Harold is a resident Citizen,vat tax payer. taxable period:2020 Gross sales php 5,000,000 other operating income 200,000 non-operating income 100,000 cost of sales 2,000,000 operating expenses 1,000,000 Compute for the 8% optimal tax. show computation 396,000 404,000 424,000 0

Harold is a resident Citizen,vat tax payer. taxable period:2020 Gross sales php 5,000,000 other operating income 200,000 non-operating income 100,000 cost of sales 2,000,000 operating expenses 1,000,000 Compute for the 8% optimal tax. show computation 396,000 404,000 424,000 0

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Harold is a resident Citizen,vat tax payer.

taxable period:2020
Gross sales	php 5,000,000
other operating income	200,000
non-operating income	100,000
cost of sales	2,000,000
operating expenses	1,000,000

Compute for the 8% optimal tax. show computation

396,000
404,000
424,000
0

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