operating Compute year income tix C. Mr. filed his resignation from employment in March 2019. Up to that month, his total compensation income totaled P480,000 inclusive of P80,000 benefits. Assume that his business operations for 2019 were the same as the last year. For 2019, he opted for the 8% income tax rate. What will be the total income tax due of Mr. Adrien for the year 2019?
operating Compute year income tix C. Mr. filed his resignation from employment in March 2019. Up to that month, his total compensation income totaled P480,000 inclusive of P80,000 benefits. Assume that his business operations for 2019 were the same as the last year. For 2019, he opted for the 8% income tax rate. What will be the total income tax due of Mr. Adrien for the year 2019?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Please help me answer number 3 only with complete solutions please thank you
Transcribed Image Text:Mr. Adrien, Advertising Director of Binah Corporation has the following records for his income from employment
and souvenir shop business in 2018:
Annual Compensation income, Including 13" month pay and other benefits
Of Pi70,000, but net of mandatory contributions to SSS, Philhealth
And HDMF
Gross sales - Souvenir shop
Non-operating income
Cost of sales
2,400,000
1,700,000
85,000
700,000
300,000
Operating expen
Required:
A. Mr. Adrien opted to be taxed at 8% income tax rate on his gross sales for his income from business.
Determine Mr. Adrien's income tax due for 2018?
Sared viaoto
B. Assume that Mr Adrien did not signify his intention to be taxed at the 8% income tax rate based on gross
sales and other non-operating income. Compute for Mr. Adrien's income tax due for the year
C. Mr. filed his resignation from employment in March 2019. Up to that month, his total compensation income
totaled P480,000 inclusive of P80,00 benefits. Assume that his business operations for 2019 were the
same as the last year. For 2019, he opted for the 8% income tax rate. What will be the total income tax due
of Mr. Adrien for the year 2019?
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