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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
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
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Please help me answer number 3 only with complete solutions please thank you 

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?
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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