Min is a resident citizen, earning purely business income for the taxable year 2023: Gross sales...
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Min is a resident citizen, earning purely business income for the taxable year 2023: Gross sales 2,800,000 Cost of sales 1,200,000 Operating expenses Creditable withholding taxes Required: 1. Calculate the income tax payable after creditable withholding taxes. 650,000 80,000 2. Calculate the income tax payable assuming Min opted to be taxed using 8% optional income tax rate. Min is a resident citizen, earning purely business income for the taxable year 2023: Gross sales 2,800,000 Cost of sales 1,200,000 Operating expenses Creditable withholding taxes Required: 1. Calculate the income tax payable after creditable withholding taxes. 650,000 80,000 2. Calculate the income tax payable assuming Min opted to be taxed using 8% optional income tax rate.
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Answer rating: 100% (QA)
To calculate Mins income tax payable after creditable withholding taxes we need to determine Mins ta... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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