What is the income tax due of white label corporation

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Question - White Label Corporation which is engaged in trading business, provided the following data for the taxable year 2020.

Gross sales P4,085,780

Cost of sales P2,598,908

Operating Business expenses P918,880

Required -

1. What is the income tax due of White Label Corporation if itemized deductions was selected?

2. Based on the preceding problem, what is the income tax due of White Label Corporation if OSD was selected?

3. Based on the previous question, if during the year, total tax credits is P85,180 and total tax payments for the three quarters is P260,162, how much is the income tax payable (refundable)?

Reference no: EM133097207

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