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Requirement 1-4
Cumulative
Year
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Gross Profit from Sales 300,000 650,000 910,000 1,200,000
Less: Business expenses (120,000) (262,000) (405,890) (426,700)
Taxable income 180,000 388,000 504,110 773300

Tax due (Tax table) 0 27,600 56,028 123325

Less Tax paid:
Quarter 1 0 0 0
Quarter 2 -27600 -27600
Quarter 3 -28427.5
Income Tax payable 0 27600 28427.5 ₱ 67,297.50
(no. 1) (no. 2) (no. 3) (no. 4)

PASSIVE INCOME Amount % Tax

Dividend received from domestic corp. 30000 10% ₱ 3,000
Interest income from:
BPI 16000 20% 3200
UCPB 18000 20% 3600
Metro Bank 30000 20% 6000
TOTAL FINAL WITHHOLDING TAX ₱ 15,800

CAPITAL GAINS TAX

TAX BASE ₱ 600,000
X RATE 6%
CAPITAL GAINS TAX ₱ 36,000
 INCOME TAX (Filing of Inc

Form 1701Q First Quarter

Form 1701Q Second Quarter

Form 1701Q Third Quarter

Form 1701 Fourth Quarter

Audited Financial Stateme

INCOME TAX (Filing of Income Tax Return)
DEADLINE
First Quarter
January
February
March May 15

Second Quarter
April
May
June August 15

Third Quarter
July
August
September November 15

Fourth Quarter
October
November
December April 15

Audited Financial Statements

 Quarter 2
Taxable income 388,000

Tax on P250,000 0
Tax on excess of P138,000 @20% 27600
Income Tax Payable 27600
 Quarter 3
504110

Tax on P400,000 30000 Tax on P400,000

Tax on excess P104,110@25% 26027.5 Tax on excess P373,300@25%
Income Tax Payable 56027.5 Income Tax Payable
Quarter 4
773300

30000
93325
123325