Answered: Mr. Lebron is a mixed income earner. In…

Business

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Mr. Lebron is a mixed income earner. In year 2020, he earned gross compensation income of P1,587,780, including 13th

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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Question

Mr. Lebron is a mixed income earner. In year 2020, he earned gross compensation income of P1,587,780, including 13th month pay and other benefits of P141,000. In his trading business, his gross taxable business income is P1,364,180 and incurred total deductible expenses of P599,150. Using the graduated tax table, how much is her income tax due?

In no. 1, if during the year, total tax credits is P39,880 and total tax payments for the three quarters is P35,883, how much is the income tax payable (refundable)?

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