Jackie is a non-VAT self-employed individual. His forecast for 2022 shows non-operating income of P50,000 and allowable deductions of P1,250,000. In the default option for the income tax regime, his income tax due would be P385,000. How much is the income tax due assuming the use of the 8% optional tax and presence of a taxable compensation income amounting to P430,000? 245,500 269,500 265,500 249,500

Jackie is a non-VAT self-employed individual. His forecast for 2022 shows non-operating income of P50,000 and allowable deductions of P1,250,000. In the default option for the income tax regime, his income tax due would be P385,000. How much is the income tax due assuming the use of the 8% optional tax and presence of a taxable compensation income amounting to P430,000? 245,500 269,500 265,500 249,500

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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