Mr. Asyoso signified his intention to be taxed at 8% income tax rate on gross sales in his 1st Quarter Income Tax Return. He has no other source of income, His total sales for the first three (3) quarters amounted to P4,000,000.00 with 4th quarter sales of P4,500,000.00. REQUIRED: Compute the tax liability of Ms. Asyoso for the year 2020. 1st Quarter2nd Quarter3rd Quarter4th Quarter8%8%8%Total Sales750,000.00750,000.002,500,000.00 4,500,000.00Less: Cost of Sales300,000.00300,000.001,200,000.001,200,000.00Gross Income450,000.00450,000.001,300,000.003,300,000.00Less: Operating Expenses120,000.00120,000.00330,000.00480,000.00820,000.00 2,580,000.00720,000.00TAXABLE INCOME330,000.00

Tax Liability: You owe money to tax authorities in the form of a tax debt, which is known as your…

Mr. Asyoso signified his intention to be taxed at 8% income tax rate on gross sales in his 1st Quarter Income Tax Return. He has no other source of income, His total sales for the first three (3) quarters amounted to P4,000,000.00 with 4th quarter sales of P4,500,000.00. REQUIRED: Compute the tax liability of Ms. Asyoso for the year 2020.

Mr. Asyoso signified his intention to be taxed at 8% income tax rate on gross sales in his 1st Quarter Income Tax Return. He has no other source of income, His total sales for the first three (3) quarters amounted to P4,000,000.00 with 4th quarter sales of P4,500,000.00. REQUIRED: Compute the tax liability of Ms. Asyoso for the year 2020.

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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