TERM PAPER ON INCOME AND

BUSINESS TAXATION

TERM PAPER

CAVITE STATE UNIVERSITY

Cavite City Campus

Business Management Program

DEPARTMENT OF MANAGEMENT

DANICA R. MEDINA
BMGT25, BM 2B
21
 TERM PAPER ON INCOME AND
BUSINESS TAXATION

A Term Paper
Submitted to the Faculty of
The Department of Management
Cavite State University
Cavite City Campus

In partial fulfillment
of the requirements for the subject
BMGT 25: Income ans Business Taxation

DANICA R. MEDINA
BMGT 25, BM 2B
21
 BIOGRAPHICAL DATA

Danica R. Medina a nineteen years old young lady, and was born on

September 3, 1998, at Kawit, Cavite. She live in 420 Tanggulan St. Wakas

,Kawit,Cavite. Youngest sister of two brothers and being the only girl of their loving

parents, Danilo and Maribeth Medina. The eldest, named Danmar with the age of 25, the

next one is named, Danilo with the age of 22.

She finished her primary education at Wakas Elementary School in 2011 with

respective awards and medals. She attended her secondary level of education at Emiliano

Tria Tirona Memorial National High School from the year 2011 and graduated in the year

of 2015. She graduated with medals and awards from her dance competitions .

She is studying at Cavite State University-Cavite City Campus in the degree of

Bachelor of Science in Business Management major in Marketing. She actively

participated herself in the school’s extracurricular activities, being part of the campus’

women’s basketball varsity team.

 TERMPAPER

Danica R. Medina

A term paper submitted to the faculty of the Department of Managemeent, Cavite

StateUnuversity- Cavite City Campus, Cavite City in partial fulfillment of the
requirements for the subject BMGT 25 – Income and Business Taxation, Prepared under
the supervision of Dr. Victoriano N. Rodil

INTRODUCTION

Taxation is the process of the enforced by the government payment of money aimed to
support the financial welfare of the country and its citizens. Taxation was introduces
thousands years ago and the human civilization is mostly associated with money and
taxation. W the creation of the first well organized settlements, and the whole countries
people have become required to pay taxes in order to support and provide the settlement
with everything it needs and receive protected and ability to work there legally.

Objectives of the Term Paper

 The general objective of the term paper is to determine the taxes with the

taxpayers.

 To acquire practical knowledge, skills, and values in the said enterprise.

 To gain enough knowledge and experience in handling an Income and Business

Taxation.
Significance of the Report

One of the significance of this study is to help the students and to share the

knowledge on how to handle and compute the tax, help them to prepare and get ready for

their future operations or their own businesses.

 TAXPAYER’S PROFILE

Danilo R. Medina a twenty two years old man who’s working at HRD Singapore Pte Ltd.

Blk 3, Cavite Eco Zone II, Gen. Trias, Cavite. A single without dependant. A regular

employee since 2016 with TIN number 330 106 984.

SUMMARY

INDIVIDUAL

TAXPAR’S IDENTIFICATION NUMBER : 330 106 984

TAXPAYER’S IDENTIFICATION NUMBER (PRESENT) : 005 065 590

Gross Compensation Income from - 171,967.33

Present Employer (Total non- Taxable/Exempt

Compensation Income and Total

Taxable Compensation Income)

Less: Total Non-Taxable Exemp - 33,667.56

Taxable Compensation Income - 138,299.77

From Present Employer

Add: Taxable Compensation Income

from Previous Employer

Gross Taxable Compensation Income - 138,299.77

Less: Total Exemption - 50,000.00

Less: Premium Paid on Health - 988.56

And/or Hospital Insurance

 Net Taxable Compensation Income - 87,311.21

Tax Due - 11,962.24

Amount of Taxes Withheld - 11,962.24

30A Present Employer

30B Previous Employer

Total Amount of Taxes - 11,962.24

Withheld As adjusted

PURPOSE

 Taxes are mainly used to finance the expenses incurred by government to

manage an economy.

 To reduce pollution by taxing offending firms.

 To discourage unhealthy lifestyle e.g. a tax on cigarettes.

 To protect local and infant industries by taxing imports.

 To achieve greater equity of wealth and income, Revenue from taxation is

used to help the very poor e.g. providing food stamps.

 To improve the balance of payments (BOP) by increasing the duties

charged on imported goods.

BENEFITS

The direct benefit of paying taxes for everyone is that they are used to pay for

services that provide to communities. In a modern society a government needs

administrators and clerks, police forces, emergency forces such as firefighters, engineers

and maintenance workers for streets and buildings, politicians, and to pay for property

used and goods consumed by the government services. In ancient times there were fewer

government specialists but all of these basic needs had to be met.

PERCEPTION OF TRAIN LAW

One of the most publicized part if the TRAIN law is the reduction in personal

income tax, leading to higher take-home pay.

 INSIGHT

When TRAIN law is not implemented into the government we are suffering

because our profit or income have tax there is a possibility to decrease our income.

When they implemented the TRAIN law our life full of happiness because we are

exemted in tax our income increase.

 REFERENCES

Google.com – yourtermpaper.com

Google.com – www.dof.gov.ph

EBooklet – BMGT 25 Income and Business Taxation