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Hayabusa is a resident citizen earning compensation and business income for 2021 as follows: Compensation income P1,400,000 Gross sales 2,800,000 Cost of sales 1,200,000 Operating
Hayabusa is a resident citizen earning compensation and business income for 2021 as follows: Compensation income P1,400,000 Gross sales 2,800,000 Cost of sales 1,200,000 Operating expenses 650,000 The business is not vat-registered. 1. Determine the income tax due assuming Hayabusa opted to be taxed using 8% preferential income tax. 2. Determine the total tax due of Hayabusa assuming the business is a vat-registered entity
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