Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following results were shown during 2018 Store's gross sales amounted to P1,200,000 Gross receipts as party host amounted to P450,000 Ms. Venus has signified her intention to be treated at 8% income tax rate in her first quarter income tax return. 1. Ms. Venus's taxable income for 2018 is 2 Ms. Venus's income tax liability for 2018 is Assume that Ms. Venus failed to signify her intention to be taxed 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000.3. In the second scenario, Ms. Venus taxable income due for 2018 is 4. Ms. Venus income tax liability in this case is Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT---> 1000 INCORRECT -> 1,000 INCORRECT> 1,000.00 INCORRECT ---> 1000.00

Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following results were shown during 2018 Store's gross sales amounted to P1,200,000 Gross receipts as party host amounted to P450,000 Ms. Venus has signified her intention to be treated at 8% income tax rate in her first quarter income tax return. 1. Ms. Venus's taxable income for 2018 is 2 Ms. Venus's income tax liability for 2018 is Assume that Ms. Venus failed to signify her intention to be taxed 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000.3. In the second scenario, Ms. Venus taxable income due for 2018 is 4. Ms. Venus income tax liability in this case is Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT---> 1000 INCORRECT -> 1,000 INCORRECT> 1,000.00 INCORRECT ---> 1000.00

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 3SSQ

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