Pure Self-Employment Architect Adira offers architectural design services. She is also the sole proprietor of Aza Art Supplies store. In 2018 her gross receipts from services amounted to P750,000 while her gross sales from the store was P1,500,000. She has availed of the 8% income tax rate. Compute for Arch. Adira's income tax liability for 2018. If Architect Adira (above) did not opt to be taxed at the 8% income tax rate, what will be her income tax due assuming that his 2018 cost of sales was P1,100,000 and operating expenses 450,000?
Pure Self-Employment Architect Adira offers architectural design services. She is also the sole proprietor of Aza Art Supplies store. In 2018 her gross receipts from services amounted to P750,000 while her gross sales from the store was P1,500,000. She has availed of the 8% income tax rate. Compute for Arch. Adira's income tax liability for 2018. If Architect Adira (above) did not opt to be taxed at the 8% income tax rate, what will be her income tax due assuming that his 2018 cost of sales was P1,100,000 and operating expenses 450,000?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 22P
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