2806-Individuals PPT PDF

INDIVIDUAL
TAXPAYERS
INVIDUAL TAXPAYERS
RC NRC RA NRAET NRA-NET
1. Taxable Income ww w/n w/n w/n w/n
2. Tax Base N.I. N.I N.I N.I. G.I.
3. Tax Rate GR GR GR GR 25%FT
Sale of Principal Residence
Gross S.P. or Zonal

Taxable = Unutilized Portion x value at the time of
Amount Gross S.P. sale, whichever is
higher.
NUMBER 26
CGT (P5M/10M x 15M x 6%) P450,000

FRINGE BENEFIT TAX
TRAIN Law
Cit.,RA,NRAET NRA-NET
Monetary Value Pxx Pxx
Divide by: GUMVF 65% 75%
GUMV (100% Benefit) Pxx Pxx
x FBT Rate 35% 25%
Fringe Benefit Tax Pxx Pxx
NUMBER 32
MV P97,500
Divide by GUMVF 65%
GUMV (Amount deductible P150,000
by the employer)
NUMBER 33
MV P1,300,000
Divide by GUMVF 65%
GUMV P2,000,000
Add: Benefits given to R&F 5,000,000
Total deductible amount P7,000,000
NUMBER 34
Salaries, net P785,000

Add: CWT on compensation 150,000
Philhealth/SSS contr. exempt
Salaries, gross of CWTx P935,000
NUMBER 35
Allowance not subj. to liq. P60,000

Divide by GUMVF 65%
x FB tax rate 35%
F.B. Tax P32,307
NUMBER 36 & 37
FBT = (Rent x 50%) /65% x 35% P24,230
Journal Entry-Employer
FB Expense (rent) P90,000
FB Tax Expense 24,230
Cash P114,230
NUMBER 38 & 39
FBT = (10M x 5% x 50%) /65% x 35% P134,615

Divide by 4Q
Quarterly FBT P33,654
FB Expense (#38) P-
FB Tax Expense (#39) 33,654
Cash P33,654
NUMBER 40
Dep’n = P10M-P7M / 15 years P200,000
FB Expense (dep’n) P200,000
FB Tax Expense 134,615
Income (per RR) P200,000
Cash 134,615
NUMBER 41
FBT = (P2.2M – 1,980,000) / 65% x 35% P118,461
MV = FV per tax declaration or ZV – cost to the

employee
NUMBER 43
Cost P400,000
Divide by GUMVF 65%
x FB tax rate 35%
F.B. Tax P215,385
NUMBER 46
Phils. Abroad Total
Bus. Income P1,000,000 P1,000,000 P2,000,000
Prof.Income 400,000 500,000 900,000
Salaries 200,000 - 200,000
Bus.Exp. (250,000) (400,000) (650,000)
TNI P1,350,000 P1,100,000 P2,450,000
NUMBER 46
Taxable Net Income P2,450,000

TAX DUE:
First P2,000,000 P490,000
In Excess (P450k x 32%) 144,000
Total Tax Due P634,000
Less: Tax Credit
L1: (1.1/2.450xP634,000)=284,653
Actual = 200,000 (200,000)
Income Tax Payable P434,000
NUMBER 47 to 49
Phils.
Bus. Income P1,000,000
Prof.Income 400,000
Salaries 200,000
Bus.Exp. (250,000)
NUMBER 47 to 49
TAX DUE:
First P800,000 P130,000
In Excess (P550,000 x 30%) 165,000
Tax Credit -
Income Tax Payable P295,000
NUMBER 50
Phils.
Bus. Income P-
Prof.Income -
Salaries 200,000
Tax Rate 25%
Income Tax Due P50,000
NUMBER 51& 52
Mr. Mrs.
Salaries-wife P- P600,000
Taxable 13th mo.pay - -
Prof. fees (gross) 4,000,000 4,000,000
Prof.Expenses (1,600,000) (1,600,000)
Rental income (gross) 375,000 375,000
Rental Expenses (140,000) (140,000)
Other income, husband 840,000 -
Taxable Net Income P3,475,000 P3,235,000
NUMBER 53
Phils. Abroad
Salaries P165,000 P80,000
Business income 450,000 240,000
Business expenses (120,000) (60,000)
Int.Inc.fr.personal rec. 10,000
Int.Inc.-bank deposit - 24,000
Royalty income-books - 20,000
Prize won in a contest 10,000
Dividend income-FCs 8,000 5,000
Taxable Net Income P832,000
NUMBER 54
Phils.
Interest income-FCDU (15%) P15,000
Interest income on bank deposit 4,000
(P25,000 x 80% x 20%)
Royalty income-books 440
(P22,000 x 20% x 10%)
Royalty income-others 3,520
(P22,000 x 80% x 20%)
PCSO @ 20% 16,000
Dividend income-DC 700
Final Taxes on Passive Income P39,660
NUMBER 55
Phils.
CGT-shares of DC P3,000
(30,000-10,000) x 15%
Sale of condo unit (4M x 6%) 240,000
Total CGT P243,000
NUMBER 56 – Nonres. Citizen
Phils.
Interest income-FCDU Exempt
Interest income on bank deposit 4,000
(P25,000 x 80% x 20%)
Royalty income-books 440
(P22,000 x 20% x 10%)
Royalty income-others 3,520
(P22,000 x 80% x 20%)
PCSO @ 20% 16,000
Dividend income-DC 700
Final Taxes on Passive Income P24,660
NUMBER 57:NRA-NET
Salaries P165,000
Personal receivable 10,000
FCDU exempt
Bank deposit 25,000
Royalty income 22,000
Prize won in a contest 10,000
Dividend income-DC 7,000
Dividend-RFC&NRFC Phil. 8,000
sources
PCSO 80,000
Income subject to 25% FTx P327,000
NUMBER 57: NRA-NET
Total Income subject to 25% FTx P327,000

x 25%
25% Final Tax P81,750
Add: CGT on Land (P4M x 6%) 240,000
CGT on Sh. (P20k x 15%) 3,000
TOTAL TAXES P324,750
No. 61
Total compensation income 240,000
Other benefits 140,000
13th month pay exempt
Taxable compensation income 380,000
On P250,000 exempt
On excess (P130,000 x 20%) P26,000
Tax due on compensation P26,000
No. 67
Gross sales- convenience store 800,000
Gross receipts – bookkeeping 300,000
Total 1,100,000
Exemption (250,000)
Taxable income 850,000
8% .
Income tax due 68,000
No. 68
Gross sales/receipts 1,100,000

Cost of Sales (600,000)
Gross Income 500,000
Operating expenses (200,000)
Taxable income 300,000 .
Tax due (300T-250T=50T x 20%) 10,000

No. 69
Total compensation income 1,500,000
Non-taxable (90,000)
Taxable compensation income 1,410,000
On 800T P130,000
On excess (1.41T – 800T) x 30%) 183,000
Tax due on compensation 313,000
No. 69
Gross sales 2,400,000
Non-operating income 100,000
Taxable business income 2,500,000
Rate 8%
Tax due on business income 200,000
Total income tax due (313T+200T) 513,000

No. 70
Taxable compensation income 1,410,000
Gross Sales 2,400,000
Cost of Sales (1,000,000)
Gross Income 1,400,000
Operating expenses (600,000)
Net income from operation 800,000
Non-operating income 100,000 900,000
Total Taxable Income 2,310,000
On 2M 490,000
On excess [(2.31M - 2M) x 32%] 99,200
Total income tax 589,200
No. 71
Total compensation income 150,000
Non-taxable benefits (20,000)
Taxable compensation income 130,000.
Tax due on compensation 0

No. 71
Gross Sales 2,400,000
Non-operating income 100,000
Total business income 2,500,000
Rate 8%
Tax due on business 200,000
Total Income Tax Due 200,000

No. 73
Commission as real estate broker 75,000

Rate 8%
Tax due on business 6,000

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INDIVIDUAL

Gross S.P. or Zonal

CGT (P5M/10M x 15M x 6%) P450,000

Salaries, net P785,000

Allowance not subj. to liq. P60,000

FBT = (Rent x 50%) /65% x 35% P24,230

FBT = (10M x 5% x 50%) /65% x 35% P134,615

Dep’n = P10M-P7M / 15 years P200,000

FBT = (P2.2M – 1,980,000) / 65% x 35% P118,461

MV = FV per tax declaration or ZV – cost to the

Taxable Net Income P2,450,000

Taxable Net Income P1,350,000

Total Income subject to 25% FTx P327,000

Gross sales/receipts 1,100,000

Tax due (300T-250T=50T x 20%) 10,000

Total income tax due (313T+200T) 513,000

Tax due on compensation 0

Total Income Tax Due 200,000

Commission as real estate broker 75,000

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