Determine how much final tax will withheld by wise ventures

Reference no: EM132726312

Problem 1: Raymond owns 20% of the capital and profits of a general professional partnership. The partnership reported P500, 000 profits in 2014. How much final tax withheld from Raymond?

a. P 100, 000

b. P 50, 000

c. P 10, 000

d. P 0

Problem 2: Teddy is a venturer sharing 50% in the profits of Wise Ventures, an unincorporated joint venture, engaged in the trading of home appliances. Wise Ventures reported P200, 000 profits for 2014. How much final tax will be withheld by Wise Ventures?

a. P 0

b. P 10, 000

c. P 20, 000

d. P 40, 000

Reference no: EM132726312

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