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Compute for taxable income for philippine taxation

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Reference no: EM132788073

PHILIPPINE TAXATION 2020 (TRAIN LAW)

Problem 1: Compute for taxable income.

Ms. REYES is a CPA. She also operates a convenience store. In 2019, her gross sales amounted to ?1,800,000.00, in addition to her gross receipts from her accounting practice of ?1,300,000.00. She incurred costs of sales and operating expenses amounting to ?400,000.00 and ?500,000.00, respectively. She already signified her intention to be taxed at 8% income tax rate in her 1st Quarter Return.

Reference no: EM132788073

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