Determine the income tax due assuming the gross sales/receipts and other non-
operating income" for 2018 is P240, 000
2) Using the data below, determine the income tax due for 2018:
Gross sales
P2, 800, 000
Cost of sales
(1, 500, 000)
Operating expenses
(750, 000)
Net income
P550. 000
3) Assume the SEP in the preceding number opted to avail the 8% tax under the TRAIN
Law.

Answer rating: 100% (QA)

Income Tax Calculations for 2018 Scenario 1 Gross SalesReceipts and Other NonOperating Income of P240000 Approach 1 Regular Income Tax Calculation Pre... View the full answer