K, a purely self-employed non-VAT taxpayer operating a merchandising business, had the following financial figures. Gross Sales ??? Other Operating Income 200,000 Non-Operating Income 100,000 Cost of Sales 1,450,000 Deductible Expenses 650,000 It opted to be taxed at the 8% optional income tax which resulted to income tax due of P212,000 for the taxable year. Should K had chosen to use the graduated rates and itemized deductions, how much is his income tax due?
K, a purely self-employed non-VAT taxpayer operating a merchandising business, had the following financial figures. Gross Sales ??? Other Operating Income 200,000 Non-Operating Income 100,000 Cost of Sales 1,450,000 Deductible Expenses 650,000 It opted to be taxed at the 8% optional income tax which resulted to income tax due of P212,000 for the taxable year. Should K had chosen to use the graduated rates and itemized deductions, how much is his income tax due?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
K, a purely self-employed non-VAT taxpayer operating a
merchandising business, had the following financial figures.
Gross Sales ???
Other Operating Income 200,000
Non-Operating Income 100,000
Cost of Sales 1,450,000
Deductible Expenses 650,000
It opted to be taxed at the 8% optional income tax which resulted to income tax
due of P212,000 for the taxable year. Should K had chosen to use the
graduated rates and itemized deductions, how much is his income tax due?
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