Answered: Pablito owns and operates a taxi unit.… | bartleby

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 29P

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Question

Setting: Philippines 2021

Pablito owns and operates a taxi unit. He also teaches as a professor in
Saint Louis University. He is also a practicing lawyer in Baguio City. Due to
his high gross receipts, Pablito registered as a VAT-taxpayer. In March
2020, he earned P45,000 compensation income, gross receipts from taxi
of P60,000 and receipts from professional fees of P250,000. How much
of the total receipts is exempt from business tax? *
PP310,000
P60,000
P250,000
O P45,000

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