3. A single resident citizen has two (2) qualified dependent children. During the year 2019, heearns and spends the following:Gross receipts from practice of professionCost of servicesExpenses in connection with the practice of professionHospitalization insurance premium paidP750,000500,00050,0002,000How much is the taxable net income and income tax due?Income tax due using 8% Gross Receipts Tax Rate.

Tax is the charge which is paid by the taxpayer to the government as per the tax slabs given by the…

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How much is the taxable net income and income tax due? Income tax due using 8% Gross Receipts Tax Rate.

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

3. A single resident citizen has two (2) qualified dependent children. During the year 2019, he
earns and spends the following:
Gross receipts from practice of profession
Cost of services
Expenses in connection with the practice of profession
Hospitalization insurance premium paid
P750,000
500,000
50,000
2,000
How much is the taxable net income and income tax due?
Income tax due using 8% Gross Receipts Tax Rate.

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