Preparation of Income Tax Return-Individual Taxpayer

A. Mimi Yuuuh, single mother with 3 children is a resident of P-22, Calinan, Davao City and is an
Employee of Buskupan Corporation with the following data for 2021:
Gross Compensation Income P450,000.00
Deductions made by the employer:
SSS Premiums Contributions 6,000.00
Philhealth Contributions 8,400.00
Pag-ibig Contributions 2,400.00
Union Dues 1,200.00
Income Tax Withheld 38,000.00
1. How much is her income tax payable?
2. Does she need to file an income tax return?
B. Mimi Yuuuh, married to Darryl Yuuuh who is a full-time house-husband taking care of their 3
children, a resident of P-22, Calinan, Davao City and is an Employee of Buskupan Corporation
and U-tube Plumbing, Inc. She received the following from the two companies for 2021:
Gross Compensation Income P450,000.00
Deductions made by the employer:
SSS Premiums Contributions 6,000.00
Philhealth Contributions 8,400.00
Pag-ibig Contributions 2,400.00
Union Dues 1,200.00
Income Tax Withheld 38,000.00
1. How much is her income tax payable?
2. Does she need to file an income tax return?
C. Spouses Jake and Amy provided the following data for the year:

Jake Amy Jake and Amy

Gross Income of Profession P800,000.00
Gross Compensation Income P400,000.00
Dividend Income
From Domestic corporation 5,000.00 5,000.00
From Resident Foreign corporation 12,000.00
Interest on Notes Receivable 4,000.00
Interest on Philippine Bank Deposit 2,000.00 3,000.00 6,000.00
Royalty Income 2,000.00
Miscellaneous Income 10,000.00 60,000.00
Capital Gain on sale of shares of 99, Co. 80,000.00
(Domestic Corp) sold directly to a buyer
Capital Loss on Sale of shares of Lakehouse, Co. (20,000.00)
(Domestic Corp) sold directly to buyer
Capital Gain on sale of land in Davao Occidental; 2,000,00.00
FMV-P12M, SP-P10M, Cost-P8M
Expenses, Business/Profession 425,000.00 20,000.00

Determine the following:

1. Total capital gain taxes paid by the spouses

2. Total final taxes paid on passive income by the spouses
3. Taxable Income of Jake and Income Tax Payable if they elect to file their income tax separately
4. Taxable Income of Amy and Income Tax Payable if they elect to file their income tax separately
5. Income tax payable if the spouses elect to file their taxes jointly.
D. Quarterly Tax Returns
The following cumulative balances on income and expense in 2021 of Juan Dela Cruz were given
to you:

1st Quarter 2nd Quarter 3rd Quarter 4th

Quarter/Annual
Gross Sales P1,200,000.00 P2,100,000.00 P3,000,000.00 P3,700,000.00
Cost of Sales 700,000.00 1,200,000.00 1,800,000.00 2,200,000.00
Business 200,000.00 325,000.00 550,000.00 700,000.00
 Expenses
Income Tax Paid on:
Interest 1,560.00 3,040.00 4,520.00 5,960.00
Income
Sale of Land 24,000.00 24,000.00 24,000.00 24,000.00
Dividend 10,000.00 10,000.00 20,000.00 20,000.00
received from
domestic corp
Interest Income from
BPI 2,000.00 4,000.00 6,000.00 8,000.00
UCPB 800.00 1,200.00 1,600.00 1,800.00
Metrobank 5,000.00 10,000.00 15,000.00 20,000.00
Capital Gain 80,000.00 80,000.00 80,000.00 80,000.00
sale of land
Selling Price: P400,000.00
Cost: P320,000.00

Using the above information, compute the following for 2021:

1. Income tax payable, first quarter
2. Income tax payable, second quarter
3. Income tax payable, third quarter
4. Income tax payable, fourth quarter
5. Final Tax on passive income
6. Capital Gains Tax
7. Prepare his 1st -3rd quarterly and annual income tax return with the following data:
a. TIN: 123-456-789-000
b. RDO: 113A
c. Registered Address: Purok 4, Crossing Bayabas, Toril, Davao City
d. Date of Birth: October 6, 1994
e. Email Address: jdc1994@gmail.com
f. Civil Status: Widower

E. Juan Dela Cruz is a Mixed Income Earner. He is a self-employed resident citizen and currently the
Finance Manager of Omega Corporation. The following data were provided for the taxable year
2021:

Compensation Income P1,800,000.00

Sales 2,800,000.00
Cost of Sales 1,125,000.00
Business Expenses 650,000.00
Interest Income from Peso Bank Deposit 80,000.00
Interest Income from bank deposit under FCDS 120,000.00
Gain on Sale of Land in the Philippines held as Capital asset with
cost of P1,500,000.00 when the zonal value is P1,200,000.00 500,000.00
Creditable Withholding Tax on Compensation Income 448,000.00
13th month pay and other benefits 150,000.00
Creditable Withholding Tax on Sale of Goods 28,000.00

8. How much is his total income tax expense assuming he opted to be taxed at 8%?
9. How much is the income tax payable of Juan for the year?
10. Prepare his income tax return with the following data:
g. TIN: 123-456-789-000
h. RDO: 113A
i. Registered Address: Purok 4, Crossing Bayabas, Toril, Davao City
j. Date of Birth: October 6, 1994
k. Email Address: jdc1994@gmail.com
l. Civil Status: Widower