ASSUMING THE TAXPAYER IS A CORPORATION, how much is the OSD?a. 528,000b. 560,000c. 588,000d. 620,000 Data of an individual taxpayer for the current taxable period:Gross salesCost of salesSales discounts granted (for timely payments)Discounts granted to senior citizens and PWDsIncidental income (operating)Other income (non-operating)Operating expensesP3,200,0001,900,000100,00080,000200,000150,000400,000

Standard deduction from Taxable Income: It is the amount which deducted from the taxable income of…

Answered: of an individual taxpayer for the…

of an individual taxpayer for the current taxable period: s sales of sales discounts granted (for timely payments) ounts granted to senior citizens and PWDs P3,20 1,90 10 8

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 51P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

ASSUMING THE TAXPAYER IS A CORPORATION, how much is the OSD? a. 528,000 b. 560,000 c. 588,000 d. 620,000

Data of an individual taxpayer for the current taxable period:
Gross sales
Cost of sales
Sales discounts granted (for timely payments)
Discounts granted to senior citizens and PWDs
Incidental income (operating)
Other income (non-operating)
Operating expenses
P3,200,000
1,900,000
100,000
80,000
200,000
150,000
400,000

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