Chris a CPA and a resident citizen owns an Accounting firm as a sole proprietor with Gross Receipts of P 6,700,000 and cost of direct services of P 4,400,00. The total assets of the partnership is P 30,000,000 excluding land value. Aside from that he also earned P 2,400,000 from his full-time job as a Tax Manager in TUV Corp. How much is his income tax due if he signified his intention to be taxed at 8%?

Answer rating: 100% (QA)

To calculate Chriss income tax due we need to consider his income from both h... View the full answer