Activity: MNO is a sole proprietorship owned and managed by Mario N. Ortiz. amounted to P690,000.00 and corresponding cost of sales is P310,500. Aside from sales, there are no other revenues for MNO. Mario opted to used the standard deduction scheme. Based on his accounting books, sales Mario is also fully employed at San Miguel Corp. As an employee, he receives a gross monthly salary of P45,000, net of mandatory contributions, of P120,000. Mario is married with four qualified dependents. Compute for Mario's income tax due and income tax payable.

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
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Activity:
MNO is a sole proprietorship owned and managed by
Mario N. Ortiz.
amounted to P690,000.00 and corresponding cost of sales is
P310,500. Aside from sales, there are no other revenues for
MNO. Mario opted to used the standard deduction scheme.
Based on his accounting books, sales
Mario is also fully employed at San Miguel Corp. As an
employee, he receives a gross monthly salary of P45,000, net
of mandatory contributions, of P120,000. Mario is married
with four qualified dependents.
Compute for Mario's income tax due and income tax
payable.
Transcribed Image Text:Activity: MNO is a sole proprietorship owned and managed by Mario N. Ortiz. amounted to P690,000.00 and corresponding cost of sales is P310,500. Aside from sales, there are no other revenues for MNO. Mario opted to used the standard deduction scheme. Based on his accounting books, sales Mario is also fully employed at San Miguel Corp. As an employee, he receives a gross monthly salary of P45,000, net of mandatory contributions, of P120,000. Mario is married with four qualified dependents. Compute for Mario's income tax due and income tax payable.
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