1ST QUARTER

SALES
PRIVATE SALES 18,844,211.69 2,261,305.40
GOVERNMENT SALES - -
EXEMPT SALES -
TOTAL SALES 18,844,211.69 2,261,305.40
Less: Allowable Input Tax
Input Tax Carried Over from Previous Period -
Purchases of Goods other than Capital Goods 18,671,958.53 2,240,635.02
Domestic Purchase of Services -
Purchases not Qualified for Input Tax -
TOTAL AVAILABLE INPUT TAX 18,671,958.53 2,240,635.02
Less: Deduction from Input Tax
Input Tax on Sales to Gov't. closed to expense -
Input Tax allocable to Exempt Sales -

TOTAL ALLOWABLE INPUT TAX 2,240,635.02

NET VAT PAYABLE 20,670.38

LESS: TAX CREDITS/ PAYMENTS
Monthly VAT Payments - previous two months (for BIR form 2550Q) 9,882.16
VAT Withheld on Sales to Government -
VAT paid in return previously filed, if this is an amended return -
TOTAL TAX CREDITS/ PAYMENTS 9,882.16
TAX STILL PAYABLE (OVERPAYMENT) 10,788.22
 2ND QUARTER 3RD QUARTER 4TH QUARTER

41,629,277.45 4,995,513.29 30,693,671.05 3,683,240.53 67,851,119.40 8,142,134.33

- - 8,330,461.92 999,655.43 212,951.42 25,554.17
- - -
41,629,277.45 4,995,513.29 39,024,132.97 4,682,895.96 68,064,070.82 8,167,688.50

- - 1,610,206.99
41,410,895.21 4,969,307.43 55,994,240.05 6,719,308.81 55,168,351.95 6,620,202.23
- - - - -
- - -
41,410,895.21 4,969,307.43 55,994,240.05 6,719,308.81 55,168,351.95 8,230,409.22

- 851,235.12 5,805.97
- - -

4,969,307.43 5,868,073.69 8,224,603.26

26,205.87 - 1,185,177.73 - 56,914.76

17,366.65 8,506.16 -
- 416,523.10 10,647.57
- - -
17,366.65 425,029.26 10,647.57
8,839.22 - 1,610,206.99 - 67,562.33

- 563,019.42
 VELCO MARKETING
Initial Computation for ITR - 2019
ANNUAL

SALES
159,018,279.59 19,082,193.55 Add:
8,543,413.34 1,025,209.60 TOTAL
- Less: Cost of Sales
167,561,692.93 20,107,403.15 Inventory Beg. 2,353,215.00
Add: Purchases 171,245,445.74
- TGAS 173,598,660.74
171,245,445.74 20,549,453.49 Less: Inventory End 13,588,922.00
- - GROSS PROFIT
- Less: Expenses
171,245,445.74 20,549,453.49 Salaries and Wages 252,000.00
Professional Fees 36,000.00
449,709.34 Travell & Transpo -
- Taxes and Licences -
20,099,744.15 Others 5,805.97
7,659.01 Rent Expense -
- Miscellaneous Expense -
35,754.97
427,170.67 NET INCOME
- Tax Due
462,925.64 Less: Tax Credits
- 455,266.63 1st - 3rd Qtr Payment
BIR Form 2307
TAX PAYABLE
167,561,692.93
-
167,561,692.93

-477%
- 11,235,707.00
11,235,707.00
160,009,738.74 95% 96% 3,059,179.50
7,551,954.19

293,805.97 0%

7,258,148.22 4%
1,401,629.64

1,461.00
85,434.13
1,314,734.51

Over
P250,000 but Over P400,000
not over but not over
P400,000 P800,000
NET TAXABLE INCOME ### 7,258,148.22
Less: 250,000.00 400,000.00
### 6,858,148.22
Multiply by 20% 25%
### 1,714,537.06
Add: - 30,000.00
Tax Due ### 1,744,537.06
 Over
Over P800,000 P2,000,000 but Over
but not over not over P8,000,000
P2,000,000 P8,000,000
-
800,000.00 2,000,000.00 8,000,000.00
- 800,000.00 - 2,000,000.00 - 8,000,000.00
30% 32% 35%
- 240,000.00 - 640,000.00 - 2,800,000.00
130,000.00 490,000.00 2,410,000.00
- 110,000.00 - 150,000.00 - 390,000.00