Mr. Sycip operates an RTW store while He offers tax and accounting services to his clients. In 2022, his gross sales amounted to P800,000, in addition to his receipts from tax and accounting services of P300,000. He incurred costs and expenses of P300,000 and P100,000, respectively. He also receives P1,000,000 from his employment with GGV. How much is his income tax due for the year assuming he opted to use the 8% income tax rate? a.P278,000 b. P298,000 c. P280,000 d. P288,000
Mr. Sycip operates an RTW store while He offers tax and accounting services to his clients. In 2022, his gross sales amounted to P800,000, in addition to his receipts from tax and accounting services of P300,000. He incurred costs and expenses of P300,000 and P100,000, respectively. He also receives P1,000,000 from his employment with GGV. How much is his income tax due for the year assuming he opted to use the 8% income tax rate? a.P278,000 b. P298,000 c. P280,000 d. P288,000
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 51P
Related questions
Question
Mr. Sycip operates an RTW store while He offers tax and accounting services to his clients. In 2022, his gross sales amounted to P800,000, in addition to his receipts from tax and accounting services of P300,000. He incurred costs and expenses of P300,000 and P100,000, respectively. He also receives P1,000,000 from his employment with GGV. How much is his income tax due for the year assuming he opted to use the 8% income tax rate?
a.P278,000
b. P298,000
c. P280,000
d. P288,000
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 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