A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable income
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable income
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 23P
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Question
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows:
Gross Receipts - P100,000.00
Operating Expenses - P50,000.00
Income taxes withheld in general - P10,000.00
Question: Where is the income taxes withheld be credited?
Group of answer choices
Tax payable
Tax credit
None of the above
Taxable income
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