In 2018, Juan signified his intention to be taxed at 8% income tax rate on gross sales in his 1* quarter income tax return. His gross sales during the year exceeded the vat threshold of P3M as follows: Quarter 1 Quarter 2 Quarter 3 Quarter 4/ Annual 8% tax 8% tax 8% tax Graduated tax Sales P500,000 P500,000 P2,000,000 P3,000,000 Cost of Sales (P300,000) (P300,000) (P1,200,000) (P1,200,000) Gross Income P200,000 P200,000 P800,000 P2,300,000 Operating Expenses (P120,000) (P120,000) (P480,000) (P720,000) Net Taxable Income P80,000 P80,000 P320,000 P1,580,000 8. How much is Juan's annual income tax payable?

In 2018, Juan signified his intention to be taxed at 8% income tax rate on gross sales in his 1* quarter income tax return. His gross sales during the year exceeded the vat threshold of P3M as follows: Quarter 1 Quarter 2 Quarter 3 Quarter 4/ Annual 8% tax 8% tax 8% tax Graduated tax Sales P500,000 P500,000 P2,000,000 P3,000,000 Cost of Sales (P300,000) (P300,000) (P1,200,000) (P1,200,000) Gross Income P200,000 P200,000 P800,000 P2,300,000 Operating Expenses (P120,000) (P120,000) (P480,000) (P720,000) Net Taxable Income P80,000 P80,000 P320,000 P1,580,000 8. How much is Juan's annual income tax payable?

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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