of sales it ncome, net of 20% final tax P 900, 000 400, 000 P 500, 000 16, 000 12, 000 ncome from clients notes ries expense eciation expense & other expenses P 100, 000 15, 000 50, 000
of sales it ncome, net of 20% final tax P 900, 000 400, 000 P 500, 000 16, 000 12, 000 ncome from clients notes ries expense eciation expense & other expenses P 100, 000 15, 000 50, 000
of sales it ncome, net of 20% final tax P 900, 000 400, 000 P 500, 000 16, 000 12, 000 ncome from clients notes ries expense eciation expense & other expenses P 100, 000 15, 000 50, 000
Income Taxation: INDIVIDUAL INCOME TAXATION in the philippines
Transcribed Image Text:7. Jerik, a self-employed employee with ten dependent children, had the
following items of income and expenses in 2020:
P 900, 000
400, 000
Р 500, 000
16, 000
12, 000
Sales
Less: Cost of sales
Gross profit
Interest income, net of 20% final tax
Interest income from clients notes
Expenses:
Salaries expense
Depreciation expense
Rent & other expenses
Interest expense
P 100, 000
15, 000
50, 000
30, 000
P 333, 000
Net income
Transcribed Image Text:9. Compute the taxable income if Jerik opted to use the optional
standard deduction
a. P 552, 000
b. P 547, 200
c.. P 540, 000
d. P 312, 000
Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.
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