Mr. Chico provided the following data.Salary for the year (P10,000 for 12 months, MWE-P10,000/mo.)Overtime payHazard payHoliday payCommission income as additional compensation income from the same companyProfessional income as dentistP 120,00050,000Prof. expenses1. Using the above facts, how much is Mr. Chico taxable net income is?2. Using the same facts, If he has no commission income, how much is Mr. Chico taxable net Income is?20,00020,00010,000250,00050,0003. Using the same facts, if he has no commission income & professional income, Mr. Chico taxable net income ishow much?

To calculate Mr. Chico's taxable net income, we need to add up all his income and then subtract any…

Answered: 1. Using the above facts, how much is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Using the above facts, how much is Mr. Chico taxable net income is? 2. Using the same facts, If he has no commission income, how much is Mr. Chico taxable net Income is? 3. Using the same facts, if he has no commission income & professional income, Mr. Chico taxable net income is how much?