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Juan is a resident citizen, earning purely business income for 2019 taxable year: Gross Sales 2,900,000...

Juan is a resident citizen, earning purely business income for 2019 taxable year:

Gross Sales 2,900,000
Cost of Sales 1,400,000
Operating Expense 500,000
Creditable Withholding Tax 45,000

35.AssumingJuan use,GraduatedRates,Itemizeddeduction,TheIncomeTaxduefor2019
a) P178,000
b) P412,000
c) P190,000
d) P175,000

36.AssumingJuanuse,GraduatedRates,Itemizeddeduction,TheIncomeTaxPayablefor2019
a) P133,000
b) P190,000
c) P145,000
d) P95,000

37.AssumingJuanuse,GraduatedRates,OSD,TheIncomeTaxduefor2019
a. P232,000
b. P412,000
c. P190,000
d. P406,000

38.AssumingJuanuse,GraduatedRates,OSD,TheIncomeTaxPayablefor2019
a) P367,000
b) P145,000
c) P187,000
d) P95,000

39.AssumingJuanuse,Final8%FlatRate,TheIncomeTaxduefor2019
a. P232,000
b. P212,000
c. P190,000
d. P175,000

40.AssumingJuanuse,Final8%FlatRate,TheIncomeTaxPayablefor2019
a. P187,000
b. P167,000
c. P145,000
d. P95,000
Business   Accounting   
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Answer #1

Gross Sales 2,900,000

Cost of Sales 1,400,000

Gross Profit 1,500,000

Operating Expense 500,000

Net profit before tax 1,000,000

Creditable Withholding Tax 45,000

35.AssumingJuan use,GraduatedRates,Itemizeddeduction,TheIncomeTaxduefor2019

Income tax due for 2019

Net profit before tax 1,000,000

withholding tax 45000

c) P190,000

36.AssumingJuanuse,GraduatedRates,Itemizeddeduction,TheIncomeTaxPayablefor2019

c) P145,000

37.AssumingJuanuse,GraduatedRates,OSD,TheIncomeTaxduefor2019

a. P232,000

38.AssumingJuanuse,GraduatedRates,OSD,TheIncomeTaxPayablefor2019

a) P367,000

39.AssumingJuanuse,Final8%FlatRate,TheIncomeTaxduefor2019

a. P232,000

40.AssumingJuanuse,Final8%FlatRate,TheIncomeTaxPayablefor2019

a. P187,000

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