PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amount to Php 1,000,000.00, in addition to her receipts from bookkeeping services of Php500,000.00. Is PP allowed to avail herself of the eight percent (8%) income tax? If yes, what should she do in order to be subject to the said tax? What would be her tax base?

PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amount to Php 1,000,000.00, in addition to her receipts from bookkeeping services of Php500,000.00. Is PP allowed to avail herself of the eight percent (8%) income tax? If yes, what should she do in order to be subject to the said tax? What would be her tax base?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 20P

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