B. The taxable compensation income of mixed-income earners are reported in each quarterly return. C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income
B. The taxable compensation income of mixed-income earners are reported in each quarterly return. C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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Question
Which of the following is true?
A. The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter.
B. The taxable compensation income of mixed-income earners are reported in each quarterly return.
C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate.
D. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold.
E. None of the other choices is true.
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