How much is the total gross income? * How much is regular itemized deductions from gross income? * How much is the special itemized deductions from gross income?
How much is the total gross income? * How much is regular itemized deductions from gross income? * How much is the special itemized deductions from gross income?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 1BCRQ
Related questions
Question
*. How much is the total gross income?
* How much is regular itemized deductions from gross income?
* How much is the special itemized deductions from gross income?
![Data of an individual taxpayer for the current taxable period:
Gross sales
P3,200,000
Cost of sales
1,900,000
Sales discounts granted (for timely payments)
Discounts granted to senior citizens and PWDS
Incidental income (operating)
Other income (non-operating)
Operating expenses
100,000
80,000
200,000
150,000
400,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F309d6bdf-6e06-4742-9fa7-34d7e8021b3e%2Fc589dfa2-c54c-4b5b-b344-36dc4bed615b%2Fgv8kie_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Data of an individual taxpayer for the current taxable period:
Gross sales
P3,200,000
Cost of sales
1,900,000
Sales discounts granted (for timely payments)
Discounts granted to senior citizens and PWDS
Incidental income (operating)
Other income (non-operating)
Operating expenses
100,000
80,000
200,000
150,000
400,000
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