General Instructions: Compute the correct percentage tax due for the taxpayer in the given problem below...

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General Instructions: Compute the correct percentage tax due for the taxpayer in the given problem below and fill out the appropriate BIIR Form COMPLETELY. The rubric for this competency exam is presented below. Problem: You are a VAT registered business and your company operates 10 units of buses. During the second quarter of 2021, you have the following data in your books. Receipts from transport of passengers Receipts from transport of cargoes Receivables from transport of passengers Receivable from transport of cargoes 3,500,000 1,000,000 500,000 100,000 50,000 Payments for repairs of transport units Salaries of personnel Purchases of spare parts Registration with LTO 300,000 60,000 10,000 20,000 Premiums on bus insurance General Instructions: Compute the correct percentage tax due for the taxpayer in the given problem below and fill out the appropriate BIIR Form COMPLETELY. The rubric for this competency exam is presented below. Problem: You are a VAT registered business and your company operates 10 units of buses. During the second quarter of 2021, you have the following data in your books. Receipts from transport of passengers Receipts from transport of cargoes Receivables from transport of passengers Receivable from transport of cargoes 3,500,000 1,000,000 500,000 100,000 50,000 Payments for repairs of transport units Salaries of personnel Purchases of spare parts Registration with LTO 300,000 60,000 10,000 20,000 Premiums on bus insurance

Answer rating: 100% (QA)

Ans Computation of Correct Taxable Income Receipt from transportation of passangers 3500000 R... View the full answer