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  • 06 Quiz 1 Income Tax

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    Karylle Comia
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    The document contains two examples of calculating taxable income, one using itemized deductions and one using the optional standard deduction. The first example calculates taxable income as 2,005,000 PHP by taking gross income of 6,000,000 PHP and subtracting itemized operating expenses of 4,000,000 PHP with vouchers and 500,000 PHP without vouchers. The second example calculates taxable income as 4,705,000 PHP by taking gross income of 6,000,000 PHP and subtracting 40% of operating expenses as the standard deduction of 1,800,000 PHP.

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    The document contains two examples of calculating taxable income, one using itemized deductions and one using the optional standard deduction. The first example calculates taxable income as 2,005,000 PHP by taking gross income of 6,000,000 PHP and subtracting itemized operating expenses of 4,000,000 PHP with vouchers and 500,000 PHP without vouchers. The second example calculates taxable income as 4,705,000 PHP by taking gross income of 6,000,000 PHP and subtracting 40% of operating expenses as the standard deduction of 1,800,000 PHP.

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    © All Rights Reserved
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    92 views1 page

    06 Quiz 1 Income Tax

    Uploaded by

    Karylle Comia
    The document contains two examples of calculating taxable income, one using itemized deductions and one using the optional standard deduction. The first example calculates taxable income as 2,005,000 PHP by taking gross income of 6,000,000 PHP and subtracting itemized operating expenses of 4,000,000 PHP with vouchers and 500,000 PHP without vouchers. The second example calculates taxable income as 4,705,000 PHP by taking gross income of 6,000,000 PHP and subtracting 40% of operating expenses as the standard deduction of 1,800,000 PHP.

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    © All Rights Reserved
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    of 1

    Donalyn F Manzo BSA 1.

    Income tax Quiz

    1. Itemized Deduction
    Gross sales Php 9,350,000.00
    Sales returns and allowances 250,000.00
    Sales discount 100,000.00
    Net sales 9,000,000.00
    Cost of sales (3,000,000.00)
    Gross income 6,000,000.00
    Interest income 150,000.00
    Other income 50,000.00
    Interest income from saving deposit 80,000.00
    Interest income from the deposit under (FCDS) 125,000.00
    Royalty income 100,000.00
    OPEX with vouchers and receipts (4,000,000.00)
    OPEX without voucher and receipts (500,000.00)
    Taxable income Php 2,005,000.00

    2. Optional standard deduction


    Gross sales Php 9,350,000.00
    Sales returns and allowances 250,000.00
    Sales discount 100,000.00
    Net sales 9,000,000.00
    Cost of sales (3,000,000.00)
    Gross income 6,000,000.00
    Interest income 150,000.00
    Other income 50,000.00
    Interest income from saving deposit 80,000.00
    Interest income from the deposit under (FCDS) 125,000.00
    Royalty income 100,000.00
    Operating Expenses (4,500,000.00*40%) (1,800,000.00)
    Taxable Income Php 4,705,000.00

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