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  • First Quarter

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    Rose Jane Atabay
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    The document contains financial information for a business over multiple quarters and years. It includes gross income, deductions, taxable income, income tax calculations applying different tax rates, and tax credits that reduce the amount owed. The business owes $6,300 in income tax for the first quarter based on $31,500 in taxable income taxed at 20%.

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    The document contains financial information for a business over multiple quarters and years. It includes gross income, deductions, taxable income, income tax calculations applying different tax rates, and tax credits that reduce the amount owed. The business owes $6,300 in income tax for the first quarter based on $31,500 in taxable income taxed at 20%.

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    2 views23 pages

    First Quarter

    Uploaded by

    Rose Jane Atabay
    The document contains financial information for a business over multiple quarters and years. It includes gross income, deductions, taxable income, income tax calculations applying different tax rates, and tax credits that reduce the amount owed. The business owes $6,300 in income tax for the first quarter based on $31,500 in taxable income taxed at 20%.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 23

    FIRST QUARTER

    Gross Income 1,920,000.00


    Less: Deductions (1,440,000.00)
    Taxable Income 480,000.00 Q1
    Multiply: Tax Rate 20%
    Income Tax Due, This Quarter 96,000.00
    Less: Tax Credit (36,000.00)
    Income Tax Due, This Quarter 60,000.00
    SECOND QUARTER

    Gross Income 3,840,000.00


    Less: Deductions (2,880,000.00)
    Taxable Income 960,000.00
    Multiply: Tax Rate 20%
    Tax Due 192,000.00 Q2
    Less: Tax Credit 48,000.00
    Tax Due, First Quarter 96,000.00 - 144,000.00
    Income Tax Due, This Quarter 48,000.00
    THIRD QUARTER

    Gross Income 5,760,000.00


    Less: Deductions - 4,080,000.00
    Taxable Income 1,680,000.00
    Multiply: Tax Rate 25%
    Tax Due 420,000.00 Q3
    Less: Tax Credit 72,000.00
    Tax Due, Second Quarter 192,000.00 - 264,000.00
    Income Tax Due, This Quarter 156,000.00
    YEAR

    Gross Income 7,440,000.00


    Less: Deductions - 5,040,000.00
    Taxable Income 2,400,000.00
    Multiply: Tax Rate 25%
    Tax Due 600,000.00
    Less: Tax Credit 120,000.00
    Tax Due, Third Quarter 420,000.00 - 540,000.00
    Income Tax Due, This Quarter 60,000.00
    Q4
    FIRST QUARTER

    Gross Income 2,560,000.00


    Less: Deductions - 1,920,000.00
    Taxable Income 640,000.00
    Multiply: Tax Rate 20%
    Tax Due 128,000.00
    Less: Tax Credit 48,000.00
    Tax Refund 32,000.00 - 80,000.00
    Income Tax Due, This Quarter 48,000.00
    SECOND QUARTER

    Gross Income
    Less: Deductions
    Taxable Income
    Multiply: Tax Rate
    Q5 Tax Due
    Less: Tax Credit 64,000.00
    Tax Due, First Quarter 128,000.00
    Income Tax Due, This Quarter
    THIRD QUARTER

    5,120,000.00 Gross Income


    - 3,840,000.00 Less: Deductions
    1,280,000.00 Taxable Income
    25% Multiply: Tax Rate
    320,000.00 Tax Due
    Less: Tax Credit 96,000.00
    - 192,000.00 Tax Due, Second Quarter 320,000.00
    128,000.00 Q6 Income Tax Due, This Quarter
    YEAR

    7,680,000.00 Gross Income


    - 5,440,000.00 Less: Deductions
    2,240,000.00 Taxable Income
    25% Multiply: Tax Rate
    560,000.00 Tax Due
    Less: Tax Credit
    - 416,000.00 Tax Due, Third Quarter
    144,000.00 Q7 Income Tax Due, This Quarter
    FINAL TAX
    YEAR
    (Interest Philippine Currency Bank Deposit)

    9,920,000.00 64,000 20%


    - 6,720,000.00
    3,200,000.00
    25%
    800,000.00
    160,000.00
    560,000.00 - 720,000.00
    80,000.00 Q8
    FINAL TAX

    pine Currency Bank Deposit)

    12,800 Q9
    FIRST QUARTER

    Gross Income 3,200,000.00


    Less: Deductions - 2,400,000.00
    Taxable Income 800,000.00
    Multiply: Tax Rate 20%
    Tax Due 160,000.00
    Less: Tax Credit 60,000.00
    Tax Refund 40,000.00 - 100,000.00
    Income Tax Due, This Quarter 60,000.00
    SECOND QUARTER

    Gross Income
    Less: Deductions
    Taxable Income
    Multiply: Tax Rate
    Tax Due
    Less: Tax Credit 80,000.00
    Tax Due, First Quarter 160,000.00
    Q1 Income Tax Due, This Quarter
    THIRD QUARTER

    6,400,000.00 Gross Income


    - 4,800,000.00 Less: Deductions
    1,600,000.00 Taxable Income
    25% Multiply: Tax Rate
    400,000.00 Tax Due
    Less: Tax Credit 120,000.00
    - 240,000.00 Tax Due, Second Quarter 400,000.00
    160,000.00 Q2 Income Tax Due, This Quarter
    YEAR

    9,600,000.00 Gross Income


    - 6,800,000.00 Less: Deductions
    2,800,000.00 Taxable Income
    25% Multiply: Tax Rate
    700,000.00 Tax Due
    Less: Tax Credit
    - 520,000.00 Tax Due, Third Quarter
    180,000.00 Q3 Income Tax Due, This Quarter
    CAPITAL GAINS TAX
    YEAR
    Sale of Shares

    12,400,000.00 200,000 15%


    - 8,400,000.00
    4,000,000.00
    25%
    FINAL TAX
    1,000,000.00
    200,000.00 Dividends Received from Domestic Corp.
    700,000.00 - 900,000.00
    100,000.00 Q4 EXEMPT

    FINAL TAX

    (Interest Philippine Currency Bank Deposit)

    80,000 20%
    TAL GAINS TAX

    Sale of Shares

    30,000 Q5

    FINAL TAX

    eived from Domestic Corp.

    Zero Q6

    FINAL TAX

    pine Currency Bank Deposit)

    16,000 Q7
    FIRST QUARTER

    Sales 180,000.00
    Dividends Income from a Resident Corp. 1,800.00
    Rent Income 7,200.00 189,000.00
    Less: Cost of Sales - 45,000.00
    Gross Income 144,000.00
    Less: Allowable Deductions
    Municipal Taxes 4,500.00
    Business Expenses 108,000.00 - 112,500.00
    Normal Tax Taxable Income 31,500.00
    Multiply: Tax Rate 20%
    Normal Income Tax 6,300.00
    Less: Income Tax, previous Quarter -
    Income Tax Due Q1 6,300.00
    SECOND QUARTER THIRD QUARTER YEAR

    405,000.00 675,000.00 1,080,000.00


    3,600.00 5,400.00 7,200.00
    14,400.00 423,000.00 21,600.00 702,000.00 28,800.00
    - 108,000.00 - 166,500.00
    315,000.00 535,500.00

    9,000.00 13,500.00 18,000.00


    234,000.00 - 243,000.00 369,000.00 - 382,500.00 657,000.00
    72,000.00 Q3 153,000.00
    20% 20%
    Q2 14,400.00 30,600.00
    - 6,300.00 - 14,400.00
    8,100.00 16,200.00 Q4
    YEAR

    1,116,000.00
    - 270,000.00
    846,000.00

    - 675,000.00
    171,000.00
    20%
    34,200.00
    - 30,600.00
    3,600.00
    FIRST QUARTER

    Sales 220,000.00
    Dividends Income from a R-Corp 2,200.00
    Rent Income 8,800.00
    Refund of City Taxes - 231,000.00
    Less: Cost of Sales - 55,000.00
    Gross Income 176,000.00
    Less: Allowable Deductions
    City Taxes 5,500.00
    Business Expenses 132,000.00 - 137,500.00
    Normal Tax Taxable Income 38,500.00
    Multiply: Tax Rate 20%
    Normal Income Tax 7,700.00
    Less: Income Tax, previous Quarter 0
    Income Tax Due 7,700.00

    Legend:
    Q5
    Q6
    Q7
    Q8
    Q9
    Q10
    Q11
    SECOND QUARTER THIRD QUARTER YEAR

    495,000.00 825,000.00 1,320,000.00


    4,400.00 6,600.00 8,800.00
    17,600.00 26,400.00 35,200.00
    - 517,000.00 - 858,000.00 13,200.00
    - 132,000.00 - 203,500.00
    385,000.00 654,500.00

    11,000.00 16,500.00 22,000.00


    286,000.00 - 297,000.00 451,000.00 - 467,500.00 803,000.00
    88,000.00 187,000.00
    20% 20%
    17,600.00 37,400.00
    - 7,700.00 - 17,600.00
    9,900.00 19,800.00
    YEAR

    1,377,200.00
    - 330,000.00
    1,047,200.00

    - 825,000.00
    222,200.00
    20%
    44,440.00
    - 37,400.00
    7,040.00

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