Question
A resident citizen reported the following for the year 2020: Net sales 8,000,000 Cost of sales 3,000,000 Salaries of employees, net of 100,000 withholding tax
A resident citizen reported the following for the year 2020:
Net sales | 8,000,000 |
Cost of sales | 3,000,000 |
Salaries of employees, net of 100,000 withholding tax and 50,000 SSS, Medicare and Pag-ibig contributions | 800,000 |
Fringe benefits given to rank and file employees | 300,000 |
Fringe benefits given to managerial employees | 130,000 |
Business related representation and entertainment expenses | 100,000 |
Rent expense | 120,000 |
Donation to religious and charitable institutions | 200,000 |
Determine the taxable income.
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
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