Lina is a resident citizen, earning compensation and business income for the taxable year 2022, as...

 

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Lina is a resident citizen, earning compensation and business income for the taxable year 2022, as follows: Compensation income Gross sales Cost of sales Operating expenses Withholding tax on compensation income Other creditable withholding taxes Required: 1,400,000 2,800,000 1,200,000 650,000 310,000 80,000 1. Calculate the income tax payable after creditable withholding taxes. 2. Calculate the income tax payable assuming Lina opted to be taxed using 8% optional income tax rate. Lina is a resident citizen, earning compensation and business income for the taxable year 2022, as follows: Compensation income Gross sales Cost of sales Operating expenses Withholding tax on compensation income Other creditable withholding taxes Required: 1,400,000 2,800,000 1,200,000 650,000 310,000 80,000 1. Calculate the income tax payable after creditable withholding taxes. 2. Calculate the income tax payable assuming Lina opted to be taxed using 8% optional income tax rate.

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To calculate the income tax payable after creditable withholding taxes we need to determine the taxable income based on the given information Taxable ... View the full answer