ABC Company hired X as an independent contractor, whereby ABC has no power to control X's conduct. During the year, X earned P400,000 from ABC for services rendered. In relation to the said service, X incurred P20,000. Compute X’s income tax due using the 8% income tax rate? a. P32,000 b. P10,400 c. P12,000 d. P0
ABC Company hired X as an independent contractor, whereby ABC has no power to control X's conduct. During the year, X earned P400,000 from ABC for services rendered. In relation to the said service, X incurred P20,000. Compute X’s income tax due using the 8% income tax rate? a. P32,000 b. P10,400 c. P12,000 d. P0
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 24P
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ABC Company hired X as an independent contractor, whereby ABC has no power to control X's conduct. During the year, X earned P400,000 from ABC for services rendered. In relation to the said service, X incurred P20,000. Compute X’s income tax due using the 8% income tax rate?
a. P32,000
b. P10,400
c. P12,000
d. P0
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