18. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductible representation expense? Group of answer choices Php 125,000 Php 105,000 Php 150,000 Php 25,000
18.
Instructions
Use the graduated tax table below if applicable:
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)
|
Over |
But not over |
The tax shall be |
Plus |
Of excess over |
|
|
250,000 |
0 |
0 |
- |
|
P 250,000 |
400,000 |
0 |
20% |
P 250,000 |
|
400,000 |
800,000 |
30,000 |
25% |
400,000 |
|
800,000 |
2,000,000 |
130,000 |
30% |
800,000 |
|
2,000,000 |
8,000,000 |
490,000 |
32% |
2,000,000 |
|
8,000,000 |
|
2,410,000 |
35% |
8,000,000 |
Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductible representation expense?
Group of answer choices
Php 125,000
Php 105,000
Php 150,000
Php 25,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
