ULYCONSTRUCTION COMPANY

Buhangin, Buhangin District

Davao City

Projected Income Statement

For the Year Ending December 31, 2009

Income from Rentals Php 600,000.00

Less-Projected Operating Expenses:

Depreciation of the building:

5/12 x2/100 x Php600,000 or Php 5,000.00

Estimated Real property taxes

On land-1 M x 20% x .025 5,000.00
On the building =5M x 70% x .025 87,500.00
Professional fees 5,000.00
Communications 1,000.00
Representations 1,000.00
Supervision 2,500.00
Contingencies 5% of Php 600,000 30,000.00
Total project operational expenses Php 137,000.00

Net Income before tax Php 463,000.00

Personal Exemptions:

As Head of the family Php 50,000.00

With a working wife 50,000.00
With two kids at Php 25,000 each 50,000.00 Php 150,000.00

Amount Subject to tax Php 313,000.00

How tax due is computed:

Refer to Income tax table at the back of BIR Form 1701

Over Php 250,000 , but not over Php 500,000

Tax is computed as follows
First Php 250,000 Php 50,000.00
Excess Php 63,000 x 30% 18,900.00

Total tax due Php 68,900.00

Less-Inccome tax withheld from Rent
5% of Php 600,000 or Php 30,000.00
INCOME TAX PAYABLE ON OR B EFORE APRIL 15, 2009 pHP 38,900.00 (X)
You can pay this in two equal installments

Submitted by:

Engr. Yoly Garcia

Taxpayer