Question Answered step-by-step Subject: Income Taxation Required: Solution and explanationSubject: Income TaxationRequired: Solution and explanationFACTS / DATA / GIVEN: Taxpayer: Resident Citizen (VAT taxpayer) Taxable period: 2020 Description AmountGross Sales P5,000,000 Other operating income 200,000 Non-operating income 100,000 Cost of Sales2,000,000 Operating Expenses 1,000,000 COMPUTE: 8% optional tax A. 396,000 B. 404,000 C…. Show more… Show moreLaw Social Science Tax law
