Question
How much is his income tax due in 2021 if he avails of the 8% income tax rate? How much is her tax due if
How much is his income tax due in 2021 if he avails of the 8% income tax rate?
How much is her tax due if she opted to be taxed at an 8% income tax rate on her gross sales for her income from the business?
Compute her income tax due in line with the tax avoidance scheme?
Compute X's remaining income tax payable (refund) for his annual income tax return in line with the tax avoidance scheme?
prominent independent contractor who offers architectural and engineering services. Since her career flourished, her total gross receipts amounted to P5,250,000 for taxable year 2020. Her recorded cost of service and operating expenses were P2,150,000 and P1,000,000, respectively.
X signified his intention to be taxed at a graduated income on gross sales in his Q1 Income Tax Return. He has no other source of income. For the first three quarters, his total sales amounted to P2,000,000, cost of service, P300,000, and operating expenses, P200,000. However, his Q4 sales amounted to P500,000 only; cost of service, P150,000, and operating expense P115,000.
annual compensation of P5,000,000 in 2020.She also has P2,400,000 gross sales from her convenience store. (Income Tax due on mixed income)
4. X had the following during the year: Compensation income (including 13th-month pay and other benefits of P120,000, but net of SSS and Phil health), P1,500,000 Gross sales, P2,400,000 Cost of sales, P1,000,000 Operating expenses, P600,000 How much is her income tax liability using the 8% income tax rate?
5. Ms. FZ, a fresh graduate of PUP, receives her first compensation income amounting to P250,000 inclusive of benefits of P20,000. Every weekend, she sets up her online "mine, mine" store, from which she earns P500,000 during the taxable year. How much is her income tax liability using the 8% income tax rate?
6. Mr. L is the CEO of the prestigious Campus wise Café along Teresa St., Sta. Mesa. Manila. Also, he writes books, self-publish them, and distributes them to different bookstores in the Philippines. In the first week of January 2021, he resigned from Campus wise Café to concentrate on his self-publishing business. His total compensation income in 2021 amounted to P200,000 inclusive of other benefits and non-taxable items of of P35,000. In 2021, his self-publishing business had a gross sales of P2,500,000, cost of sales of P431,000, and operating expenses of P233,000. It also had a non-operating income of P143,000
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