Beruflich Dokumente
Kultur Dokumente
Reyes, a resident citizen, married, with two qualified dependent children, reported the following
income and expenses from January to December taxable year 201A.
Sales 2,000,000
Cost of sales 1,200,000
Gain from sale of Capital Assets (Long Term) 100,000
Loss from sale of Capital Assets (Short Term) 100,000
Gambling Winnings 50,000
Gambling Losses 80,000
Compensation Income, Net of withholding tax 20,000 230,000
13th Month pay and other bonuses 36,000
Proceeds from Insurance of his Mother 500,000
Lotto Winnings PCSO 300,000
Entertainment Expense 3,000
Interest Income – Philippines 20,000
Interest Expense 10,000
Dividend Income from Domestic Corporation 35,000
Prizes and Winnings 20,000
Mrs. Reyes incurred and paid the following taxes and licenses:
Sales 2,000,000
Cost of Sales - 1,200,000
Gross Profit 800,000
Compensation Income 250,000
Gambling Winnings 50,000
Gain from sale of Capital Assets (Long Term) 50,000
Loss from sale of Capital Assets (Short Term) - 100,000
Interest Expense - 3,400
Deductible Taxes - 19,300
Taxable Net Income 1,027,300
Personal Exemption 50,000
Additional Exemption 50,000
Net Taxable Income 927,300
In excess 125,000
Over 500,000 143,136
Income Tax Due 268,136