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How much is the income tax liability and tax due

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Problem 1: Mr. Sanchez operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to ?1,800,000 in addition to her receipts from bookkeeping services of ?400,000. She failed to signify her intention to be taxed at 8% income tax rate in her 1st quarter return, and she incurred cost of sales and operating expenses amounting to ?200,000 and ?300,000 respectively. How much is the income tax liability and tax due?

Reference no: EM132765629

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