A resident citizen reported the following for the year 2020:

Net sales	8,000,000
Cost of sales	3,000,000
Salaries of employees, net of 100,000 withholding tax and 50,000 SSS, Medicare and Pag-ibig contributions	800,000
Fringe benefits given to rank and file employees	300,000
Fringe benefits given to managerial employees	130,000
Business related representation and entertainment expenses	100,000
Rent expense	120,000
Donation to religious and charitable institutions	200,000

Determine the taxable income.

Answer rating: 100% (QA)

To calculate the taxable income for the resident citizen for the year 2020 we need to consider the g... View the full answer