TAXATION: Individual Tax ITR Preparation R.C.

Pendon
2021
Background

Ms. Park is resident and a natural born Filipino citizen. She is also a licensed CPA, currently
employed with Vezuzo Cazli Corp. After saving up enough cash, she entered into a franchise
agreement to operate Koomilk, an ever-growing yogurt shake business, as a sole proprietorship.
She will open the shop in Makati City. See the attached DTI registration.

Even if she invested in her own business, she still intends to stay with her current employers.

Client’s Needs

Ms. Park want to engage your services to help file her annual ITR for the year 2020. See Annex
A and B for income data.

Client’s Information

Tax Identification Number - 130-605-888-0000

First Name - Jenny Mae

Middle Name - Kim

Last Name - Park

Birthday - June 12, 1995

Birth place - Quezon City

Residential Address - 376 L. Gonzales Street, Mandaluyong City, Metro Manila

Business Information

Business Name - Park, Drink, Yogurt and Etc. Food Station

Business Address - 105 dela Costa Street, Salcedo Village City, Makati City

Employer’s Information

Employer’s Name Vezuzo Cazli Corp

Position Accounting Supervisor
Employer’s TIN 100-312-643-0000
Address 6 Pearl Street, Fairview, Quezon City
RDO 28
Employment Date 01/15/2018

Other details not provided may be invented by the student, as long as it does not clash with the
provided information.

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TAXATION: Individual Tax ITR Preparation R.C.Pendon
2021
Annex A (Business Income)

Park, Drink, Yogurt and Etc. Food Station

Income Statement
For the year ended December 31, 2020

Sales P 2,540,000
Less: Sales returns and allowances 184,000
Net Sales 2,356,000
Cost of Goods Sold 848,160
Gross Profit 1,507,840
Less: Operating Expenses
General and administrative expenses P 586,000
Advertising expenses 148,000 734,000
Total Operating Income 773,840
Other Income
Interest Income from Bank Deposit 20,000
Gain on equipment 35,000 55,000
Net Income before income tax P 828,840

Annex B (Other information)

Income taxes paid during the previous quarters P 86,430

Income taxes withheld by customers P 25,750

Annex C (Compensation Income)

Basic Compensation P 378,500

Overtime Pay 42,080
Holiday Pay 17,500
Transportation Allowance 7,500
Uniform Allowance 9,500
13th Month Pay 32,940
Mid-year Bonus 27,500
Total 515,520
SSS, Philhealth, and HDMF Dues (67,450)
Creditable Withholding Tax (94,710)
Absence without leave (3,180)
Net take home pay P 350,180

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