4G" 10:12 O O B01:58:14 RemainingMultiple ChoiceX, a resident citizen, had thefollowing income for taxable year2019:Compensation Income P750,000Non-taxable CompensationIncome 80,000Gross Business Income370,000Deductions490,000Other Gross Income60,000Compute for the Income Tax due/payable of Mr. XP67,500P82,500P97,500P670,00017 of 60

There are different tax slabs for different range of salaries and progressive taxation is available…

Answered: Multiple Choice X, a resident citizen,…

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Multiple Choice X, a resident citizen, had the following income for taxable year 2019: D7

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ISBN:9780357161548

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Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 53P

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Question

4G
" 10:12 O O B
01:58:14 Remaining
Multiple Choice
X, a resident citizen, had the
following income for taxable year
2019:
Compensation Income P750,000
Non-taxable Compensation
Income 80,000
Gross Business Income
370,000
Deductions
490,000
Other Gross Income
60,000
Compute for the Income Tax due/
payable of Mr. X
P67,500
P82,500
P97,500
P670,000
17 of 60

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