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What is Income Tax Computations for 2018 about?

Here are the steps to solve this problem: 1. Tax liability of the partnership Partnership gross income: P1,500,000 Partnership expenses: P380,000 Partnership net income: P1,500,000 - P380,000 = P1,120,000 Tax on P1,120,000 (first P250,000 taxed at 10%, remainder at 20%) Tax on P250,000 = P25,000 Tax on P1,120,000 - P250,000 = P870,000 x 20% = P174,000 Total tax = P25,000 + P174,000 = P199,000 2. Dist

Author

LhowellaAquino

Language

EN