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  • INCOME TAX Part 1

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    honeylove u
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    The document contains 9 sections that provide financial information for different businesses, including gross sales or receipts, costs of goods sold and other operating expenses, taxable income, and income tax payable calculations. Sections 4-7 show individual business financial statements, while sections 8-9 provide consolidated financial information by combining figures from multiple businesses.

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    Individual taxpayers

    Original Title

    INCOME TAX part 1

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    The document contains 9 sections that provide financial information for different businesses, including gross sales or receipts, costs of goods sold and other operating expenses, taxable income, and income tax payable calculations. Sections 4-7 show individual business financial statements, while sections 8-9 provide consolidated financial information by combining figures from multiple businesses.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    INCOME TAX Part 1

    Uploaded by

    honeylove u
    The document contains 9 sections that provide financial information for different businesses, including gross sales or receipts, costs of goods sold and other operating expenses, taxable income, and income tax payable calculations. Sections 4-7 show individual business financial statements, while sections 8-9 provide consolidated financial information by combining figures from multiple businesses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    (4) Gross sales 2,800,000.

    00 (4)
    COS (1,200,000.00)
    OE (650,000.00)
    Rent income 400,000.00
    Taxable income 1,350,000.00
    Tax due:
    1st 800,000 102,500.00
    Excess 137,500.00
    Income tax payable 240,000.00

    Not applicable - Gross


    sales and other income
    exceeded VAT threshold
    (5) of 3,000,000. (5)

    (6) Gross receipts 4,000,000.00 (6)


    Cost of direct services (1,800,000.00)
    Other operating
    expenses (825,000.00)
    Taxable income 1,375,000.00
    Tax due:
    1st 800,000 102,500.00
    Excess 143,750.00
    Income tax payable 246,250.00

    Not applicable - Gross


    receipts exceeded VAT
    (7) threshold of 3,000 000. (7)

    (8) Compensation income 1,400,000.00 (8)


    Gross sales 2,800,000.00
    COS (1,200,000.00)
    OE (650,000.00)
    Taxable income 2,350,000.00
    Tax due:
    1st 2,000,000 402,500.00
    Excess 105,000.00
    Less: Withholding tax on: 507,500.00
    Compensation income (310,000.00)
    Business income (80,000.00)
    Income tax payable 117,500.00

    (9) Gross sales 2,800,000.00 (9)


    Multiply by 0.08
    224,000.00
    Add: Tax due on
    compensation income
    1st 800,000 102,500.00
    Excess 150,000.00 252,500.00
    Tax due 476,500.00

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