PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amount to Php 1,000,000.00, in addition to her receipts from bookkeeping services of Php500,000.00. Is PP allowed to avail herself of the eight percent (8%) income tax? If yes, what should she do in order to be subject to the said tax? What would be her tax base?
PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amount to Php 1,000,000.00, in addition to her receipts from bookkeeping services of Php500,000.00. Is PP allowed to avail herself of the eight percent (8%) income tax? If yes, what should she do in order to be subject to the said tax? What would be her tax base?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 37P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT