A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000
20.
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 |
A taxpayer made available the following financial information:
Gross sales - Php 10,000,000
Cost of sales – Php 6,000,000
Expenses:
Salaries and wages – Php 1,000,000
Transportation and travel – Php 20,000
Rental - Php 240,000
Representation expense – Php 200,000
Depreciation expense – Php 200,000
Office supplies – Php 20,000
Miscellaneous expenses – Php 10,000
How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD?
Group of answer choices
Php 0
Php 4,000,000
Php 2,400,000
Php 6,000,000
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