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    InTax Unit 7

    Uploaded by

    Elle
    The document contains 5 illustrations calculating taxable income for different individuals. Illustration 1 shows an individual with a salary of 540,000, overtime of 5,000, and other benefits totaling 69,200, for a taxable income of 545,000 and taxes due of 66,250. Illustration 2 is for an individual with a higher salary of 960,000 and higher taxable income of 975,600, resulting in taxes due of 182,680. The remaining illustrations calculate annual rental income and lease improvements for an individual named Mario under different scenarios.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    InTax Unit 7

    Uploaded by

    Elle
    16 views1 page
    The document contains 5 illustrations calculating taxable income for different individuals. Illustration 1 shows an individual with a salary of 540,000, overtime of 5,000, and other benefits totaling 69,200, for a taxable income of 545,000 and taxes due of 66,250. Illustration 2 is for an individual with a higher salary of 960,000 and higher taxable income of 975,600, resulting in taxes due of 182,680. The remaining illustrations calculate annual rental income and lease improvements for an individual named Mario under different scenarios.

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

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    The document contains 5 illustrations calculating taxable income for different individuals. Illustration 1 shows an individual with a salary of 540,000, overtime of 5,000, and other benefits totaling 69,200, for a taxable income of 545,000 and taxes due of 66,250. Illustration 2 is for an individual with a higher salary of 960,000 and higher taxable income of 975,600, resulting in taxes due of 182,680. The remaining illustrations calculate annual rental income and lease improvements for an individual named Mario under different scenarios.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    16 views1 page

    InTax Unit 7

    Uploaded by

    Elle
    The document contains 5 illustrations calculating taxable income for different individuals. Illustration 1 shows an individual with a salary of 540,000, overtime of 5,000, and other benefits totaling 69,200, for a taxable income of 545,000 and taxes due of 66,250. Illustration 2 is for an individual with a higher salary of 960,000 and higher taxable income of 975,600, resulting in taxes due of 182,680. The remaining illustrations calculate annual rental income and lease improvements for an individual named Mario under different scenarios.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 1

    ILLUSTRATION 1

    Received Nontaxable Taxable


    Salary 540,000.00 540,000.00
    Overtime 5,000.00 5,000.00
    13th month pay 45,000.00 45,000.00
    Other benefits 20,000.00 20,000.00
    Laundry allowance 4,200.00 4,200.00
    Total 614,200.00 69,200.00 545,000.00

    Although the laundry allowance exceeds 300, the maximum other benefits is 90,000
    and he only has 65,000, so the excess can still be covered

    Tax on first 400,000 30,000.00


    Excess of 400,000 36,250.00
    Tax due 66,250.00

    ILLUSTRATION 2
    Received Nontaxable Taxable
    Salary 960,000.00 960,000.00
    Overtime 5,000.00 5,000.00
    13th month pay 80,000.00 80,000.00
    Other benefits 20,000.00 10,000.00 10,000.00
    Laundry allowance 4,200.00 3,600.00 600.00
    Total 1,069,200.00 93,600.00 975,600.00

    Tax on first 800,000 130,000.00


    Excess of 800,000 52,680.00
    Tax due 182,680.00

    ILLUSTRATION 3
    Annual rent 100,000.00
    Lease improvement
    (1M*2/10)/8 25,000.00
    Mario's Annual income 125,000.00

    ILLUSTRATION 4
    Mario's Annual income 100,000.00
    Lease improvement 1,000,000.00
    Mario's 2018 income 1,100,000.00

    ILLUSTRATION 5
    Mario's Annual income 100,000.00
    Lease improvement
    1M - (((1M*2/10)/8)*2) 950,000.00
    Security deposit 200,000.00
    Mario's 2020 income 1,250,000.00

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