1. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?
1. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 47P: How do the all events and economic performance requirements apply to the following transactions by...
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1. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?
2. Mr. ABC earned P3,000,000 on his practice of profession for the first three quarters of 2020 for which he filed quarterly income tax returns and availed of the 8% income tax rate, and on the fourth quarter, he earned P3,500,000. For the taxable year, he incurred cost of sales and operating expenses amounting to P3,000,000 and P1,440,000, respectively. How much is his tax due and tax still payable for taxable year 2020?
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