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Income Tax Seatwork On
Income Tax Seatwork On
Income Tax Seatwork On
Income Taxation
Question No. 1
Ms. Mary Grace Hernandez is an Operations Manager of Global Food Solutions Inc., earned
annual compensation in 2018 of P1,000,000 inclusive of 13th month and other benefits in the
amount of P80,000 but net of mandatory contributions to SSS and PhilHealth. Aside from
employment income she owns a resort, with gross receipts of P1,400,000. Her cost of sales
and operating expenses are P250,000 and P100,000, respectively with non-operating income
of P350,000. She opted to be taxed at 8% on her gross sales from her income on business.
Question No. 2
Ms. Ronacel Ibarrola owns an Events Place. She signified her intention
return. She has no other source of income. His total receipts for the
shop with gross sales of P1,500,000. Her cost of sales and operating