Juan Dela Cruz is the owner-manager of JDC Trading Company. Total Sales generated during the year amounted to P 1,230,000. Cost of goods sold is P 492,000 and total operating expenses is 184,500. The company opted for itemized deduction.
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Juan Dela Cruz is the owner-manager of JDC Trading Company. Total Sales generated during the year amounted to P 1,230,000. Cost of goods sold is P 492,000 and total operating expenses is 184,500. The company opted for itemized deduction.
Compute the gross taxable compensation income and tax due on each given situations:
- Juan Dela Cruz is single with no qualified dependent
- Juan Dela Cruz is single with 1 qualified dependent; JDC received creditable income tax withheld from its customers at P 27,655.
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