St. Camillus College of Manaoag, Inc.

Philippine Tax System and Income Taxation

Midterm Quiz No. 2

Mr. NogNog is engaged in a business of computer rental. Its gross receipts for the year 2015 were as follows:
January 50,000.00 May 90,000.00 September 55,000.00
February 80,000.00 June 45.000.00 October 75.000.00
March 20,000.00 July 25,000.00 November 60,000.00
April 30,000.00 August 35,000.00 December 40,000.00
Mr. NogNog uses Optional Standard Deduction in lieu of its actual expense.
Requirement:
1. 1st quarter income tax 3. 2nd quarter income tax
2. 3rd quarter income tax 4. Annual income tax/income tax for 2015

Gross receipts
1st Quarter 500,000.00
2nd Quarter 800,000.00
rd
3 Quarter 300,000.00
4th Quarter 600,000.00
Additional information:
 The taxpayer uses OSD
 The taxpayer has the following dependents:
-Mario, 16 yrs. old, unmarried and unemployed
-Liza, 12 yrs. old, illegitimate, unmarried and unemployed
-Matutina, legitimate child, 19 yrs. old, unemployed but married
Requirement:
5. 1st quarter income tax 7. 2nd quarter income tax
6. 3rd quarter income tax 8. Annual income tax

ABC, Inc. is a domestic corporation engaged in fast food business in the Philippines and has branches abroad. Data
pertaining to company’s taxable net income and taxes paid were as follows:
Taxes paid
Taxable Net Income, Indonesia 2,500,000 100,000
Taxable Net Income, Brunei 3,000,000 220,000
Taxable Net Income, Japan 1,500,000 300,000
Taxable Net Income, China 5,000,000 420,000
Taxable Net Income, Italy 3,500,000 285,000
Taxable Net Income, Philippines 4,500,000
Requirement:
9. Compute for the tax credit
10. Compute for the income tax due and payable

Mr. Amansec is a resident citizen who earned a lot for the taxable year 2016. His incomes were all identified which came
from a bunch of sources. Given the following data below, compute for the corresponding income tax.

1. Cash prize of P30,000 20%

2. Royalties from books amounting to P150,000 10%
3. Interest income of P57,000 from peso savings deposit 20%
4. Share in the net profit of a partnership, P23,500 10%
5. Cash dividend of P17,000 10%
6. Interest of P49,000 from a depository bank under FCDS 15%
7. Other winnings, P100,000 20%
8. Interest income of P63,800 on peso time deposit 20%
9. Property dividend in the amount of P230,000 10%
10. Royalties of P50,000 from a musical composition 10%
11. Sale of shares listed & traded in PSE, P30,000 half of 1%
12. Yield or other monetary benefit from trust fund, P10,000 20%
13. Interest income of P85,000 from long term deposit
With a holding period of 3 ½ years 12%
14. P20,000 royalty from literary work 10%
15. Share in the net profit of a partnership, P72,800 10%