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  • INCOME TAX Part 3

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    honeylove u
    9 views2 pages
    The document shows income tax calculations for two individuals, NRC and RA. It lists gross business income, expenses, compensation income, and taxable income for both. It then calculates income tax payable on the taxable income and lists various sources of passive income such as dividends, interest, royalties. It sums the final tax on passive income and total income tax expenses for each individual.

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    Tax on individuals

    Original Title

    INCOME TAX part 3

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    The document shows income tax calculations for two individuals, NRC and RA. It lists gross business income, expenses, compensation income, and taxable income for both. It then calculates income tax payable on the taxable income and lists various sources of passive income such as dividends, interest, royalties. It sums the final tax on passive income and total income tax expenses for each individual.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    9 views2 pages

    INCOME TAX Part 3

    Uploaded by

    honeylove u
    The document shows income tax calculations for two individuals, NRC and RA. It lists gross business income, expenses, compensation income, and taxable income for both. It then calculates income tax payable on the taxable income and lists various sources of passive income such as dividends, interest, royalties. It sums the final tax on passive income and total income tax expenses for each individual.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    (11

    ) NRC
    Gross business income, PH 1,000,000.00
    Business expenses, PH (700,000.00)
    Compensation income, PH 600,000.00
    Raffle draw prizes 10,000.00
    Taxable income 910,000.00

    Tax due:
    1st 800,000 102,500.00
    Excess 27,500.00
    130,000.00
    Less: CWT on business income (125,000.00)
    Income tax payable 5,000.00

    Dividend income from domestic corp. 5,000.00


    Interest income bank deposit, PH 4,000.00
    Royalty income from composition 2,500.00
    PSCO Winnings 40,000.00
    Total Final tax on passive income 51,500.00

    Tax due 130,000.00


    Final tax on passive income 51,500.00
    Total income tax expenses 181,500.00

    (12
    ) RA
    Gross business income, PH 1,000,000.00
    Business expenses, PH (700,000.00)
    Compensation income, PH 600,000.00
    Raffle draw prizes 10,000.00
    Taxable income 910,000.00

    Tax due:
    1st 800,000 102,500.00
    Excess 27,500.00
    130,000.00
    Less: CWT on business income (125,000.00)
    Income tax payable 5,000.00

    Dividend income from domestic corp. 5,000.00


    Interest income bank deposit, PH 4,000.00
    Interest income FCDS deposit 6,000.00
    Royalty income from composition 2,500.00
    PSCO Winnings 40,000.00
    Total Final tax on passive income 57,500.00

    Tax due 130,000.00


    Final tax on passive income 57,500.00
    Total income tax expenses 187,500.00

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