FFF is a Filipino CPA. She is an employee of XXX Corporation and owner of www Accounting Services. Her annual Gross Compensation income in XXX Corporation is P900,000, including a P100,000 non taxable compensation income. www.Accounting Services is a non- VAT registed company and express her intention to use 8% optional income tax rate. During the year, he reported an annual business income Philippines of P1,800,000, Business Income Abroad of P900,000 and allowed deduction Philippines, P800,000 Allowed deduction Abroad of P500,000 and non deductible business expenses Philippines of P150,000. Compute the basic income tax due.

FFF is a Filipino CPA. She is an employee of XXX Corporation and owner of www Accounting Services. Her annual Gross Compensation income in XXX Corporation is P900,000, including a P100,000 non taxable compensation income. www.Accounting Services is a non- VAT registed company and express her intention to use 8% optional income tax rate. During the year, he reported an annual business income Philippines of P1,800,000, Business Income Abroad of P900,000 and allowed deduction Philippines, P800,000 Allowed deduction Abroad of P500,000 and non deductible business expenses Philippines of P150,000. Compute the basic income tax due.

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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