Juan, a self-employed taxpayer, had the following quarterly income details: JULY TO SEPT P550.000 P580,000 Gross...
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Juan, a self-employed taxpayer, had the following quarterly income details: JULY TO SEPT P550.000 P580,000 Gross Receipts Less: Cost of Service Gross Income Less: Expenses -Business Expenses -Personal Expenses Total Net Income Withholding tax JAN-MARCH P500,000 120.000 P380.000 P100,000 60.000 160.000 P220.000 P4.000 APRIL TO JUNE P520.000 200,000 P320,000 P130.000 63,000 193.000 P127.000 P10,000 OCT-DEC 250,000 270.000 P300,000 P310,000 P120,000 P140,000 58,000 85.000 58,000 85.000 P122,000 P85.000 P15,000 P14.000 Compute his quarterly and annual taxable income and tax due using: A. Itemized Deductions B. Optional Standard Deduction Juan, a self-employed taxpayer, had the following quarterly income details: JULY TO SEPT P550.000 P580,000 Gross Receipts Less: Cost of Service Gross Income Less: Expenses -Business Expenses -Personal Expenses Total Net Income Withholding tax JAN-MARCH P500,000 120.000 P380.000 P100,000 60.000 160.000 P220.000 P4.000 APRIL TO JUNE P520.000 200,000 P320,000 P130.000 63,000 193.000 P127.000 P10,000 OCT-DEC 250,000 270.000 P300,000 P310,000 P120,000 P140,000 58,000 85.000 58,000 85.000 P122,000 P85.000 P15,000 P14.000 Compute his quarterly and annual taxable income and tax due using: A. Itemized Deductions B. Optional Standard Deduction
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To compute Juans quarterly and annual taxable income and tax due using itemized deductions and the optional standard deduction we need to consider the ... View the full answer
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
Posted Date:
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