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How much is kiko income tax due

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Reference no: EM133050596

Problem - Industrious as he is known, Kiko, a non-VAT registered resident citizen, works as a government employee at daytime and accepts clients for accounting work after office hours. At the same time, Kiko maintains a t-shirt printing shop to earn more. For the taxable year ending December 31, 2021, Arthur earned the following amounts:

Taxable compensation income P850,000

Gross receipts from accounting work 1,500,000

T-shirt printing shop

Gross Sales P1,400,000

Cost of Sales (800,000)

Gross Income P600,000

Operating expenses (400,000)

Net income P200,000

Upon filing his first quarter income tax return, Kiko availed of the 8% income tax option.

1. Is his availment of the 8% income tax option correct? Explain why?

2. Assuming that the availment of the 8% income tax due is proper, how much is Kiko's income tax due?

Reference no: EM133050596

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