K, a purely self-employed non-VAT taxpayer operating a merchandising business, had the following financial figures. Gross Sales ??? Other Operating Income 200,000 Non-Operating Income 100,000 Cost of Sales 1,450,000 Deductible Expenses 650,000 It opted to be taxed at the 8% optional income tax which resulted to income tax due of P212,000 for the taxable year. Should K had chosen to use the graduated rates and itemized deductions, how much is his income tax due?
K, a purely self-employed non-VAT taxpayer operating a merchandising business, had the following financial figures. Gross Sales ??? Other Operating Income 200,000 Non-Operating Income 100,000 Cost of Sales 1,450,000 Deductible Expenses 650,000 It opted to be taxed at the 8% optional income tax which resulted to income tax due of P212,000 for the taxable year. Should K had chosen to use the graduated rates and itemized deductions, how much is his income tax due?
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 4CPA
Related questions
Question
K, a purely self-employed non-VAT taxpayer operating a
merchandising business, had the following financial figures.
Gross Sales ???
Other Operating Income 200,000
Non-Operating Income 100,000
Cost of Sales 1,450,000
Deductible Expenses 650,000
It opted to be taxed at the 8% optional income tax which resulted to income tax
due of P212,000 for the taxable year. Should K had chosen to use the
graduated rates and itemized deductions, how much is his income tax due?
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 4 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
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT