to 20% final tax without exception
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