FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

*. How much is the total gross income?

* How much is regular itemized deductions from gross income?

* How much is the special itemized deductions from gross income?

Data of an individual taxpayer for the current taxable period: Gross sales P3,200,000 Cost of sales 1,900,000 Sales discounts granted (for timely payments) Discounts granted to senior citizens and PWDS Incidental income (operating) Other income (non-operating) Operating expenses 100,000 80,000 200,000 150,000 400,000
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Transcribed Image Text:Data of an individual taxpayer for the current taxable period: Gross sales P3,200,000 Cost of sales 1,900,000 Sales discounts granted (for timely payments) Discounts granted to senior citizens and PWDS Incidental income (operating) Other income (non-operating) Operating expenses 100,000 80,000 200,000 150,000 400,000
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Step 1: Define net taxable income
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Step 2: The calculation of the gross income itemized deduction and special itemized deduction is as follows
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