Dr. Mitch earns by offering clinical services to her clients. In 2020, he earned 1,000,000 from his practice of profession. How much is her taxable income and his tax due for year 2020?
1. Dr. Mitch earns by offering clinical services to her clients. In 2020, he earned 1,000,000 from his practice of profession. How much is her taxable income and his tax due for year 2020?
2. Ms. Olivia is a marketing officer in a private company where she earns 60,000 monthly. Aside from that, she owns a clothing line that earns 50,000 monthly. For year 2020, her total compensation was 720,000 and received 100,000 additional pay which consists of overtime pay and holiday pay. In that same year, her gross sales from her clothing line totaled to 600,000 and showed 200,000 and 150,000 as cost of sales and operating expenses. How much is her taxable income and tax due if she choose to be taxed according to graduated income tax rates?
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