Quiz 2.

1
4 gross sales 1,600,000
gross receipt 600,000
total sales/receipt 2,200,000
less: allowable deduction 250,000
taxable income 1,950,000
multiply tax rate 8%
tax due 156000
less: tax credit 30000
tax payble 126000

6 and 7 Compensation income

total compensation 750,000
less: non taxable 60,000
taxable compensation 690,000
tax due graduate 102,500

total tax due

less:withheld tax
income tax payable

Quiz 3.1
Domestic
RCIT gross income ph 6,000,000
gross income abroad 2,250,000
expenses ph 4,000,000
expenses abroad 900,000
taxable income 3,350,000
tax rate 30%
income tax due 1005000

MCIT 8,250,000
 2%
165000

MCIT
RCIT
excess MCIT

MCIT

RCIT
 5 gross sales 1,600,000 Percentage tax 2,200,000
gross receipt 600,000 mutliplied tax rate 3%
total sales/receipt 2,200,000 percentage tax 66000
less:cost of sale 1,200,000
gross income 1,000,000
less: operating income 400,000
taxable income 600,000
tax due 80,000
less: tax credit 30000
tax payable 50,000 tax payable 50,000
percentage tax 66000
tax liability 116,000

business income 8 to 10 Compensation income

gross sales 1,200,000 total compensation
add:non operating in 50,000 less: non taxable
total business income 1,250,000 taxable compensation
multiply by rate 8% add:taxable income from business 1,200,000
tax due on business 100000 less:cost of sale 500,000
gross income 700,000
202,500 less: operating expenses 300,000
102,500 net income from operation 400,000
100,000 add: non operating income 50,000
total taxable income

income tax due

less: tax credit
income tax payable

percentage tax (1,200,000 x 8%)

resident non resident non profit hospital

gross income ph 6,000,000 gross income ph 6,000,000 gross income ph
expenses ph 4,000,000 tax rate 30% gross income abroad
taxable income 2,000,000 1800000 expenses ph
tax rate 30% expenses abroad
income tax due 600000 taxable income
tax rate
income tax due
 internation carrier
gross income ph 6,000,000
2.50%
income tax due 150000

year 4 year 5 year 6 year 7 year 8

100,000 60,000 50,000 40,000 20,000
30,000 70,000 60,000 30,000 90,000
70,000 10,000

year 4 year 5 year 6 year 7 year 8

100,000 60,000 50,000 40,000 20,000
higher higher higher
30,000 70,000 60,000 30,000 90,000

RCIT on yea 70,000 RCIT on yea 90,000

less: exces 70,000 less: exces 10,000
0 80,000
 750,000
60,000
690,000

450,000
1,140,000

232,000
102,500
129,500

36000

non profit hospital

gross income ph 6,000,000
gross income abroad 2,250,000
expenses ph 4,000,000
expenses abroad 900,000
taxable income 3,350,000
10%
income tax due 335000