Determining mr x taxable income using itemized deductions

Reference no: EM133261789

Assignment:

1. Mr. X has gross sales of P1,480,800. He adds a 20% mark-up on cost. His operating expense is 30% of the gross profit. Compute Mr. X's taxable income using itemized deductions

2. Mr. Sycip operates an RTW store while He offers tax and accounting services to his clients. In 2022, his gross sales amounted to P800,000, in addition to his receipts from tax and accounting services of P300,000. He incurred costs and expenses of P300,000 and P100,000, respectively. He also receives P1,000,000 from his employment with GGV. How much is his income tax due for the year assuming he opted to use the 8% income tax rate?

A. P280,000

B. P278,000

C. P298,000

D. P288,000

Reference no: EM133261789

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