In 2018, Malakas M. Henyo, the CEO of the Philippines Nuclear Fusion Corporation, earned compensation income of P4,000,500. This amount is inclusive of his 13th month pay and other benefits of P250,000, but net of the mandatory contributed to SSS and Philhealth.
Aside from his employment, he also owns a cafeteria. In 2018, the cafeteria had gross sales of P1,500,000, cost of sales of P500,000 and operating expenses of P300,000. It also had non-operating income of P700,000.
What would be Malakas’s total income tax due if he did not avail of the 8% income tax rate on gross sales plus non-operating income arising from his business?
Group of choices
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here