1 exempt 11 54,473.68 21 3,007,000.

00
2 exempt 12 60,294.12 10,294.12 22 352,000.00
3 45850 13 6,738,846.15 23 2,342,817.33
4 455,514.09 14 2,021,653.85 24 453,434.22
5 88,847.43 15 250,091.03 25 29,000.00
6 51,389.09 16 47,600.00 26 46,846.15
7 14,722.43 17 0 27 9,385,000.00
8 337,894.74 18 875,700.00 28 300,000.00
9 497,894.74 19 4,069,223.23 521,569.38 29 579,750.00
10 (8,615.79) or zero 20 400000 60000 30 4,500,000.00
or
20 200000 30000
31 470,602.94
32 338,692.31
33 3,190,203.34
34 2,125,000.00
35 7,106,926.86
36 2,016,986.40
37 247,000.00
38 ZERO
39 6,520,800.39
40 1,936,656.12
Basic salary 220,000.00
Overtime pay 15,000.00
Holiday pay 8,000.00
excess 13th month pay and other benefits -
Total 243,000.00
Statutory deductions
Taxable income exempt

Tax due exempt

13th month pay and other benefits
13th month pay and Christmas Bonus 36,666.67
Other fringe benefits 15,000.00
Excess de minimis 2,000.00
Total 53,666.67
less: exempt 13th month pay and other benefits 90,000.00
excess 13th month pay and other benefits (36,333.33)
De minimis benefits exempt excess de minimis
Uniform and clothing allowance 8000 6000 2,000.00
Harry
Compensation income 190,000.00 (salary from march 16 to dec 31)
less statutory deductions (10,000.00)
Rent Income 157,894.74
Taxable income 337,894.74

Tax Due 17,578.95

less: Tax credit 26,194.74
Tax still due (8,615.79) OR ZERO

Ginny
rent income 157,894.74
income from practice of profession 540,000.00
expenses from practice of profession (200,000.00)
Taxable income 497,894.74

Tax due 54,473.68

less:Tax credit 7,894.74
Tax still due 46,578.95

Final tax-Harry Final tax

Yield from long term trust fund 23,906.25 4,781.25
Interest, current account 4,000.00 800.00
Interest, dollar account 60,941.18 9,141.18
Dividend income 366,666.67 36,666.67
Total 455,514.09 51,389.09
13th month pay and other benefits
13th month pay and Christmas Bonus 45,000.00
Excess De minimis 25,650.00
Total 70,650.00
limit (90,000.00)
excess 13th month pay and other benefits (19,350.00)

Final tax-ginny Final tax

Yield from long term trust fund 23,906.25 4,781.25
Interest, current account 4,000.00 800.00
Interest, dollar account 60,941.18 9,141.18
Total 88,847.43 14,722.43
De minimis benefits exempt excess de minimis Note: all de minimis given per month will be p
Rice subsidy 21000 19000 2,000.00 9.5 months only
Medical benefits for Harry 12500 10000 2,500.00
Uniform and clothing allowance 8000 6000 2,000.00
laundry allowance 4000 2850 1,150.00 9.5 months only
Monetized unused vacation leave 12000 8000 4,000.00
Employee achievement award 14000 0 14,000.00
Excess De minimis 71500 45850 25650
ven per month will be prorated
HARRY

Income from accounting firm 125,000.00

Rent income 720,000.00
Compensation 389,350.00
Holiday pay 20,000.00
Overtime pay 22,000.00
Salary increase 240,000.00
Income from sale of goods 2,020,202.02
Income from SPA 3,163,265.31
Total 6,699,817.33

Cost of goods sold

Merchandising business 800,000.00
SPA 1,000,000.00
Total cost of goods sold 1,800,000.00
Regular deductions
expenses from CPA firm 25,000.00
Rent expense 180,000.00
expenses from merchandising business 500,000.00
Expenses from SPA 1,200,000.00
Taxes 352,000.00
Pension fund 250,000.00
Bad debts written of 100,000.00
loss from flood 300,000.00
Donations to VERITAS 100,000.00
Total expenses 3,007,000.00
Other income
Japan lotto winnings 450,000.00

Taxable income 2,342,817.33

Tax due 599,701.54

Less: Tax credit
Compensation 26,800.00
Rent 36,000.00
Sale of goods 20,202.02
Spa 63,265.31
Tax still due 453,434.22
FANTASTIC BEAST CORPORATION
Gross Income 10,000,000.00
Cost of sale of goods 5,000,000.00
Salaries of employees (net of payroll deductions) 1,800,000.00
Fring Benefits given to:
Rank and File employees 520,000.00
Managerial employees 680,000.00
Representation and entertainment expenses (Business Connected) 100,000.00
Rent Expense 200,000.00
Depreciation expense 40,000.00
Bad debts expense 20,000.00
Interest received from bank
local currency 20,000.00
foreign currency 30,000.00
Prizes from a competition 100,000.00
payroll deductions
Creditable withholding tax of employees 100,000.00
SSS premiums contributions 20,000.00
Philhealth premiunms contribution 10,000.00
Pag-ibig premiums contribution 8,000.00
Union dues 2,000.00
Other income
cash dividends from domestic corporation
70% of its income from philippine source 90,000.00
30% of its income from philippine source 90,000.00
cash dividends from Resident foreign corporation
70% of its income from philippine source 400,000.00
30% of its income from philippine source 40,000.00
cash dividends from Non-Resident foreign corporation 20,000.00

FINAL TAX OF FANTASTIC BEAST CORPORATION

Interest received from bank Tax due
local currency 25,000.00 5,000.00
foreign currency 35,294.12 5,294.12
Total 60,294.12 10,294.12

Improperly Accumulated Earnings Tax

Taxable Income, Net 4,717,192.31
Income Subject to final tax, net 50,000.00
Income subject to capital gains tax 0
NOLCO 0
Exempt income 180,000.00
Total 4,947,192.31
Dividends declared 2,246,282.05
Appropriations 200000
Improperly Accumulated Earnings 2,500,910.26
Improperly Accumulated Earnings Tax 250,091.03
 13th month pay and other benefits

13th month pay 42000

Less: exempt 82k 90000
Excess 13th month and other benefits 0

Capital Assets Capital gain/loss

Sale of jewelry (20,000.00)
Sale of family car (10,000.00)
Net Capital loss (30,000.00)

Income Subject to Capital Gains tax CGT

Sale of shares direct 400000 60000
 10,000,000.00 10,000,000.00 Gross sales 15,000,000.00
5,000,000.00 5,000,000.00
1,800,000.00 1,940,000.00

520,000.00 520,000.00
680,000.00 680,000.00 366,153.85 add fringe benefit tax
100,000.00 75,000.00 75,000.00
200,000.00 200,000.00 whichever is lower
40,000.00 40,000.00
20,000.00 - Must be written of

Final tax
Final tax
100,000.00 100,000.00

100,000.00
20,000.00
10,000.00
8,000.00
2,000.00

90,000.00 Exempt
90,000.00 Exempt

400,000.00 400,000.00
40,000.00 40,000.00
20,000.00 20,000.00
TAXABLE INCOME 6,738,846.15 TAX DUE 2,021,653.85
De Minimis Benefits
Actual exempt excess
Uniform allowance 10,000.00 6,000.00 4,000.00
Laundry allowance 5,000.00 3,600.00 1,400.00
Rice subsidy 20,000.00 20,000.00 -
Christmas cash gif 12,000.00 5,000.00 7,000.00
Medical benefits of dependents 5,000.00 3,000.00 2,000.00
Medical benefits of Harry 20,000.00 10,000.00 10,000.00
Total 72,000.00 47,600.00 24,400.00

Fringe benefits subject to Fringe benefit tax

Other fringe benefits 30,000.00
Groceries for the family 50,500.00
Brand new car 1,088,000.00
Airfare 1st class 15,000.00
Loging Cost 10,400.00
Three maids 288,000.00
Driver 120,000.00
Excess De minimis 24,400.00
Total 1,626,300.00
Fringe Benefit tax due 875,700.00

Income subject to final tax Final tax due

Dividend received from own compan 2,246,282.05 224,628.21
Royalties from books 500,000.00 50,000.00
PCSO Scratch it 750,000.00 150,000.00
Interest from long term trust fund 100,000.00 20,000.00
Interest from current account 120,000.00 24,000.00
Interest from foreign currency deposi 352,941.18 52,941.18
Total 4,069,223.23 521,569.38
100,000
Harry Income
Compensation income 520,000.00
Hazard Pay 3,000.00
Holiday pay 4,900.00
Total Compensation 527,900.00

Income from business and practice of profession

Income from merchandising business 5,050,505.05
Income from SPA 4,500,000.00
Income from practice of profession 277,777.78
Rental income 578,947.37
Total Business income 10,407,230.20

Regular itemized deductions

entertainment expenses 30,000.00
Pension Expense 103,500.00
Taxes 338,692.31
Salaries expense 1,212,000.00
Fringe Benefits given to employees 690,000.00
Loss from typhoon 180,000.00
Depreciation expense 58,000.00
Donation to a public School 60,000.00
Interest Expense 13,011.03
Depreciation of breastfeeding station 400,000.00
Training expense for rank and file 40,000.00
Training expense for managers 65,000.00
Total Regular deductions 3,190,203.34

Special deductions
Donations to public school( adopt a school program) 30,000.00
Salaries of Senior Citizen 18,000.00
Salaries of PWD 57,000.00
Breastfeeding station 2,000,000.00
Training expense for rank and file 20,000.00
Total Special Deductions 2,125,000.00
Total itemized deductions 5,315,203.34

Other Income

Ranson Money from kidnapping 200,000.00

Dividend income earned from reident foreign corporations 225,000.00
Dividend income from non resident foreign corporation 45,000.00
Interest income from notes receivable 250,000.00
Royalties from books-USA 210,000.00
Incentives for evading tax 300,000.00
recoveries on accounts receivable 10,000.00
Net capital gain 247,000.00
Total 1,487,000.00

Net Taxable Income 7,106,926.86

Tax due 2,124,216.60

less: Tax credit
From merchandising business 50,505.05
from practice of profession 27,777.78
from rent 28,947.37

Tax still due 2,016,986.40

13th month pay and other benefits
Christmas bonus 30,500.00
13th month pay 30,500.00
Midyear bonus 12,000.00
Total 73,000.00
Exempt 90,000.00
Excess 13th month pay and other benefits -

Capital Assets
Shares of XYZ 400,000.00 200,000.00
Toyota Car 150,000.00 75,000.00
Jewelry 4,000.00 2,000.00
Net capital gain 277,000.00
Net capital loss carry over (30,000.00)
Net capital gain 247,000.00

EAR Expense Actual Limit

sale of goods 15,864.62 25,252.53
Sale of services 14,135.38 45,000.00

Fringe Benefits given to employees

Managerial position 250,000.00
Supervisory position 340,000.00
Total 590,000.00
Fringe benefit tax due 317,692.31

Income subject to Final Tax Final tax due

Prizes from Raffle-SM hypermarket 25,000.00 5,000.00
Dividends earned from own company 800,000.00 80,000.00
Dividends earned from Hogwarts company 70,000.00 7,000.00
PCSO Winnings 1,000,000.00 200,000.00
Jenra Raffle 10,000.00 2,000.00
Winnings from Mr. Philippines 2021 500,000.00 100,000.00
Interest received:
from FCDU 22,352.94 3,352.94
from bank- local currency 16,250.00 3,250.00
from long term trust fund 225,000.00 45,000.00
Royalties from Philippines 250,000.00 25,000.00
Total 2,918,602.94 470,602.94

Income subject to capital gains tax CGT due

Shares of ABC 185,000.00 27,750.00
Vacation house 6,000,000.00 360,000.00
Residential lot 3,200,000.00 192,000.00
Total 9,385,000.00 579,750.00

cost basis of new principal residence

cost of old 3500000
Add: Additional cost 1000000
cost basis of new principal residence 4,500,000.00

exempt 300,000.00
Capital gains tax deposited to escrow 300,000.00

Stock Transaction Tax

Sale of Shares (Traded) 280,000.00 1,680.00
De minimis benefits
Actual Exempt Excess
Cash gif from major anniversary 23000 5000 18000
uniform allowance 4000 4000 0
Productivity incentive 9000 9000 0
Laundry allowance 3000 3000 0
Medical allowance 8000 8000 0
Employee achievement award 9000 0 9000
Total 56,000.00 29,000.00 27,000.00

Other fringe benefits 60,000.00

Excess De minimis 27,000.00
Total 87,000.00
Gross up monetary value 133,846.15
Fringe benefit tax due paid by the employer of Harry 46,846.15
Harry Income
Compensation income 520,000.00
Hazard Pay 3,000.00
Holiday pay 4,900.00
Total Compensation 527,900.00

Income from business and practice of profession

Income from merchandising business 5,050,505.05
Income from SPA 4,500,000.00
Income from practice of profession 277,777.78
Rental income 578,947.37
Total Business income 10,407,230.20

Regular itemized deductions

entertainment expenses 30,000.00
Pension Expense 103,500.00
Taxes 338,692.31
Salaries expense 1,212,000.00
Fringe Benefits given to employees 690,000.00
Loss from typhoon 180,000.00
Depreciation expense 58,000.00
Donation to a public School 60,000.00
Interest Expense 20,387.50
Depreciation of breastfeeding station 400,000.00
Training expense for rank and file 40,000.00
Training expense for managers 65,000.00
Total Regular deductions 3,197,579.81

Special deductions
Donations to public school( adopt a school program) 30,000.00
Salaries of Senior Citizen 18,000.00
Salaries of PWD 57,000.00
Breastfeeding station 2,000,000.00
Training expense for rank and file 20,000.00
Total Special Deductions 2,125,000.00
Total itemized deductions 5,322,579.81

Other Income

Ranson Money from kidnapping 200,000.00

Dividend income earned from reident foreign corporations 101,250.00
Dividend income from non resident foreign corporation -
Interest income from notes receivable 250,000.00
Royalties from books-USA -
Incentives for evading tax 300,000.00
recoveries on accounts receivable 10,000.00
Net capital gain 47,000.00
Total 908,250.00

Net Taxable Income 6,520,800.39

Tax due 1,936,656.12

less: Tax credit
From merchandising business 50,505.05
from practice of profession 27,777.78
from rent 28,947.37

Tax still due 1,829,425.93

13th month pay and other benefits
Christmas bonus 30,500.00
13th month pay 30,500.00
Midyear bonus 12,000.00
Total 73,000.00
Exempt 90,000.00
Excess 13th month pay and other benefits -

Capital Assets
Shares of XYZ - -
Toyota Car 150,000.00 75,000.00
Jewelry 4,000.00 2,000.00
Net capital gain 77,000.00
Net capital loss carry over (30,000.00)
Net capital gain 47,000.00

EAR Expense Actual Limit

sale of goods 15,864.62 25,252.53
Sale of services 14,135.38 45,000.00

Fringe Benefits given to employees

Managerial position 250,000.00
Supervisory position 340,000.00
Total 590,000.00
Fringe benefit tax due 317,692.31

Income subject to Final Tax Final tax due

Prizes from Raffle-SM hypermarket 25,000.00 5,000.00
Dividends earned from own company 800,000.00 80,000.00
Dividends earned from Hogwarts company 70,000.00 7,000.00
PCSO Winnings 1,000,000.00 200,000.00
Jenra Raffle 10,000.00 2,000.00
Winnings from Mr. Philippines 2021 500,000.00 100,000.00
Interest received:
from FCDU - -
from bank- local currency 16,250.00 3,250.00
from long term trust fund 225,000.00 45,000.00
Royalties from Philippines 250,000.00 25,000.00
Total 2,896,250.00 467,250.00

Income subject to capital gains tax CGT due

Shares of ABC 185,000.00 27,750.00
Vacation house 6,000,000.00 360,000.00
Residential lot 3,200,000.00 192,000.00
Total 9,385,000.00 579,750.00

cost basis of new principal residence

cost of old 3500000
Add: Additional cost 1000000
cost basis of new principal residence 4,500,000.00

exempt 300,000.00
Capital gains tax deposited to escrow 300,000.00

Stock Transaction Tax

Sale of Shares (Traded) 280,000.00 1,680.00
De minimis benefits
Actual Exempt Excess
Cash gif from major anniversary 23000 5000 18000
uniform allowance 4000 4000 0
Productivity incentive 9000 9000 0
Laundry allowance 3000 3000 0
Medical allowance 8000 8000 0
Employee achievement award 9000 0 9000
Total 56,000.00 29,000.00 27,000.00

Other fringe benefits 60,000.00

Excess De minimis 27,000.00
Total 87,000.00
Gross up monetary value 133,846.15
Fringe benefit tax due paid by the employer of Harry 46,846.15