X, a resident citizen, is engaged in business. In Taxable Year 2023, X declared the following: 

Sales, P1,000,000; 
Cost of sales and expenses, P600,000
Lotto winnings, USA, P20,000.

Also, X claimed in his income tax return a personal exemption of 50,000, as head of the family. 

How much is the basic income tax due of X for the Taxable Year 2023?

Answer rating: 100% (QA)

To calculate Xs basic income tax due for Taxable Year 2023 we need to follow these steps 1 Compute X... View the full answer