Mr. Borbon had the following data for his income tax return for the current year: Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 If he opted to be taxed by 8%, how much is the tax base?
Mr. Borbon had the following data for his income tax return for the current year: Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 If he opted to be taxed by 8%, how much is the tax base?
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 5BCRQ
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Transcribed Image Text:Mr. Borbon had the following data for his income tax return for the current year:
Php 490, 000
150, 000
200, 000
120, 000
70, 000
320,000
Sales
Personal Exemption
Cost of Sales
Administrative and Selling Expenses
Personal Expenses
Professional Income
If he opted to be taxed by 8%, how much is the tax base?
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