Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 Cost of sales 1,125,000 Business expenses 650,000 Interest income from peso bank deposit 80,000 Interest income from bank deposit under FCDS 120,000 Gain on sale of land in the Philippines held as capital asset with cost P1.5M when zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 Cost of sales 1,125,000 Business expenses 650,000 Interest income from peso bank deposit 80,000 Interest income from bank deposit under FCDS 120,000 Gain on sale of land in the Philippines held as capital asset with cost P1.5M when zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 18P
Related questions
Question
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:
Sales P2,800,000
Cost of sales 1,125,000
Business expenses 650,000
Interest income from peso bank deposit 80,000
Interest income from bank
deposit under FCDS 120,000
Gain on sale of land in the Philippines held as
capital asset with cost P1.5M
when zonal is P1.2M 500,000
Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? *
P351,500
P321,500
P342,500
P652,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you