Question
Reymar A. Gulan, a resident citizen has the following data below. From His Employment: Gross Compensation P3,000,000 SSS Contribution 150,000 Phil-Health Contribution 160,000 HDMF Contribution
Reymar A. Gulan, a resident citizen has the following data below.
From His Employment:
Gross Compensation P3,000,000
SSS Contribution 150,000
Phil-Health Contribution 160,000
HDMF Contribution 200,000
Union Dues 350,000
From His Business:
Gross Sales P3,000,000
Cost of Sales 500,000
Salaries Expense 400,000
Rent Expenses 120,000
Utilities Expense 90,000
Depreciation Expense 50,000
Supplies Expenses 10,000
Transportation Expense 15,000
Required:
Q1. Assume the taxpayer only have income from his employment, what is his tax due?
Q2. Assume the taxpayer only have income from his business, what is his total tax due if he chooses flat rate option?
Q3. Assume the taxpayer only have income from his business, what is his total tax due if he chooses the option of paying OPT and income tax? (Use OSD)
Q4. Assume the taxpayer only have income from his business, what is his total tax if he chooses the option of paying OPT and income tax? (Use itemized deduction)
Assumed that He earns compensation and business income at the same time, what is his total tax due if he chooses flat rate option?
Assumed that He earns compensation and business income at the same time, what is his total tax due if he chooses the option of paying OPT and income tax? (Use OSD)
Assumed that He earns compensation and business income at the same time, what is his total tax due if he chooses the option of paying OPT and income tax? (Use itemized deduction)
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