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How much is income tax due for mr sanchez

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Problem 1: Mr. Sanchez earned an annual compensation of ?2,000,000 ?2,500,000?1,350,000 ?150,000?200,000.A. in 2024. Aside from employment income, he owns a convenience store, with gross sales of . His cost of sales and operating expenses are and , respectively, and with non-operating income of, How much is his income tax due for 2024 if he opted to be taxed at 8% income tax rate of his gross sales for his income from business?

Problem 2: How much is his income tax due for 2024 if he did non opt for the 8% income tax rate based on gross sales/gross receipts and other non-operating income?

 

Reference no: EM132765627

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