PHILIPPINE TAXATION PROBLEM 1 X had the following during th
PHILIPPINE TAXATION PROBLEM 1 X had the following during the year:… PHILIPPINE TAXATION PROBLEM 1 X had the following during the year:Compensation income (including 13th-month pay and other benefits of P120,000, but net of SSS and Philhealth), P1,500,000Gross sales, P2,400,000Cost of sales, P1,000,000Operating expenses, P600,000How much is her income tax liability using the 8% income tax rate? –PROBLEM 2TRAIN Corporation, a corporation engaged in business in the Philippines and abroad has the following data for taxable year 2021:Gross Income, Philippines, P975,000Expenses, Philippines, P750,000Gross Income, Thailand, P770,000Expenses, Thailand, P630,000Interest on bank deposit, P50,000Total Assets, P50,000,000Determine the income tax due assuming the corporation is a Non-Resident Foreign Corporation.Business Accounting ACCO 20133
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