Sonia, an executive of Ang Probinsyano Promotions, earned in 2018 P1,200,000 compensation income, inclusive of 13th month pay and other benefits amounting to P190,000. Aside from her employment, she owns a farm, with gross sales of P3,000,000. His cost of sales and operating expenses are P900,000 and P450,500 respectively, and with non-operating income of P200,000. Compute for the Taxable Income in her employment. Compute for the Taxable Income in her business. Compute for the Total Income Tax Payable/ Tax Due: Compute for the Total Income Tax Payable/ Tax Due if she signify her intention to be taxed at 8% Optional Gross Receipts Tax.

Sonia, an executive of Ang Probinsyano Promotions, earned in 2018 P1,200,000 compensation income, inclusive of 13th month pay and other benefits amounting to P190,000. Aside from her employment, she owns a farm, with gross sales of P3,000,000. His cost of sales and operating expenses are P900,000 and P450,500 respectively, and with non-operating income of P200,000. Compute for the Taxable Income in her employment. Compute for the Taxable Income in her business. Compute for the Total Income Tax Payable/ Tax Due: Compute for the Total Income Tax Payable/ Tax Due if she signify her intention to be taxed at 8% Optional Gross Receipts Tax.

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

Sonia, an executive of Ang Probinsyano
Promotions, earned in 2018 P1,200,000
compensation income, inclusive of 13th
month pay and other benefits amounting to
P190,000. Aside from her employment, she
owns a farm, with gross sales of P3,000,000.
His cost of sales and operating expenses are
P900,000 and P450,500 respectively, and
with non-operating income of P200,000.
Compute for the Taxable Income in her
employment.
Compute for the Taxable Income in her
business.
Compute for the Total Income Tax Payable/
Tax Due:
Compute for the Total Income Tax Payable/
Tax Due if she signify her intention to be
taxed at 8% Optional Gross Receipts Tax.

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