Solution-Determine the income tax payable of the taxpayer

Determine the income tax payable of the taxpayer

Assignment Help Accounting Basics

Reference no: EM133125782

Question - A resident citizen provided the following information for 2018:

Compensation income P1,000,000

Gross business income, Philippines P2,000,000

Gross business income, Singapore P3,000,000

Business expenses, Philippines P1,400,000

Business expenses, Singapore P2,050,000

Income tax withheld by employer on compensation income P150,000

Income tax withheld by customers on business income in the Philippines P100,000

Income tax paid to the BIR for the first 3 quarter of the year P125,000

Required - Determine the income tax payable of the taxpayer.

Reference no: EM133125782

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Determine the income tax payable of the taxpayer

Reference no: EM133125782

Reference no: EM133125782

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