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Compute total final tax to withheld by partnership on gina

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Reference no: EM132711304

Problem 1: Ms. Gina owns 40% of the capital and profits of Cebu Ventures, a business partnership engaged in the trade of tourist souvenirs. Cebu Ventures reported P200, 000 net income in 2014. Compute the total final tax to be withheld by the partnership on Gina's profit sharing.

a. P 0

b. P 8,000

c. P 10, 000

d. P 20, 000

Reference no: EM132711304

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