Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Atty. Diokno owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profits in 2021. How much final tax

Atty. Diokno owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profits in 2021. How much final tax will be withheld from Atty. Diokno if the law office distributed 50% of its 2021 net income?



How much final tax will be withheld from Atty. Diokno if the law office distributed 50% of its 2021 net income?



In the immediately preceding problem, What if the partnership is engaged in business processing outsourcing. How much will Atty. Diokno receive?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

a To calculate the final tax withheld from Atty Diokno we need to determine his share of the distrib... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions