Reference no: EM133097212
Question - Kardo Putik, engaged in trading business, provided the following data for the year 2020. He is also employed.
Gross sales P1,839,280
Cost of sales P985,680
Deductible Business expenses P277,580
Gross taxable compensation income P340,000
Including 13th month pay and other benefits of 88,000
Required -
1. What is the total income tax due of Kardo if he opt the 8% income tax rate?
2. Based on the preceding problem, compute the income tax due of Kardo if he opt the 8% income tax rate and he has no compensation income.
3. Based on the preceding problem, what is the income tax due of Kardo under the graduated income tax rates if he opted the OSD?
4. Based on the preceding problem, what is the income tax due of Kardo under the graduated income tax rates if he opted the itemized deductions?