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PF06 Task Performance 1 BusTax

Mr. Mark Ramos made three donations in 2019: P3,000,000 on January 30, P4,000,000 on April 30, and P1,000,000 on July 15. For the January donation, the tax due was P165,000 after exempting the first P250,000. For the April donation, the total donations were added which resulted in a tax due of P405,000, but P165,000 was already paid, so the amount payable was P240,000. For the July donation, the total donations were added which resulted in a tax due of P465,000, but P405,000 was already paid, so the amount payable was P60

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Argie Mae Salvador
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306 views1 page

PF06 Task Performance 1 BusTax

Mr. Mark Ramos made three donations in 2019: P3,000,000 on January 30, P4,000,000 on April 30, and P1,000,000 on July 15. For the January donation, the tax due was P165,000 after exempting the first P250,000. For the April donation, the total donations were added which resulted in a tax due of P405,000, but P165,000 was already paid, so the amount payable was P240,000. For the July donation, the total donations were added which resulted in a tax due of P465,000, but P405,000 was already paid, so the amount payable was P60

Uploaded by

Argie Mae Salvador
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Donor’s Tax (3 items x 5 points)

Read and analyze the problem. Provide the complete solutions using the
correct format. The following are the donations made by Mr. Mark Ramos on
the current year:
January 30, 2a19 P 3,000,000
April 30, 2a19 P 4,000,000
July 15, 2a19 P 1,000,000

Identify the tax due/paid on January, April, and July donations.

DATE OF DONATION AMOUNT DONOR's TAX


January 30, 2a19 P3, 000, 000
January 30, 2a19 donation P3, 000, 000
Less: Exempt gift (250, 000)
P2, 750, 000 P165, 000

April 30, 2a19 P4, 000, 000


April 30, 2a19 donation P4, 000, 000
Add: January 30, 2a19 donation 3, 000, 000
Less: Exempt gift (250, 000)
TOTAL P6, 750, 000
Tax due thereon 405, 000
Less: Tax/due paid in January donation 165, 000
Tax due payable in April 30, 2a19 P240, 000

July 15, 2a19 P1, 000, 000


July 15, 2a19 donation P1, 000, 000
Add: January 30, 2a19 donation 3, 000, 000
April 30, 2a19 donation 4, 000, 000
Less: Exempt gift (250, 000)
TOTAL P7, 750, 000
Tax due thereon 465, 000
Less: Tax/due paid on April donation 405, 000
Tax due payable in July 15, 2a19 P60, 000

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