A self-employed resident citizen taxpayer, who is married, has gross profit from sales of goods of P1,200,000, operating expenses of P400,000, cost of goods sold of P500,000 and pe... A self-employed resident citizen taxpayer, who is married, has gross profit from sales of goods of P1,200,000, operating expenses of P400,000, cost of goods sold of P500,000 and personal expenses amounting to P30,000. If the taxpayer chooses to be taxed at 8%, his income tax will be:
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The problem describes a self-employed taxpayer's financial situation and asks to calculate their income tax if they choose to be taxed at an 8% rate. This involves calculating the taxable base (gross profit less operating expenses), and then applying the 8% tax rate.
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