16. Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen? Group of answer choices Php 7,590,000 Php 1,590,000 Php 1,500,000 Php 1,570,000
16.
Use the graduated tax table below if applicable:
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)
|
Over |
But not over |
The tax shall be |
Plus |
Of excess over |
|
|
250,000 |
0 |
0 |
- |
|
P 250,000 |
400,000 |
0 |
20% |
P 250,000 |
|
400,000 |
800,000 |
30,000 |
25% |
400,000 |
|
800,000 |
2,000,000 |
130,000 |
30% |
800,000 |
|
2,000,000 |
8,000,000 |
490,000 |
32% |
2,000,000 |
|
8,000,000 |
|
2,410,000 |
35% |
8,000,000 |
A taxpayer made available the following financial information:
Gross receipts - Php 10,000,000
Cost of service – Php 6,000,000
Expenses:
Miscellaneous expenses – Php 10,000
Office supplies – Php 20,000
Rental - Php 240,000
Representation expense – Php 100,000
Salaries and wages – Php 1,000,000
Transportation and travel – Php 20,000
How much is the total allowable deduction if the taxpayer is a resident citizen?
Group of answer choices
Php 7,590,000
Php 1,590,000
Php 1,500,000
Php 1,570,000
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