Marco is a medical doctor. Inday’s total gross receipts from year 2020 amounted to Php 4,250,000.00 while the cost of service and operating expenses were Php 1,150,000.00 and Php 500,000.00, respectively. He opted to avail of the 8% preferential taxation in her 1st Quarter ITR. What is Marco's correct income tax payable?

Marco is a medical doctor. Inday’s total gross receipts from year 2020 amounted to Php 4,250,000.00 while the cost of service and operating expenses were Php 1,150,000.00 and Php 500,000.00, respectively. He opted to avail of the 8% preferential taxation in her 1st Quarter ITR. What is Marco's correct income tax payable?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 27P: Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He...

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