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Use the following information for the next three questions: Maricel started a laundry business last year. At the end of 2018, he  earned a taxable income of P350,000 in total. He did not opt the 8%  income tax rate. 6. What is the tax rate based on the graduated tax schedule? a. 20% of the excess over P250,000 b. P30,000 + 25% of the excess over P400,000 c. P130,000 + 30% of the excess over P800,000 d. P490,000 + 32% of the excess over P2,000,000 7. What is the tax due? a. 0 b. 20,000 c. 55,000 d. 70,000 8. What is the percentage tax? a. 0 b. 600 c. 10,500 d. 30,500

Use the following information for the next three questions: Maricel started a laundry business last year. At the end of 2018, he  earned a taxable income of P350,000 in total. He did not opt the 8%  income tax rate. 6. What is the tax rate based on the graduated tax schedule? a. 20% of the excess over P250,000 b. P30,000 + 25% of the excess over P400,000 c. P130,000 + 30% of the excess over P800,000 d. P490,000 + 32% of the excess over P2,000,000 7. What is the tax due? a. 0 b. 20,000 c. 55,000 d. 70,000 8. What is the percentage tax? a. 0 b. 600 c. 10,500 d. 30,500

FINANCIAL ACCOUNTING
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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Use the following information for the next three questions:
Maricel started a laundry business last year. At the end of 2018, he 
earned a taxable income of P350,000 in total. He did not opt the 8% 
income tax rate.
6. What is the tax rate based on the graduated tax schedule?
a. 20% of the excess over P250,000
b. P30,000 + 25% of the excess over P400,000
c. P130,000 + 30% of the excess over P800,000
d. P490,000 + 32% of the excess over P2,000,000
7. What is the tax due?
a. 0
b. 20,000
c. 55,000
d. 70,000
8. What is the percentage tax?
a. 0
b. 600
c. 10,500
d. 30,500

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