Anna has the following income for the quarter:
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 6BCRQ
Related questions
Question
Anna has the following income for the quarter:
a. Professional income P80,000
b. Income from her business P30,000
c. Compensation income P40,000
d. Interest income from bank deposit P10,000.
1. What amount of income will Anna report in her quarterly income tax return?
a. P80,000
b. P110,000
c. P120,000
d. P150,000
2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR?
a. P6,400
b. P8,800
c. P9,600
d. P12,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning