Reference no: EM132948791

Question -

Q1. Mr. Zy signified his intention to be taxed at an 8% income tax rate on gross sales in his Q1 Income Tax Return. He has no other source of income. His total sales for the first three quarters amounted to P2,000,000. However, his Q4 sales amounted to P1,500,000. His total cost of service and operating expenses amounted to P1,000,000 and P640,000, respectively. Compute the remaining income tax payable for his annual income tax return?

Q2. Mr. Zy signified his intention to be taxed at an 8% income tax rate on gross sales in his Q1 Income Tax Return. He has no other source of income. His total sales for the first three quarters amounted to P2,000,000. However, his Q4 sales amounted to P1,500,000. His total cost of service and operating expenses amounted to P1,000,000 and P640,000, respectively. Compute the remaining income tax payable for his annual income tax return?

Q3. Mr. Zy signified his intention to be taxed at an 8% income tax rate on gross sales in his Q1 Income Tax Return. He has no other source of income. His total sales for the first three quarters amounted to P2,000,000. However, his Q4 sales amounted to P1,500,000. His total cost of service and operating expenses amounted to P1,000,000 and P640,000, respectively. Compute the remaining income tax payable for his annual income tax return?

Q4. Mr. Zy signified his intention to be taxed at an 8% income tax rate on gross sales in his Q1 Income Tax Return. He has no other source of income. His total sales for the first three quarters amounted to P2,000,000. However, his Q4 sales amounted to P1,500,000. His total cost of service and operating expenses amounted to P1,000,000 and P640,000, respectively. Compute the remaining income tax payable for his annual income tax return?