Assume that for year 2023, a resident citizen has the following income from sources in the Philippines and abroad: In the Philippines- Sales Less: Cost of sales P21,000,000.00 12,600,000.00
Assume that for year 2023, a resident citizen has the following income from sources in the Philippines and abroad: In the Philippines- Sales Less: Cost of sales P21,000,000.00 12,600,000.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
subject: income
![2. Individual earning income purely from business/profession
Assume that for year 2023, a resident citizen has the following income
from sources in the Philippines and abroad:
In the Philippines -
Sales
Less: Cost of sales
Gross income
Less: Operating expenses
Net income from operation
Add: Other non-operating income
Taxable income - Philippines
Abroad - country X
Taxable income
Income tax paid
P21,000,000.00
12,600,000.00
8,400,000.00
5,250,000.00
3,150,000.00
1,050,000.00
4,200,000.00
2,688,000.00
940,800.00
Required: Compute income tax still due or payable after tax credit for
year 2023.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52575a85-eb6a-4f2d-813e-625f28b53405%2F07e5ae2d-1d2c-420b-80fe-4ad7d2f510b4%2F21ihs8k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Individual earning income purely from business/profession
Assume that for year 2023, a resident citizen has the following income
from sources in the Philippines and abroad:
In the Philippines -
Sales
Less: Cost of sales
Gross income
Less: Operating expenses
Net income from operation
Add: Other non-operating income
Taxable income - Philippines
Abroad - country X
Taxable income
Income tax paid
P21,000,000.00
12,600,000.00
8,400,000.00
5,250,000.00
3,150,000.00
1,050,000.00
4,200,000.00
2,688,000.00
940,800.00
Required: Compute income tax still due or payable after tax credit for
year 2023.
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