Data for 2020 taxable year of Lpartnership (Domestic corpouon)including partner's own income(Resident citizens) are as follows:MartisLaylaML(40%(60%Descriptionpartnership P/Lratio)P/Lratio)Compensation300,000 270,000incomeBusiness800,000450,000|-incomeAllowable200,000100,000 -deductionsInterestincome fromdeposit in abank100,00010,000(Philippines)Assume the partnership is a Generalprofessional partnership, computefor the total tax due (basic tax andfinal tax) by Martis.

calculation of total tax due by martis are as follows

Answered: Assume the partnership is a General…

Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by Martis.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Data for 2020 taxable year of L
partnership (Domestic corpouon)
including partner's own income
(Resident citizens) are as follows:
Martis
Layla
ML
(40%
(60%
Description
partnership P/L
ratio)
P/L
ratio)
Compensation
300,000 270,000
income
Business
800,000
450,000|-
income
Allowable
200,000
100,000 -
deductions
Interest
income from
deposit in a
bank
100,000
10,000
(Philippines)
Assume the partnership is a General
professional partnership, compute
for the total tax due (basic tax and
final tax) by Martis.

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