REYNANCIA, MARIA BEATRICE AUGUST 3, 2022

TAX 1 QUIZ

ANSWERS:
I. MCIT
2021
MCIT (30,000,000 x 1%) P 300,000
RCIT (1,000,000 x 25%) 250,000
Excess MCIT P 50,000
Tax Due and Payable P 300,000

2022
MCIT (70,000,000 x 1%) P 700,000
RCIT (2,500,000 x 25%) 625,000
Excess MCIT P 75,000
Tax Due and Payable P 700,000

2023
MCIT (90,000,000 x 1%) P 900,000
RCIT (6,000,000 x 25%) 1,500,000

Tax Due and Payable P 1,500,000

Less: Excess MCIT 2022 P 75,000
2021 50,000 (125,000)
Still Due and Payable P 1,375,000
2024
MCIT (120,000,000 x 1%) P 1,200,000
RCIT (7,500,000 x 25%) 1,875,000

Tax Due and Payable P 1,875,000

II. Tax on School and Hospitals

1. West Negros College
Related Activities Unrelated Total
Activities
Gross Receipts 25,000,000 30,000,000 55,000,000
Less: Cost of 12,000,000 15,000,000 27,000,000
Services
Gross Income 13,000,000 15,000,000 28,000,000
Less: Allowable 8,000,000 7,000,000 15,000,000
Deductions
NET TAXABLE 5,000,000 8,000,000 13,000,000
INCOME
REGULAR RATE 25%
TAX DUE 3,250,000
 2. USC Hospital
Related Activities Unrelated Total
Activities
Gross Sales/ 80,000,000 40,000,000 120,000,000
Receipts
Less: Cost of 26,000,000 20,000,000 46,000,000
Services
Gross Income 54,000,000 20,000,000 74,000,000
Less: Allowable 30,000,000 15,000,000 45,000,000
Deductions
NET TAXABLE P 24,000,000 P 5,000,000 P 29,000,000
INCOME
REGULAR RATE 1%
TAX DUE P 290,000