Larry is a mixed income earner. He is a self-employed resident citizen and currently the Finance Manager of Caterpillar Corporation. The following data were provided for 2018 taxable year. How much is her total income tax expense assuming he opted to be taxed at 8%? Compensation income 1,800,000 Sales 2,800,000 Cost of Sales 1,125,000 Business expense 650,000 Interest income from peso bank deposits 80,000
Larry is a mixed income earner. He is a self-employed resident citizen and currently the Finance Manager of Caterpillar Corporation. The following data were provided for 2018 taxable year. How much is her total income tax expense assuming he opted to be taxed at 8%? Compensation income 1,800,000 Sales 2,800,000 Cost of Sales 1,125,000 Business expense 650,000 Interest income from peso bank deposits 80,000
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 18CE
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8. Larry is a mixed income earner. He is a self-employed resident citizen and currently the Finance Manager of Caterpillar Corporation. The following data were provided for 2018 taxable year. How much is her total income tax expense assuming he opted to be taxed at 8%?
| Compensation income | 1,800,000 |
| Sales | 2,800,000 |
| Cost of Sales | 1,125,000 |
| Business expense | 650,000 |
| Interest income from peso bank deposits | 80,000 |
| Interest income from bank deposits under FCDS | 120,000 |
| Gain on sale of land in the Philippines held as Capital Asset with cost P1,500,000 when zonal is P1,200,000 | 500,000 |
P321,500
P788,500
P808,000
P652,000
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT