Professional Documents
Culture Documents
TAX 1 Sample
TAX 1 Sample
CASE I. Mr. Ihong, a minimum wage earner works for G.O.D., Inc. He is not engaged in business nor
earned a total compensation income of P135,000.00 with non taxable benefits of P15,000.00.
Tax Due -
CASE II. Mr. Macly, who also works for G.O.D., Inc. He is not engaged in business nor
earned a total compensation income of P278,000.00 with non taxable benefits of P16,000.00.
CASE 1. Ms. Samson operates a convenience store while she offers bookkeeping services to her clients.
In 2018, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping
services of P300,000.00. She already signified her intention to be taxed at 8% gross income tax rate
in her 1st quarter return.
CASE II. Ms. Datu-Pution, failed to signify her intention to be taxed at 8% fross income tax rate on her
initial Quartely Income Tax Return, her gross income is P1,100,000.00 and she incured cost of sales and
operating expenses amounting P600,000.00 and P200,000.00. respectively or a total of P800,000.00
CASE III. Ms. Ganda, opted to be taxed using the Graduated Rates under the Optional Standard Deduction on her
initial Quartely Income Tax Return, her Gross Receipts is P1,300,000.00 and she incured cost of sales and
operating expenses amounting P700,000.00 and P250,000.00. respectively or a total of P950,000.00
CASE I. Mr. MAG, a Financial Comptroller of JAB Company, earned annual compensation in 2018 of P1,500,000.00
with non taxable benefits of P60,000. Aside from employment income, he owns a convenience store , with
gross sales of P2,400,000. His cost of sales and operating expenses are P1,000,000.00 and P600,000.00.
Mr. MAG opted for 8% Gross Income Tax.
On Compensation:
Total Compensation Income P 1,500,000.00
Less: Non-Taxable benefits 60,000.00
Taxable Income 1,440,000.00
On Business Income:
Gross Sales 2,400,000.00
Less: Amount allowed as Deduction - (250,000 allowed deduction
Taxable Income 2,400,000.00 not available for mixed income
earners under 8% GIT)
Tax Due 192,000.00
Case II. Compute the tax of Mr. MAG using Graduatued Tax Rates under Optional Standard Deduction Method
Case III. Compute the tax of Mr. MAG using Graduatued Tax Rates under Itemized Deduction Method