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Determination of Income Tax Due/Payable

Note 1. Sample answer format: Peso sign-space-amount with separations. Example - P 300,000. If tax exempt or nontaxable, type in "zero" as your answer. Note 2. *CWT is an advance income tax of the payee. This means that even before filing the income tax return, the taxpayer had already remitted portion of its income tax liability by a withholding agent to the BIR.

1. Smoke is a resident citizen, earning purely compensation income as follows for the taxable year - P 200,000.

2. Smoke is a resident citizen, earning purely compensation income as follows for the taxable year - P 250,000.*

3. Smoke is a resident citizen, earning purely compensation income as follows for the taxable year - P 800,000.*

4. Smoke is a resident citizen, earning purely compensation income as follows for the taxable year - P 2,800,000.*

5. Valir is a resident citizen, earning purely business income for the taxable year: Gross Sales P 2,800,000 Cost of Sales 1,200,000 Operating Expenses 650,000 *Creditable withholding tax 80,000*

6. Use the same data on the previous questions but assume that Valir opted to be taxed using 8% preferential tax rate.

7. Pichi is a resident citizen, earning purely business income for 2020 taxable year: Gross Sales P 3,200,000 Cost of Sales 1,200,000 Operating Expenses 650,000 Creditable withholding tax 80,000*

8. Can Pichi choose to be taxed at 8% instead of the graduated income tax rate in the last question?*

9. Tiger is a practicing professional with the following data for 2020 taxable year: Gross Receipts P 4,000,000 Cost of Services 1,800,000 Other operating Expenses 825,000*

10. Can Tiger choose to be taxed at 8% instead of graduated income tax rate?*