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Activity 13 May 2023 Key To Correction

Deuce Miyou owns a merchandising business with gross income of P860,000 and total expenses of P420,000, of which P100,000 are not deductible. She also received a prize of P50,000. As an individual, her taxable income is P560,000 with tax due of P54,500 and credits of P20,000, for a tax payable of P34,500. As a corporation, her taxable income is P610,000 with tax due of P152,500 and credits of P20,000, for a tax payable of P132,500. John Calang earned taxable compensation, sales, and income from various sources

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John Paul Magbitang
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87 views1 page

Activity 13 May 2023 Key To Correction

Deuce Miyou owns a merchandising business with gross income of P860,000 and total expenses of P420,000, of which P100,000 are not deductible. She also received a prize of P50,000. As an individual, her taxable income is P560,000 with tax due of P54,500 and credits of P20,000, for a tax payable of P34,500. As a corporation, her taxable income is P610,000 with tax due of P152,500 and credits of P20,000, for a tax payable of P132,500. John Calang earned taxable compensation, sales, and income from various sources

Uploaded by

John Paul Magbitang
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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REGULAR INCOME TAX MODEL

Deuce Miyou has a merchandising business. The Gross Income, net of creditable withholding taxes of
P20,000, of the business totaled P860,000. Total expenses incurred by the business totaled P420,000
(P100,000 cannot be allowed for deduction). She also received a prize from a competition in the
amount of P50,000 (net of final tax).

Fill out the table below.


Items Deuce Miyou is an Deuce Miyou is a
Individual Corporation
Gross Income 880,000 930,000
Allowable Deductions 320,000 320,000
Taxable Income 560,000 610,000
Tax Due 54,500 152,500
Tax Credits 20,000 20,000
… Tax Payable 34,500 132,500

REGULAR INCOME TAX FOR INDIVIDUALS


John Calang, a mixed income earner, obtained the following for the quarters of 2020.
Items Q1 Q2 Q3 Q4
Taxable Compensation 110,000 110,000 110,000 140,000
Net Sales 410,000 470,000 510,000 750,000
Cost of Sales Item 240,000 Q1 280,000 Q2 310,000
Q3 400,000
Annual
Allowable Deductions s 110,000 140,000 150,000 180,000
Passive Royalties
Gross Income from(subj. to
Business 20,000170,000 20,000190,000 25,000
200,000 16,000
910,000
final tax)
Allowable Deductions 110,000 140,000 150,000 580,000
Winnings
Net Income (subj.
fromtoOperations
final 50,00060,000 -
50,000 50,000 - 330,000 -
tax)
Taxable Income from Previous Quarters 0 60,000 110,000 0
Non-Operating Income 0 0 0 0
Total Taxable Business Income to Date 60,000 110,000 160,000 330,000
Tax payments are made within deadlines and tax withheld on compensation totaled P47,500 during
Taxable Compensation Income 0 0 0 470,000
the year.
Total Taxable Income 60,000 110,000 160,000 800,000
Tax Due 0 0 0 102,500
Fill out the table below to support amounts on income tax returns filed.
Tax Credits 0 0 0 47,500
Tax Payable 0 0 0 55,000

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