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    Janus Elizalde Income Tax Liability For The Year Will Be Computed As Follows

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    CHARMAINE ROSE CABLAYAN
    This document outlines an individual's income and tax liability calculations for 2020. It shows the individual's gross salary of ₱180,000 plus benefits of ₱169,000 for a total gross compensation of ₱349,000. Mandatory contributions were then subtracted leaving a taxable income of ₱223,810. A second section shows the individual's gross receipts from professional services of ₱680,000, and calculates their tax liability under both the 8% tax rate and optional standard deduction methods. Under the 8% method the tax due is ₱33,625.75 and under the optional standard deduction method the tax due is ₱30,425.75.

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    Janus Elizalde Income Tax Liability For The Year Will Be Computed As Follows

    Uploaded by

    CHARMAINE ROSE CABLAYAN
    31 views2 pages
    This document outlines an individual's income and tax liability calculations for 2020. It shows the individual's gross salary of ₱180,000 plus benefits of ₱169,000 for a total gross compensation of ₱349,000. Mandatory contributions were then subtracted leaving a taxable income of ₱223,810. A second section shows the individual's gross receipts from professional services of ₱680,000, and calculates their tax liability under both the 8% tax rate and optional standard deduction methods. Under the 8% method the tax due is ₱33,625.75 and under the optional standard deduction method the tax due is ₱30,425.75.

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    TAXATION ASSIGNMENT.xlsx

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    This document outlines an individual's income and tax liability calculations for 2020. It shows the individual's gross salary of ₱180,000 plus benefits of ₱169,000 for a total gross compensation of ₱349,000. Mandatory contributions were then subtracted leaving a taxable income of ₱223,810. A second section shows the individual's gross receipts from professional services of ₱680,000, and calculates their tax liability under both the 8% tax rate and optional standard deduction methods. Under the 8% method the tax due is ₱33,625.75 and under the optional standard deduction method the tax due is ₱30,425.75.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    31 views2 pages

    Janus Elizalde Income Tax Liability For The Year Will Be Computed As Follows

    Uploaded by

    CHARMAINE ROSE CABLAYAN
    This document outlines an individual's income and tax liability calculations for 2020. It shows the individual's gross salary of ₱180,000 plus benefits of ₱169,000 for a total gross compensation of ₱349,000. Mandatory contributions were then subtracted leaving a taxable income of ₱223,810. A second section shows the individual's gross receipts from professional services of ₱680,000, and calculates their tax liability under both the 8% tax rate and optional standard deduction methods. Under the 8% method the tax due is ₱33,625.75 and under the optional standard deduction method the tax due is ₱30,425.75.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    of 2

    Gross Annual Salary (P15000 x 12 months) ₱ 180,000.

    00
    Add: 13th month pay and other benefits
    13th month pay ₱ 15,000.00
    Rice Allowance 36,000.00
    Economic Packages 18,000.00
    Productivity Bonus 100,000.00 169,000.00
    Gross Compensation Income 349,000.00
    Less: Mandatory Contributions
    SSS (P545x 12 months) ₱ 6,540.00
    Philhealth (P187.50 x 12 months) 2,250.00
    PAG-IBIG (P100x 12 months) 1,200.00
    Union Dues (P100 x 12 months) 1,200.00 11,190.00
    Exemptions (P90000+24000) 114,000.00
    Taxable Compensation Income ₱ 223,810.00

    Janus Elizalde income tax liability for the year will be computed as follows:

    His Tax Due for 2020 shall be computed as follows if he opted to be taxed at eight percent(8%)
    income tax rate on his gross receipt for his income from practice of profession

    Gross Receipts ₱ 680,000.00


    Add: Interest income from loan ₱ 10,000
    Prize 5,000 15,000.00
    Total ₱ 695,000.00
    Multiplied by : Tax rate 8%
    Taxable income from practice of profession ₱ 55,600
    Add: Tax Due on Compensation income 0.00
    Tax Payable ₱ 55,600.00
    Less: Expanded Withholding Tax (Retainer's Fee) 12,000.00
    Creditable Withholding Tax (P906.75 x 11 months) 9,974.25
    Tax Due ₱ 33,625.75

    His Tax Due for 2020 shall be computed as follows if he opted to be taxed
    using the Optional Standard Deduction
    Gross receipts ₱ 680,000.00
    Less: Optional Standard Deduction (OSD)
    Gross receipts ₱ 680,000.00
    Mulitplied by : OSD Rate 40% 272,000.00
    213,810 = no tax
    Add: Taxable Net Compensation Income liability 0.00
    Taxable income ₱ 408,000.00
    30,000 + 2,000 (25%
    Tax Rate excess of 400k)
    Other Percentage T ax(3%) 20,400.00
    Tax payable ₱ 52,400.00
    Less: Expanded Withholding Tax (Retainer's Fee) 12,000.00
    Creditable Withholding Tax (P906.75 x 11 months) 9,974.25
    Tax Due ₱ 30,425.75

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