Business Partnership GPP

Gross income 900,000 600,000

Deductible expenses 480,000 400,000
Net or Taxable income 420,000 200,000
Tax rate 20%
Income tax due/payable 84,000 EXEMPT

Ivy Glenda
Gross Income, 2024 600,000 650,000
Deductible expenses, 2024 - 120,000 - 230,000
Dividend from foreign corporation 12,000 8,250
Prize, supermarket raffle - 7,500
Share in income of GPP 80,000 120,000
Taxable income 572,000 555,750
Tax due 56,900 53,650

1-a
2-a
3-b
4-c

Taxable JV AAA
Gross income 5,500,000 4,200,000
Expenses - 3,500,000 - 2,800,000
2,000,000 1,400,000
Tax rate - MSME 20% 20%
Tax due 400,000 280,000

5-d
6-d
JV AAA
Gross income 5,500,000 4,200,000
Share in net income of JV 1,200,000
Expenses - 3,500,000 - 2,800,000
2,000,000 2,600,000
Tax rate - MSME 20%
Tax due - 520,000

7. a
 84,000
EXEMPT
56,900
53,650

OOO
3,000,000
- 1,800,000
1,200,000
20%
240,000

400,000
240,000
OOO
3,000,000
800,000
- 1,800,000
2,000,000
20%
400,000

520,000
 1st 2nd
Sales 3,800,000 8,000,000
Cost of Sales 1,400,000 3,500,000
Gross income 2,400,000 4,500,000
OPEX 2,300,000 4,000,000
Net income 100,000 500,000

MCIT 36,000 67,500

RCIT 25,000 125,000

Tax Due (Higher) 36,000 125,000

Excess w/tax on prior year - 15,000 - 15,000
Excess MCIT prior year - 50,000
Taxes withheld
1st Q - 17,000 - 17,000
2nd Q - 32,000
3rd Q
4th Q
Tax paid - 1st Q - 4,000
Tax paid - 2nd Q
Tax paid - 3rd Q
Tax payable
4,000 7,000
15- d 16 - d
 3rd 4th
13,000,000 17,000,000
5,300,000 6,200,000
7,700,000 10,800,000
6,000,000 8,000,000
1,700,000 2,800,000

115,500 162,000
425,000 700,000

425,000 700,000
- 15,000 - 15,000
- 50,000

- 17,000 - 17,000
- 32,000 - 32,000
- 96,000 - 96,000
- 130,000
- 4,000 - 4,000
- 7,000 - 7,000
- 204,000

204,000 195,000
17 - a 18 - a