Contract amount = ₱960,118.

67

FIRST BILLING (60%)

Contract amount x 60% = ₱576,071.20

Withholding TAX = ₱10,286.99
VAT = ₱25,717.46
Retention (10%) = ₱57,607.12
Amount due = ₱482,459.63

Deductibles
(ROYALTY 6.5%) = ₱31,359.88
(S.O.P 2%) = ₱9,649.19
Amount received = ₱441,450.56

FINAL BILLING (100% )

Contract amount - 1st BILLING = ₱384,047.47

Withholding TAX = ₱6,857.99
VAT = ₱17,144.98
Amount due = ₱360,044.50

Deductibles
(ROYALTY 6.5%) = ₱23,402.89
(S.O.P 2%) = ₱7,200.89
Amount received = ₱329,440.72

TOTAL AMOUNT RECEIVED = ₱770,891.28