aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a business. From his business, he has a gross sales of P800,000, non-operating income of P200,000. He opted to use the 8%. Compute the Income tax due
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- Kagura is a resident citizen, earning purely business income for the taxable year: Gross sales P2,800,000 Cost of sales 1,200,000 Operating expenses 650,000 The business is not vat-registered. 1. Determine the business tax due under Section 116 Train law-3% percentage tax 12%VAT)? 2. Determine the income tax due.1. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?Mr. Sia is working as a freelance professional in SDN Corporation. He is earning professional fees amounting to Php60,000.00 per month and is a Non-VAT registered. a. During the filing of his First Quarter Income Tax Return, which method of computing income tax is more advantageous? Justify your answer. b. During the filing of his Annual Income Tax Return, which method of computing income tax is more advantageous? Justify your answer.
- Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor at a private bank where he earns an annual salary of P600,000, he is also the sole proprietor of HOPE Enterprises whose records during the taxable year show the following data: Gross sales, P4,000,000; cost of sales, P1,200,000; operating expenses consisting of salaries and wages, P240,000; utilities, P50,000; rent, P60,000; depreciation, P160,000; and miscellaneous, P40,000; and net capital gain of P10,000. How much is the taxable income of Mr. PPP during the taxable year assuming that he availed himself of the Optional Standard Deduction?1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?
- 1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable? 3. Mr. ABC earned P3,000,000 on his practice of profession for the first three quarters of 2020 for which he filed quarterly income tax returns and availed of the 8% income tax rate, and on the fourth quarter, he earned P3,500,000. For the taxable year, he incurred cost of sales and operating expenses amounting to P3,000,000 and P1,440,000, respectively. How much is his tax due and tax still payable for taxable year 2020?Ms. Joy operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to PHP 800,000, in addition to her receipts from bookkeeping services of PHP 300,000 and incurred costs and expenses of PHP 300,000 and PHP 100,000 respectively. How much is her tax due using the 8% tax rate?Mr. See Pag’s is a Filipino citizen working as a sales agent in EchpiComputer Accessories Store in Las Piñas City. He earns P26,000 a month basic salary and transportation allowance of P2,000. His deductions per month include SSS P1,630, PhilHealth P350, Pag-IBIG P100 and Union Dues P50. How much is Mr. Pag’s taxable income? Answer the questions briefly.1. Is Mr. Pag liable to pay taxes in the Philippines? Why? 2. How much is his total deductions? 3. How much is his taxable income?
- Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $40,000. Already deducted from that number are tax expenses of$8,000, meals of $1,300, and yarn supplies expense of $5,000.Calculate Ferran's taxable income based on what you know about them?Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0 - 10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $9,916.66 O c. $10,000.00 O d. $17,587.66 Oe. $14,300Jamison gross tax liabiity is $9550. Jamison had $2800 of available credits and he had $6250 of taxes wihheld by his employer. What is Jamison taxes due (or tax refuned) with his tax return?