[go: up one dir, main page]
Scribd
Upload
3 views3 pages

Additional Deduction

Uploaded by

lucaswife25

The document outlines calculations for gross taxable compensation income, personal deductions, and tax due based on different scenarios. It includes detailed examples of taxable income from business or profession, with deductions and corresponding tax calculations. Each section provides a breakdown of income, deductions, and the resulting tax obligations.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt

Additional Deduction

Uploaded by

lucaswife25
3 views3 pages
The document outlines calculations for gross taxable compensation income, personal deductions, and tax due based on different scenarios. It includes detailed examples of taxable income from business or profession, with deductions and corresponding tax calculations. Each section provides a breakdown of income, deductions, and the resulting tax obligations.

Copyright

© © All Rights Reserved

Available Formats

DOCX, PDF, TXT or read online from Scribd

Did you find this document useful?

Is this content inappropriate?

The document outlines calculations for gross taxable compensation income, personal deductions, and tax due based on different scenarios. It includes detailed examples of taxable income from business or profession, with deductions and corresponding tax calculations. Each section provides a breakdown of income, deductions, and the resulting tax obligations.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
3 views3 pages

Additional Deduction

Uploaded by

lucaswife25
The document outlines calculations for gross taxable compensation income, personal deductions, and tax due based on different scenarios. It includes detailed examples of taxable income from business or profession, with deductions and corresponding tax calculations. Each section provides a breakdown of income, deductions, and the resulting tax obligations.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
You are on page 1/ 3

abhsjdnfnddGross compensation (salary and ₱ 455,000

other business)
Less: Tax exempt 13th month bonus 30,000

Gross taxable compensation income ₱ 425,000

S jdmcmcocmfofkvog

A.

Gross taxable compensation income ₱ 425, 000


Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000

From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000

₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000

B.

Gross taxable compensation income ₱ 425, 000


Less: Personal deduction 50, 000
Less: Additional deduction 25, 000
Net taxable compensation income ₱ 350, 000

From tax table, tax due for ₱ 350, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000

₱ 50, 000 + 30% (₱ 350, 000 – ₱ 250, 000) = ₱ 100, 000

C.

Gross taxable compensation income ₱ 425, 000


Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000

From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000

₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000

D.

Gross taxable compensation income ₱ 425, 000


Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000

From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000

₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000


E.

Gross taxable compensation income ₱ 425, 000


Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000

From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000

₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000

PROBLEM 2

Revenue from consultancy services ₱ 853, 000


Less: 40% standard deductions 341, 000
Taxable income from business or profession ₱ 511, 800

Taxable income from business or profession ₱ 511, 800


Net Taxable compensation income 0
Total taxable income ₱ 511, 800

A.

Personal Deduction ₱ 50,000


Taxable income from business or profession 511, 800
Total taxable income ₱ 461, 800

From tax table, tax due for ₱ 461, 800 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000

₱ 125, 000 + 30% (₱ 461, 800 – ₱ 250, 000) = ₱ 211, 800

B.

Less: Personal deduction ₱ 50, 000


Less: Additional deduction 20, 000
Taxable income from business or profession 511, 000
Total taxable income ₱ 436, 800

From tax table, tax due for ₱ 436, 800 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000

₱ 125, 000 + 30% (₱ 436, 800 – ₱ 250, 000) = ₱ 186, 800

C.

Less: Personal deduction ₱ 50, 000


Less: Additional deduction 75, 000
Taxable income from business or profession 511, 000
Total taxable income ₱ 386, 800

From tax table, tax due for ₱ 386, 800 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000

₱ 125, 000 + 30% (₱ 386, 800 – ₱ 250, 000) = ₱ 136, 800


PROBLEM #3

Sales ₱ 1, 765, 000


Expenses 1,115, 000
Taxable income from business or profession ₱ 650, 000

A.

Taxable income from business or profession ₱ 650, 000


Personal Deduction 50, 000
Total taxable income ₱ 600, 000

From tax table, tax due for ₱ 600, 000 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000

₱ 125, 000 + 30% (₱ 600, 000 – ₱ 250, 000) = ₱ 350, 000

B.

Taxable income from business or profession ₱ 650, 000


Personal Deduction 50, 000
Additional Deduction 75, 000
Total taxable income ₱ 525, 000

From tax table, tax due for ₱ 525, 000 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000

₱ 125, 000 + 30% (₱ 525, 000 – ₱ 250, 000) = ₱ 275, 000

You might also like