TASK

CF02

JORGE GARCÍA FERNANDEZ.

SACOMA, S.A. is a company engaged in the commercialization and distribution of

fuels to homes. The company, located in Cadiz, develops its normal activity
throughout 20X0 and now on December 31 it is going to proceed to calculate the
Corporate Income Tax for the year, its profit amounts to 285,000 euros, the tax rate is
30%, and it has to take into account the following:

1. The company purchases computers for the amount of 6,000 euros, the useful
life is estimated at 3 years, although for tax purposes it is depreciated in 4
years.
2. The company acquired a machine for product extraction for 36,000 euros, with
an estimated useful life of 10 years, although for tax purposes it is depreciated
in 3 years.
3. The company has accumulated penalties for some traffic fines that it has
accounted for, amounting to 2,800 euros.
4. The company invested in a new tanker truck for the transport of goods, and
wants to take advantage of the deduction (Art.39 LIS) that would correspond
to it according to the calculations based on the provisions of the Law and the
Regulation (for compliance with the gas emission requirements according to
Directive 88/77/EEC), which amounts to 5,450 euros.
5. At December 31, 20X2, the Company considered it appropriate to set aside a
provision for bad debts of a customer that it knew was in a bad financial
situation, and that it was likely to file for bankruptcy in the coming months.
The balance of €13,000 was due and outstanding since October 30.
6. The company has recorded withholdings and payments on account amounting
to 62,300 euros.
7. The company pays the Head of Administration 35,000 euros, including fixed
and variable compensation. On October 30, the company dismissed the
aforementioned manager, acknowledged the unfairness of the dismissal and
accepted the request for compensation requested by the lawyer, amounting to
60,000 euros. The income tax withholdings that have been made are 7,000
euros, the social security paid by the employee is 2,860 euros.
8. The Chief Administrative Officer is single and has no children. She does not
own her own home and lives with her parents. It does not have any other type
of income. He belongs to a union to which he pays 40 euros every three
months.
9. The head of administration has planned to create a company savings account,
with a balance of 9,000 euros of the amount received as severance pay.

Perform the 20X0 corporate income tax calculation and the corresponding journal
entries as of December 31. It also performs the calculation of the Head of
Administration's Personal Income Tax for fiscal year 20X0.

TAX ASSESSMENT

± PROFIT BEFORE TAXES (BAI) 285000

± PERMANENT DIFFERENCES (TRAFFIC SANCTION) 2.800
 ± TEMPORARY DIFFERENCES (COMPUTER AMORTIZATION) 500
±TEMPORARY DIFFERENCES (MACHINE DEPRECIATION) -8.400
± TEMPORARY DIFFERENCES (CUSTOMER PROVISION) 13.000

±TAX RESULT (RF) 292.900

TAX LOSS CARRYFORWARDS PRIOR YEARS
± TAXABLE INCOME 292.900
TAX RATE 30%
+ FULL TEXT 87.870
- DEDUCTIONS AND ALLOWANCES -5.450
+ NET QUOTA 82.420
- WITHHOLDINGS AND PAYMENTS ON ACCOUNT -62.300
±DIFFERENTIAL RATE 20.120

Accounting-tax depreciation table corresponding to the different accounting and tax

depreciation rate (computers)

QUOTA
AMORT. TAX
YEAR DIFFERENCE ADJUSTMENT
ACCOUNT DEPRECIAT
S (25% of
ANT ION
the
difference
)
X1 2.000 1.500 500 125
X2 2.000 1.500 500 125
X3 2.000 1.500 500 125
X4 1.500 -1500 -375
Total 6.000 6.000 0,00 0,00

Accounting-tax depreciation table corresponding to the different accounting and tax

depreciation rate (machine)

QUOTA
AMORT. TAX
YEAR DIFFERENCE ADJUSTMENT
ACCOUNT DEPRECIAT
S (25% of
ANT ION
the
difference
)
X1 3.600 12.000 -8.400 -2.100
X2 3.600 12.000 -8.400 -2.100
X3 3.600 12.000 -8.400 -2.100
X4 3.600 3.600 900
X5 3.600 3.600 900
X6 3.600 3.600 900
3.600 3.600 900
3.600 3.600 900
3.600 3.600 900
3.600 3.600 900
Total 36.000 36.000 0,00 0,00
 For the annual tax return

ACCOUNT TITLE ACCOUNT MUST HAVE

NO.
6300 Current tax 82.420 €
473 Taxes, withholdings and payments to 62.300 €
account
4752 Treasury Public, creditor by 20.120 €
deductions made

For the temporary difference of computer depreciation and the customer's provision

13000 x 25% = 3250

3250 + 125 = 3375

ACCOUNT TITLE ACCOUNT MUS HAVE

NO. T
6301 Deferred tax 3.375€
4740 Assets due to temporary differences
3.375 €
deductibles

For the temporary difference of the machine

ACCOUNT TITLE ACCOUNT MUS HAVE

NO. T
6301 Deferred tax 2.100 €
479 Liabilities for temporary differences
2.100 €
taxable
IRPF

40 x 4 = 160 union

The deduction for company savings account is eliminated.

https://www.agenciatributaria.es/AEAT.internet/Inicio/_Segmentos_/Ciudadanos/
Minimos__reducciones_y_deducciones_en_el_IRPF/
Deducciones_que_cambian_por_ley_26_2014/Cuenta_ahorro_empresa.shtml

The 60000 of the indemnity is not taxable since it does not exceed 180,000 euros.

https://loentiendo.com/tributacion-indemnizacion-por-despido-irpf/#:~:text=La
%20indemnizaci%C3%B3n%20por%20despido%20se,relaci%C3%B3n%20laboral%20con%20la
%20empresa.&text=El%20importe%20de%20la%20indemnizaci%C3%B3n,la%20cantidad
%20de%20180.000%20euros.%E2%80%9D

As of 2015, the general reduction of €2652 will disappear. As of July 5, 2018 there is no
reduction above 16825€
https://www.supercontable.com/informacion/impuesto_renta_IRPF/Reduccion_de_Rendimie
nto_neto_del_Trabajo_en_el_IRPF..html

Full cash yield 35.00

0
Social Security 2.860
Dues paid to labor unions 160
Net yield 31.98
0
Reductions
Reduced net income
General taxable income 31.98
0
Reductions *
General net taxable income 31.98
0
 General net taxable income 31980
Taxpayer's personal minimum 5.550,0
0
Taxation of the state general net taxable 3.879,7
base 5
Taxation of the autonomous community's 3.910,8
general net taxable base 8
Application of the personal minimum tax 527,25
State Integrated Quota 3.262,2
5
Integra Autonomous Quota 3.383,6
3
Deductions -
State Liquidated Quota 6.486,8
3
Autonomous Community Net Quota 6.645,8
8
Total CUOTA LIQUIDA 13.132,
71
Withholdings and payments on account 7.000,0
0
Differential Fee 6.132,7
1

Full state quota

Up to 20,200 2.112,75
Remaining (31,980 - 20,200) x 15%. 1.767
Minimum 5.550 x 9.5% 527,25
3.879,75

Autonomous community tax

Up to 20,200 2.143,88
Remaining (31,980 - 20,200) x 15%. 1.767
Minimum 5.550 x 9.5% 527,25
3.383,63