UTILIZATION OF LUMI APPS FOR G12 ABM ON INCOME

AND BUSINESS TAXATION AND ITS

PRINCIPLE AND PROCESS

Researchers:
Natasha Mae G. Torres
Gary Jone Labitao
Gladys Pontillas
Trisha Nicole R. Satorre
Brigette O. Querimit
Gielyn G. Apas
Patrick D. Beruico
Erickjohn C. Carillo

PAUL GENCE OCAMPO Ph. D. EM

Subject Instructor
 INTRODUCTION

An income of a business is a service firm to illustrate a business income for

example the employment revenue, such as wages or salaries recieved
from the employer is included from business income. Income is the
consumtion and saving opportunity gained by an entity within a specified
timeframe, which is generally expressed in monetary terms.

For tax purposes, business income is treated as ordinary income. Business

expenses and losses often offset business income.How a business is taxed
depends on whether it is a sole proprietorship,a partnership,or a
corporation.Business income is a term commonly used in tax reporting
although business income is earned income and encompasses any income
realized from an entity’s operations.

The income and taxation of a business has a topics to be covered includes

the nature and scope,concept and types of businesses, explain different
business environment,legal issues in business, the role of government in
business, ethics and responsibilities of a business, character of business
from social, legal and economic perspectives, forms of business ownership,
Functions of organization and management, marketing, production, finance
and accounting in business, the social responsibility of business, problems
of Nigerian business enterprises, government and business, role of
insurance in business.
 BACKGROUND OF THE STUDY

Income is the money received, especially on a regular basis, for work or

through investments. While business taxation refers to the taxes that
businesses must pay as a normal part of business operations.In business
this two are important because used to summarize the company’s
profitability by classification of revenue and the purpose is to provide a
representation of the company’s performance during a period to the
investors and the value of the company, which affects the share price.

According to Internal Revenue Service (IRS) business income may include

income received from the sale of a product or services such as fees
received by a person from the regular practice of a profession and also
rents received by a person in the real estate business.Business expenses
and business losses can offset business income ,which can be either
positive or negative in any given year.

However,the way in which business income is taxed differs for each of the
most common types of business.Business taxation refers to taxes that
businesses must pay as part of their normal business operations,whether
you are a sole proprietor,a partner,a member of a limited liability company
or a corporation your company is responsible for following tax laws.In your
company's tax as well as its non-tax concerns to determine which type of
entity will help it prosper and grow.

There many reason to become a successfull business owner,but no matter

what yours are even if they don't included getting rich your business still
needs to generate profit the total revenue minus total expenses.But in
business their are issues that causes a problem,incidents and risks that
influence busines outcomes.This includes competitive issues related to
market and customers,also in productivity,efficiency,costs,quality and
change.

Business also includes those activities which indirectly help in production

and exchange of goods such as transport, insurance, banking,
warehousing etc. Every business enterprise whether it is carried on a small
or a large scale deals in goods and services for earning of money. If an
enterprise is to survive, grow and expand, it must yield profit. So business
includes all the commercial and industrial activities that provide goods and
services to the people with an objective to earn profit.