Pedro owns and operates a taxi unit. He also teaches as a professor in a private school. He is also a practicing lawyer in Makati. Due to his high gross receipts, Pedro 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 P45,000

Pedro owns and operates a taxi unit. He also teaches as a professor in a private school. He is also a practicing lawyer in Makati. Due to his high gross receipts, Pedro 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 P45,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 51P

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