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Flashcards — Multiple Choice

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Question Type

Essay Multiple Choice

Question Source

All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A mixed-income resident citizen has PHP500,000 fully taxable compensation and PHP1 million qualifying business gross sales. The taxpayer validly uses graduated rates and elects maximum OSD only for the business; all relevant conditions are met. With no other adjustments, what amount enters the combined taxable-income computation?

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PHP600,000 by discarding all salary PHP900,000 by applying40% OSD to both salary and business PHP500,000 because OSD exempts the business PHP1.5 million because OSD is never allowed for business income PHP1.1 million: PHP500,000 salary plus PHP600,000 business income after OSD

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