ABC Company hired X as an independent contractor, whereby ABC has no power to control X's conduct. During the year, X earned P400,000 from ABC for services rendered. In relation to the said service, X incurred P20,000. Compute X’s income tax due using the 8% income tax rate? a. P32,000 b. P10,400 c. P12,000 d. P0

ABC Company hired X as an independent contractor, whereby ABC has no power to control X's conduct. During the year, X earned P400,000 from ABC for services rendered. In relation to the said service, X incurred P20,000. Compute X’s income tax due using the 8% income tax rate? a. P32,000 b. P10,400 c. P12,000 d. P0

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 24P

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