Mr. Juan an officerof a manufacturing business and at the same time who has business has the
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Question:
Mr. Juan an officerof a manufacturing business and at the same time who has business has the following data for the year.
From his employer: | |
Total Compensation | P1,700,000 |
DeMinimisbenefit | 40,000 |
Hazard Pay | 30,000 |
13thMonth Pay | 80,000 |
SSS,Philhealth,Pag-ibigCont. | 7,368 |
Tax Withheld from compensation | 250,000 |
From his business | |
Gross sales | 2,900,000 |
Non operatingincome | 60,000 |
Cost and expenses | 1,350,000 |
Quarterly income tax paid | 200,000 |
Required:
- Compute the income tax ofMr.Sarenas using 8%.
- Compute the income tax ofMr.Sarenas using the graduated tax schedule.
Which is more advantageous for Mr. Sarenas to use in determining his tax? How much is the net advantage?
- How much is the business tax of the business?
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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