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  • Rit Rit Rit Rit Rit Rit FT Rit Rit Rit Rit

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    CJAY SOTELO
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    The document provides financial information for a company including revenue from cotton sales, discounts, scrap sales, returns, gains on asset sales, dividend income, interest income, expenses, and depreciation. Total income is over 38 million RIT including net sales of over 37 million RIT, gains of 458,700 RIT, and dividend income of 235,000 RIT. Total deductions are over 29.5 million RIT, leaving taxable income of over 8.7 million RIT.

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    MQ1

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    The document provides financial information for a company including revenue from cotton sales, discounts, scrap sales, returns, gains on asset sales, dividend income, interest income, expenses, and depreciation. Total income is over 38 million RIT including net sales of over 37 million RIT, gains of 458,700 RIT, and dividend income of 235,000 RIT. Total deductions are over 29.5 million RIT, leaving taxable income of over 8.7 million RIT.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    3 views4 pages

    Rit Rit Rit Rit Rit Rit FT Rit Rit Rit Rit

    Uploaded by

    CJAY SOTELO
    The document provides financial information for a company including revenue from cotton sales, discounts, scrap sales, returns, gains on asset sales, dividend income, interest income, expenses, and depreciation. Total income is over 38 million RIT including net sales of over 37 million RIT, gains of 458,700 RIT, and dividend income of 235,000 RIT. Total deductions are over 29.5 million RIT, leaving taxable income of over 8.7 million RIT.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Revenue from sale of regular cotton 33,250,500 RIT

    Cumulative amount of discount from


    1,277,512
    sale of regular cotton RIT
    Sale of regular scrap of manufactured
    5,678,200
    cotton RIT
    Cumulative amount of returns from sale
    225,000
    of scrap RIT
    Gain on sale of factory machinery 125,700 RIT
    Gain on sale of company vehicle used to
    transport manufactured cotton from one 333,000
    factory to another RIT
    Dividend proceeds from BPI, a bank
    585,000
    incorporated in the Philippines FT
    Dividend proceeds from ING, a bank
    235,000
    incorporated in Netherlands RIT
    Interest income on loans to probationary
    128,750
    employees RIT
    Business expenses allowed for
    29,250,200
    deductions, exclusive of depreciation RIT
    Depreciation expense allowed for
    265,000
    deduction RIT

    I. CGT
    II. 20% winnings 5k RIT
    III. 1M tax informer 10% 15M exempt

    a.
    Net sales 37,426,188
    Gain on sale 458,700
    Dividend from foreign bank 235,000
    Interest income 128,750
    Prize - videoke 5000
    Gross income 38,253,638
    b.
    Dividends 235,000
    Interest income 128,750
    Gain on sale 458,700
    Prize - videoke 5000
    827,450
    c.
    Gross income 38,253,638
    Total deductions 29,515,200
    Taxable income 8,738,438

    d.
    Base 2,410,000.00
    Excess of 8m 738,438.00
    35%
    258,453.30
    Total tax due 2,668,453.30

    e.
    Gain on sale of domestic share 125000
    15%
    18,750.00

    f.
    Dividend - 10% 65,000.00
    PCSO winnings - 20% 50,000,000.00
    Tax infomer's reward - 10% 100,000.00
    Total final taxes 50,165,000.00

    g. 15,000,000.00

    Problem 2
    Within Without
    Service fees 600,000.00 678,000.00
    Gain on sale of domestic stocks 70,000.00 -
    Domestic dividends 200,000.00 -
    Interest income from foreign
    bank - 44,000.00
    870,000.00 722,000.00

    Taxpayer - individual FIT CGT


    1. NRA-NETB 800,000.00 70,000.00
    2. NRA-ETB, RA, or NRC 200,000.00 70,000.00
    3. RC 200,000.00 70,000.00

    Taxpayer - corporation FIT CGT


    1. NRFC 800,000.00 70,000.00
    2. RFC - 70,000.00
    3. DC - 70,000.00

    s.
    Total income subject to RIT 1,322,000.00
    Base 130,000.00
    Excess 522,000.00
    30%
    156,600.00
    Total tax due 286,600.00
    t.
    Dividends 200,000.00
    10%
    FIT 20,000.00

    u.
    CG 70,000.00
    15%
    10,500.00
    RIT
    0
    600,000.00
    1,322,000.00

    RIT
    0
    600,000.00
    1,322,000.00

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