Color legend: red-mali green/yellow-tama blue-for try SA PAGSAGOT WALANG COMMA

DAPAT HA!
Income Tax Payable of COMPANY:
For the taxable year 2018, Ron and Nor,
partners of a general professional partnership
GPP
agreed to divide profits and losses 60:40,
respectively. Both are married without ITEMIZED OSD
qualified dependents. The ff are the details of
Gross Income 1,730,000 1,730,000
the accounts:
Deductible 580,000 692,000
Sales of 2,450,000 Expenses
services, GPP
Net Income 1,150,000 1,038,000
Cost of 720,000
services, GPP Income Tax Due Exempt/ 0 Exempt/ 0

Itemized 580,000
deductions,
Distributive (1,150,000 x %) (1,038,000 x %)
GPP
Share
RON (60%) NOR (40%)
Ron (60%) 690,000 622,800
Interest on 5,000 16,000
bank deposit Nor (40%) 460,000 415,200

Salaries from 240,000 180,000 Income Tax Payable of RON:

GPP

Book Royalties 160,000 GPP

Gross Receipts 450,000 ITEMIZED OSD

from business
(not GPP) Gross (690,000 455,000
Income - 235,000) = 470,000
Cost of sales – 230,000 455,000 920,000
business (240,000+23 1,132,800
0,000) =
Itemized 145,000 470,000
deductions – 920,000
from business 1132800

Deductible 145,000 182,000

The partners agree shall compute their own
Expenses 188000
business income the same as how the GPP 368000
compute its income. 453120

Gross Income = Sales of Service – Cost of Net Income 310,000 273,000

Service 325,000 282,000
775,000 552,000
Gross Income = (Salaries from GPP + Gross 987800 679680
Receipts) – (interest + cost of sales)
Share from 195,000idk 169200idk
partnership 690000 622800
Tama pu ba itu wahehehehe ^ yan po ginamit
ko sa comp wali po miss eh huhu
Color legend: red-mali green/yellow-tama blue-for try SA PAGSAGOT WALANG COMMA
DAPAT HA!

Total taxable 1,000,000 895,800 Gross 164,000 164,000

income 1,015,000 904,800 Income 180,000 180,000
1,465,000 1,174,800
75000 270000 Deductible 0 65,600
1677800 1132800 Expenses

Net Income 164,000 98,400

Wahahaha di ko alam kung nasa tamang 180,000 114,400
landas pa ba ko,,,, 72000
574400
Oi total income at net income same lang ba
‘yon o gross income dapat?? GROSS ATA BHIEE Share from 460,000 415,200
partnership
Income tax due of RON:
Total taxable 624,000 513,600
income 640,000 529,600
ITEMIZED OSD 1100000 487200
989600
Total taxable 1,000,000 895,800
income 1,015,000 904,800
1465000 1174800 Income tax due of NOR:
75000 270,000
1132800 ITEMIZED OSD

190,000 -- Total taxable 624,000 513,600

Excess 194,500 income 640,000 529,600
665,000 x 329,500 487200
30% 989600
First 800,000
86,000 --
Add 130,000 Excess 90,000
240,000 x
Excess -- 158,740 25%
374,800 x 161,440 First 400,000
30% 242,440 Add 30,000
First 800,000
Add 130,000
Excess -- 58,400
Less CWT 69,000 62,280 129600 x 62,400
25% 51800
Payable/Ref 121,000 96,460 First 400,000
und 125,500 99,160 Add 30,000
260,500 180,160
0 [exempt] 4000 Less CWT 46,000 41,520
6000 229840
Payable/Ref 40,000 16,880
Income Tax Payable of NOR: und 44,000 20,880
10280
186880
GPP

ITEMIZED OSD
Color legend: red-mali green/yellow-tama blue-for try SA PAGSAGOT WALANG COMMA
DAPAT HA!
1. The total allowable deductions from the
partnership gross, assuming the partnership
uses itemized deduction is 580000
2. The gross income of the partnership,
assuming that the partnership uses itemized
deduction is 1730000
3. The share of Ron from the distributable
income of the partnership, assuming that the
partnership uses optional standard deduction
(OSD) is 622800
4. The taxable income of the partnership,
assuming the partnership uses optional
standard deduction (OSD) is 0
5. The gross income of the partnership,
assuming the partnership uses optional
standard deduction (OSD) is 1730000
6. The distributable income of the
partnership, assuming the partnership uses
optional standard deduction (OSD) is 1038000
7. The distributable net income of the
partnership, assuming that partnership uses
itemized deduction is 1150000
8. Income tax due and still payable on Ron’s
taxable income computed under itemized
deduction is 191500 121000 125500 260500
0 6000 121250
9. The total taxable income of Nor assuming
itemized deduction is use 624000 640000
600000 180000 1100000
10. Income tax due and still payable on Ron’s
taxable income computed using itemized
deduction is 121000 125500 260500 191500
0 try
11. Total income of Nor computed under
itemized deduction is 164000 640000
12. Income tax due and still payable on Nor’s
taxable income computed using itemized
deduction is 40000 20000 48480 44000 90000
13. The taxable business income of Ron,
assuming he uses itemized deduction is 75000
14. Taxable business income of Ron computed
under optional standard deduction (OSD) is
270000
15. Income tax due and still payable on Nor’s
taxable income computed under optional
standard deduction (OSD) is 16880 60800
20880 60800 10280 186880 48480
16. The total taxable income of Nor, under
optional standard deduction (OSD) is
17. The share of Ron from the distributable
net income of the partnership, assuming
itemized detaxable income of ronduction is
use is 690000
18. Total income of RON computed under
optional standard deduction (OSD) is
1132800
19. The total taxable income of Ron, under
itemized deduction is 1015000 1465000
1065000 75000 1677800 try 765000 try
20. The share of Nor from the distributable
net income of the partnership, assuming that
the partnership uses itemized deduction is
460000
21. The total income of Nor income computed
under optional standard (OSD) deduction is
Color legend: red-mali green/yellow-tama blue-for try SA PAGSAGOT WALANG COMMA
DAPAT HA!
114400 523200 640000 595200 415200
180000

22. The taxable net income of the partnership,

assuming that the partnership uses itemized
deductions 1645000 1150000 0

23. The total allowable deductions from the

partnership gross income, assuming the
partnership uses optional standard deduction
(OSD) is 692000

24. The total taxable income of Ron, under

optional standard (OSD) deduction is 806800
1174800 132040 270000 1302480 892800

25. The share of Nor from the distributable

net income of the partnership, assuming that
the partnership uses optional standard
deduction (OSD) is 415200

26. Total income of RON computed under

itemized deduction is 1315000 1132800
75000

27. The taxable net income of the partnership,

assuming that the partnership uses optional
standard deduction (OSD) is 0