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How much is the taxable income

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A retailer, a resident citizen in the Philippines, married, and is under the accrual basis, has a gross income from sales of P 1,000,000, with the cost of sales amounting to P 600,000, operating expenses of P 240,000 (both with supporting receipts).

Problem 1: How much is the taxable income of the retailer if he chooses the itemized deductions?

Problem 2: How much is the taxable income of the retailer if he chooses the optional standard deduction?

Problem 3: How much is the taxable income, assuming the retailer is a domestic corporation and chooses the optional standard deduction?

Reference no: EM132905644

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