2:41 Search l 81 Q P Hello Tutors! Please help me solve this taxation problem! Thank...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
2:41 Search l 81 Q P Hello Tutors! Please help me solve this taxation problem! Thank you... Get answer > Question Asked by felzaragoza85 Hello Tutors! Please help me solve this taxation problem! Thank you and God bless! Taxpayer: [Your Name] TIN: 123-456-789-000 Address: Poblacion, Puerto Galera, Oriental Mindoro The taxpayer's compensation from private employment last year: Basic salary P480,000 Overtime pay 20,000 Night-shift differential 2,000 Bonus 20,000 13th-month pay and other 90,000 benefits All the mandatory contributions and withholding taxes were properly deducted and remitted. The taxpayer started a service business, non- VAT registered, on July 1 of last year, and had the following results of operations: SALES: July P83,000 August 75,000 September 82,000 October 85,000 November 90,000 December 95,000 EXPENSES: Salaries and wages P216,000 SSS, HDMF & PHIC Contributions 17,280 Electricity and Water 9,000 Communication Expenses 3,000 Rent Expense 30,000 Depreciation 12,000 Licenses 12,000 Taxes 15,210 All the above expenses are considered allowable deductions. Required: Ttax forms in PDF format (ignore computations for penalties and surcharges): 1. Certificate of Compensation Payment/Tax Withheld 2. Percentage Tax Return for the 4th quarter (Use the new Percentage Tax Rate under CREATE law 1%) 3. Annual Income Tax Return SOCIAL SCIENCE LAW TAX LAW BSA TAX102 Ε 80 coursehero.com Tailor 6 Screenshots Stitched Available on the App Store 2:41 Search l 81 Q P Hello Tutors! Please help me solve this taxation problem! Thank you... Get answer > Question Asked by felzaragoza85 Hello Tutors! Please help me solve this taxation problem! Thank you and God bless! Taxpayer: [Your Name] TIN: 123-456-789-000 Address: Poblacion, Puerto Galera, Oriental Mindoro The taxpayer's compensation from private employment last year: Basic salary P480,000 Overtime pay 20,000 Night-shift differential 2,000 Bonus 20,000 13th-month pay and other 90,000 benefits All the mandatory contributions and withholding taxes were properly deducted and remitted. The taxpayer started a service business, non- VAT registered, on July 1 of last year, and had the following results of operations: SALES: July P83,000 August 75,000 September 82,000 October 85,000 November 90,000 December 95,000 EXPENSES: Salaries and wages P216,000 SSS, HDMF & PHIC Contributions 17,280 Electricity and Water 9,000 Communication Expenses 3,000 Rent Expense 30,000 Depreciation 12,000 Licenses 12,000 Taxes 15,210 All the above expenses are considered allowable deductions. Required: Ttax forms in PDF format (ignore computations for penalties and surcharges): 1. Certificate of Compensation Payment/Tax Withheld 2. Percentage Tax Return for the 4th quarter (Use the new Percentage Tax Rate under CREATE law 1%) 3. Annual Income Tax Return SOCIAL SCIENCE LAW TAX LAW BSA TAX102 Ε 80 coursehero.com Tailor 6 Screenshots Stitched Available on the App Store
Expert Answer:
Answer rating: 100% (QA)
1 of Compensation PaymentTax Withheld Total Compensation Basic Salary Overtime Pay Nightshift Differ... View the full answer
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
A bank reconciliation takes time and must balance. An employee was struggling in balancing the bank reconciliation. Her supervisor told her to plug (make an unsupported entry for) the difference,...
-
The completion time X for a certain task has cdf F(x) given by a. Obtain the pdf f(x) and sketch its graph. b. Compute P(.5 X 2). c. Compute E(X). 73 01 34 03-3 ) 3 2
-
A 450 kN force is transmitted by a column footing onto the surface through a square footing 1.5 m on a side. Assuming that the force exerted on the underlying soil formation spreads on 2 vertical to...
-
Describe with a neat sketch the construction and working of a nuclear power plant. Describe the working principle of the high head hydel power station.
-
For each of the following cases, indicate(a) To what interest rate columns and(b) To what number of periods you would refer in looking up the discount rate.(1) In Table 3 (present value of 1): (2) In...
-
Recording Amortization with a Change in Accounting Estimate On January 1 of Year 1, Kelley Company purchased a new patent for $22,440 and started amortizing it over its legal life of 20 years. At the...
-
A new edition of a very popular textbook will be published a year from now. The publisher currently has 1,000 copies on hand and is deciding whether to do another printing before the new edition...
-
2. A loan is being amortized by means of level monthly payments at an annual effective interest rate of 10%. The amount of principal repaid in payment number 27 is 1,300 and the amount of principal...
-
5 C 4 Find the value of each combination.
-
8 P 4 Find the value of each permutation.
-
Fourteen jurors are randomly selected from a population of 3 million residents. Of these 3 million residents, it is known that 40% are of a minority race. Of the 14 jurors selected, 2 are minorities....
-
6 P 3 Find the value of each permutation.
-
E = {6, 10}. Let the sample space be S = {1, 2, 3, 4, 5, 6, 7, 8, 9, 10}. Suppose that the outcomes are equally likely. Compute the probability of the event:
-
Supply chain management spans many functions and processes, including demand planning, sourcing, merchandising, supplier relationship management, inventory management, inbound and outbound...
-
Which of the ocean zones shown would be home to each of the following organisms: lobster, coral, mussel, porpoise, and dragonfish? For those organisms you identify as living in the pelagic...
-
San Fran Cycles manually manufactures three unique bicycle models: racing, touring, and basic. All of the skilled craftspeople employed at San Fran can make each of the three models. Because it takes...
-
Select a major U.S. or non-U.S. manufacturing company. Use library, Internet, and other resources to answer as completely as possible the questions in Exhibit 16 about the manufacturer you have...
-
Indicate whether each of the following costs would be considered an ordering cost (O), a carrying cost (C), or a cost of not carrying (N) inventory. For any costs that do not fit these categories,...
-
From the following trial balance of G. Foot after his first year's trading, you are required to draw up a statement of profit or loss for the year ending 30 June 2016. A statement of financial...
-
(a) Distinguish between capital and revenue expenditure. (b) Drake Ltd took delivery of a computer network on 1 July 2016, the beginning of its financial year. The list price of the equipment was...
-
At the beginning of the financial year on 1 April 2017, a company had a balance on plant account of 372,000 and on provision for depreciation of plant account of 205,400. The company's policy is to...
Study smarter with the SolutionInn App