Answered: Gross sales, P240,000 Purchases from…

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Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage tax due?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 20P

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Question

Harriet is the owner of a small grocery store with gross sales in any one year period that do not exceed P3,000,000. She is not a VAT registered taxpayer. She submits the following data for the month of January 2021.

Merchandise Inventory, Dec 31, 2020, P123,450
Gross sales, P240,000
Purchases from VAT registered suppliers, P156,980

How much is the percentage tax due?

P9,963

P2,400

P28.800

P6,780

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