Professional Documents
Culture Documents
Srat Tax
Srat Tax
g? Cho
SERVICES
Provide revenue for each type: Receipts/Fees for services rendered
Provide Costs of revenue for each type: Salaries and employee benefit of personel
Consultant and specialist directly rendering the ser
Cost of facilities directly utilized in providing the se
Depreciation
Rental Equipment
Cost of Supplies
Provide Operating expense for each type: Bad debt expense on non-paying client
Transportation expenses to and from client
Depreciation - Building
Depreciation - Office Equipment
supplies anf general utilities
insurance expense on offices properties
Rent expense allocable to administrative office
TRADING OR MERCHANDISING
Provide revenue for each type: Gross sale
Less: Sales discount
Sales return
Net Sale
Provide Costs of revenue for each type: Invoice Cost of the good sold
Import duties
Freight in
Insurance while the goods are in transit
Case 3 Your company has projected earnings in the next 5 years. They hired you as an accountant to prepare an analysis b
2022 2023
Gross Income 3,000,000.00 3,150,000.00
Allowable Deduction (1,800,000.00) (1,890,000.00)
Personal deduction (70,000.00) (77,000.00)
You are applying for a job with the following offers, what would you choose? Choose only one
Case 4
Offer No. 1 Offer No. 2
Gross Monthly Salary 90,000.00 45,000.00
Supplemental Compensation 20,000.00
13th month pay 90,000.00 45,000.00
14thmonth pay
Monthly RATA 10,500.00 2,500.00
Annual Scholarships 20,000.00
Monthly Phone Allowance 1,500.00 1,000.00
Offer No. 1
Non taxable Other benefits
Regular Compnsation (90,000 x 12)
13th Month pay 90,000
Monthly RATA(10,500*12) 126,000.00
monthly phone allowance(1,500*12) 18,000
Total 126,000.00 108,000.00
Exclusion threshold(up to 90,000) 90,000.00 (90,000.00)
Total 216,000.00 18,000.00
total non taxable income 216,000.00
Taxable excess 13th month and other benefits (18,000.00)
Taxable compensation income
Tax Due (130,000 +30% excess over 800,000)
Income after Tax
Offer No. 3
Non taxable Other benefits
Regular Compnsation (60,000 x 12)
13th Month pay 60,000.00
14th Month pay 30,000.00
Monthly RATA(5,000*12) 60,000.00
Annual Scholarship 30,000.00
monthly phone allowance(2,000*12) 24,000.00
Total 60,000.00 144,000.00
Exclusion threshold(up to 90,000) 90,000.00 (90,000.00)
Total 150,000.00 54,000.00
total non taxable income 150,000.00
Taxable excess 13th month and other benefits (54,000.00)
Taxable compensation income
Tax Due (30,000 +20% excess over 400,000)
Income after Tax
ness are you stablishing? Choose only one by applying previous tax concept learned.
ices rendered
e benefit of personel
list directly rendering the services
ly utilized in providing the services:
non-paying client
ses to and from client
offices properties
e to administrative office
y equipment
bring the raw material to the factory
tant to prepare an analysis between RCIT and MCIT. Kindly compute for the projected income tax dues per year
Offer No. 3
60,000.00
60,000.00
30,000.00
5,000.00
30,000.00
2,000.00
Offer No.2
Taxable Benefits Non taxable
1,080,000.00 Regular Compnsation (45,000 x 12)
Supplemental Compensation
13th Month pay
Monthly RATA(2,500*12) 30,000.00
1,080,000.00 Annual Scholarship
monthly phone allowance(1,000*12)
Total 30,000.00
Exclusion threshold(up to 90,000) 90,000
18,000 Total 120,000.00
1,098,000.00 total non taxable income 120,000.00
(219,400.00) Taxable excess 13th month and other benefits
878,600.00 Taxable compensation income
Tax Due (30,000 +25% excess over 400,000)
Income after Tax
Taxable Benefits
720,000.00
720,000.00
54,000.00
774,000.00
(123,500.00)
650,500.00
Other benefit Taxable Benefits
540,000.00
20,000.00
45,000.00
20,000.00
12,000.00
97,000.00 540,000.00
(90,000.00)
7,000.00
(7,000.00) 7,000.00
547,000.00
(66,750.00)
480,250.00