Mr. Vavalu, had the following income and expenses for the year Philippines P 2,000,000 Gross Sales Sales return Cost of sales Deductible expenses Other sources of income: Lotto winnings Prize on contest Royalty on books Interest income 50,000 1,450,000 200,000 100,000 15,000 20,000 30,000 USA P 500,000 20,000 300,000 80,000 50,000 10,000 15,000 25,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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If Mr. Vavalu is a non-resident citizen, how availed optional standard deduction how much is his income tax due for the year 2023?

Mr. Vavalu, had the following income and expenses for the year
Philippines
P 2,000,000
Gross Sales
Sales return
Cost of sales
Deductible expenses
Other sources of income:
Lotto winnings
Prize on contest
Royalty on books
Interest income
50,000
1,450,000
200,000
100,000
15,000
20,000
30,000
USA
P 500,000
20,000
300,000
80,000
50,000
10,000
15,000
25,000
Transcribed Image Text:Mr. Vavalu, had the following income and expenses for the year Philippines P 2,000,000 Gross Sales Sales return Cost of sales Deductible expenses Other sources of income: Lotto winnings Prize on contest Royalty on books Interest income 50,000 1,450,000 200,000 100,000 15,000 20,000 30,000 USA P 500,000 20,000 300,000 80,000 50,000 10,000 15,000 25,000
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