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Amount Rate Output Tax

Coal 1,000,000.00 12% 120,000.00


Solar 1,500,000.00 0% -
Hydro electric 1,750,000.00 0% -
Total Output 120,000.00
Less Input
Landed cost of coal 800,000.00 12% (96,000.00)
Solar Panels 1,176,000.00 12% (126,000.00)
Hydro electric plant 980,000.00 12% (105,000.00)
Total Input (327,000.00)
VAT payable/ (credit) (207,000.00)

Soar Din company, a VAT registered manufacturer of canned goods, have the following information in their financial statemen
Sale of canned sardines 2,000,000.00
Sale of canned mackerel 2,100,000.00
Sale of canned bread 1,800,000.00
Purchases of Tin cans from VAT entity 2,050,000.00
Purchases of Tin cans from Non VAT entity 1,990,000.00
Purchases of Fresh Sardines 700,000.00
Purchases of Fresh Mackerel 900,000.00
Purchases of Bread 630,000.00
Purchases of Fresh tomato 710,000.00
Purchases of Olive oil 490,000.00

How much is the Output tax?


Sale of canned sardines 2,000,000.00 12% 240,000.00
Sale of canned mackerel 2,100,000.00 12% 252,000.00
Sale of canned bread 1,800,000.00 12% 216,000.00
Total Output Tax 708,000.00

How much is the Input tax?


Input Tax Regular
Purchases of Tin cans from VAT entity 2,050,000.00 12% 246,000.00
Purchases of Bread 630,000.00 12% 75,600.00
Purchases of Olive oil 490,000.00 12% 58,800.00
Input Tax Presumptive
Purchases of Fresh Sardines 700,000.00 4% 28,000.00
Purchases of Fresh Mackerel 900,000.00 4% 36,000.00
Purchases of Fresh tomato 710,000.00 4% 28,400.00
Total Input Tax 472,800.00

How much is the Vat payable?


Output 708,000.00
Input (472,800.00)
VAT payable 235,200.00

Suki corp, a VAT registered convenience store, have the following information on their financial statement for the period.
Q1 Q2 Q3 Q4 Total
VATable sales 800,000 900,000 950,000 700,000 3,350,000
VAT exempt Sales 300,000 765,000 120,000 340,000 1,525,000
VATable Purchases 400,000 370,000 490,000 240,000 1,500,000
VAT exempt Purchases 180,000 140,000 210,000 130,000 660,000
Non VAT Purchases 150,000 130,000 145,000 120,000 545,000

How much is the Output tax?


Ouput (Vat sales) 96,000 108,000 114,000 84,000 402,000

How much is the Input tax?


Input (Vat purchases) 48000 44400 58800 28800 180000

How much is the Vat payable?


VAT due 48,000 63,600 55,200 55,200 222,000
Less: Payments 166,800
VAT payable 55,200

Bilina corp, a Non VAT registered convenience store, have the following information on their financial statement for the period
Q1 Q2 Q3 Q4 Total
VATable sales 800,000 900,000 950,000 700,000 3,350,000
VAT exempt Sales 300,000 765,000 120,000 340,000 1,525,000
VATable Purchases 400,000 370,000 490,000 240,000 1,500,000
Non VAT Purchases 150,000 130,000 145,000 120,000 545,000

How much is the Output tax?

VATable sales (Output Tax)


Ouput (Vat sales) 96,000 108,000 114,000 84,000 402,000
How much is the Input tax?
Input (Vat purchases) 48,000.00 44,400.00 58,800.00 28,800.00 180,000.00
Transitional Input tax 126,600.00

How much is the Vat payable?


VAT due 48,000 63,600 55,200 55,200 95,400
Less: Payments
VAT payable 95,400
The following are the properties and expenses of Mr. X upon his death
Cash 10,000,000
Land inherited before marriage 4,000,000
Machineries inherited during marriage (6 years ago) 1,200,000
Car (won from lottery and exclusively used by him) 800,000
House and lot (family home) 12,000,000
Jewelries (purchased from his exclusive properties) 4,000,000
Other properties 3,000,000
Medical Expenses 600,000
Funeral expenses 700,000
Judicial expenses 800,000

Compute for estate tax of Mr. X under:


1. System of conjugal partnership of gain.
Exclusive Conjugal Total
Cash 10,000,000 10,000,000.00
Land inherited before marriage 4,000,000 4,000,000.00
Machineries inherited during marriage (6 1,200,000 1,200,000.00
Car (won from lottery and exclusively used by him) 800,000 800,000.00
House and lot (family home) 12,000,000 12,000,000.00
Jewelries (purchased from his exclusive 4,000,000 4,000,000.00
Other properties 3,000,000 3,000,000.00
Total 9,200,000 25,800,000 35,000,000

Ordinary Deductions -
Special Deductions
Family Home (6,000,000.00)
Standard Deductions (5,000,000.00)
RA 4917 -
Estate After Deductions 24,000,000.00
Share of Surviving Spouse 12,900,000.00
Net Taxable Estate 11,100,000.00
Estate Tax rate 6%
Estate Tax due 666,000.00

2. System of absolute community of properties.


Exclusive Conjugal Total
Cash 10,000,000 10,000,000.00
Land inherited before marriage 4,000,000 4,000,000.00
Machineries inherited during marriage (6 1,200,000 1,200,000.00
Car (won from lottery and exclusively us 800,000 800,000.00
House and lot (family home) 12,000,000 12,000,000.00
Jewelries (purchased from his exclusive properties) 4,000,000 4,000,000.00
Other properties 3,000,000 3,000,000.00
Total 2,000,000 33,000,000 35,000,000

Ordinary Deductions -
Special Deductions
Family Home (6,000,000.00)
Standard Deductions (5,000,000.00)
RA 4917 -
Estate After Deductions 24,000,000.00
Share of Surviving Spouse 16,500,000.00
Net Taxable Estate 7,500,000.00
Estate Tax rate 6%
Estate Tax due 450,000.00

The following are the properties and expenses of Mr. and Mrs. White when
one of the spouses died

Cash (20% exclusive to Mr. White) 8,000,000


Inherited properties of Mr. White during marriage (before fire) 8,000,000
Family home (inherited by Mrs. White before marriage) 13,000,000
Jewelries exclusively used by Mrs. White 8,000,000
Family car purchased from exclusive properties of Mr. White 2,000,000
Other properties 1,500,000
The Family Home has an unpaid Mortgage of 2,000,000
Market Value of Inherited property destroyed by fire a month after the death of t 1,500,000

Compute for estate tax if:


1. Mr. White dies under system of conjugal partnership of gain.
Exclusive Conjugal Total
Cash (20% exclusive to Mr. White) 1,600,000.00 6,400,000.00 8,000,000.00
Inherited properties of Mr. White during marriage (before 8,000,000.00 8,000,000.00
Family home (inherited by Mrs. White before marriage) -
Jewelries exclusively used by Mrs. White -
Family car purchased from exclusive properties of Mr. W 2,000,000.00 2,000,000.00
Other properties 1,500,000.00 1,500,000.00
Gross Estate 11,600,000.00 7,900,000.00 19,500,000.00
Ordinary Deductions
Mortgage - -
Losses (1,500,000.00) (1,500,000.00)
Estate after Ordinary Deductions 10,100,000.00 7,900,000.00 18,000,000.00
Special Deductions
Family Home -
Standard Deductions (5,000,000.00)
RA 4917 -
Estate after Deductions 13,000,000.00
Share of Surviving Spouse (3,950,000.00)
Net Taxable Estate 9,050,000.00
Estate tax rate 6%
Estate tax Due 543,000.00

2. Mr. White dies under system of absolute community of properties.


Exclusive Conjugal Total
Cash (20% exclusive to Mr. White) 1,600,000.00 6,400,000.00 8,000,000.00
Inherited properties of Mr. White during marriage (before 8,000,000.00 8,000,000.00
Family home (inherited by Mrs. White before marriage) 13,000,000.00 13,000,000.00
Jewelries exclusively used by Mrs. White 8,000,000.00 8,000,000.00
Family car purchased from exclusive properties of Mr. W 2,000,000.00 2,000,000.00
Other properties 1,500,000.00 1,500,000.00
Gross Estate 11,600,000.00 28,900,000.00 40,500,000.00
Ordinary Deductions
Mortgage (2,000,000.00) (2,000,000.00)
Losses (1,500,000.00) (1,500,000.00)
Estate after Ordinary Deductions 10,100,000.00 26,900,000.00 37,000,000.00
Special Deductions
Family Home (7,500,000.00)
Standard Deductions (5,000,000.00)
RA 4917 -
Estate after Deductions 24,500,000.00
Share of Surviving Spouse (13,450,000.00)
Net Taxable Estate 11,050,000.00
Estate tax rate 6%
Estate tax Due 663,000.00

3. Mrs. White dies under system of conjugal partnership of gain.


Exclusive Conjugal Total
Cash (20% exclusive to Mr. White) 1,600,000.00 6,400,000.00 8,000,000.00
Inherited properties of Mr. White during marriage (before fire) -
Family home (inherited by Mrs. White before marriage) 13,000,000.00 13,000,000.00
Jewelries exclusively used by Mrs. White 8,000,000.00 8,000,000.00
Family car purchased from exclusive properties of Mr. White -
Other properties 1,500,000.00 1,500,000.00
Gross Estate 22,600,000.00 7,900,000.00 30,500,000.00
Ordinary Deductions
Mortgage (2,000,000.00) (2,000,000.00)
Losses -
Estate after Ordinary Deductions 20,600,000.00 7,900,000.00 28,500,000.00
Special Deductions
Family Home (10,000,000.00)
Standard Deductions (5,000,000.00)
RA 4917 -
Estate after Deductions 13,500,000.00
Share of Surviving Spouse (3,950,000.00)
Net Taxable Estate 9,550,000.00
Estate tax rate 6%
Estate tax Due 573,000.00

4. Mrs. White dies under system of absolute community of properties.


Exclusive Conjugal Total
Cash (20% exclusive to Mr. White) 1,600,000.00 6,400,000.00 8,000,000.00
Inherited properties of Mr. White during marriage (before fire) -
Family home (inherited by Mrs. White before marriage) 13,000,000.00 13,000,000.00
Jewelries exclusively used by Mrs. White 8,000,000.00 8,000,000.00
Family car purchased from exclusive properties of Mr. White -
Other properties 1,500,000.00 1,500,000.00
Gross Estate 1,600,000.00 28,900,000.00 30,500,000.00
Ordinary Deductions
Mortgage (2,000,000.00) (2,000,000.00)
Losses -
Estate after Ordinary Deductions 1,600,000.00 26,900,000.00 28,500,000.00
Special Deductions
Family Home (7,500,000.00)
Standard Deductions (5,000,000.00)
RA 4917 -
Estate after Deductions 16,000,000.00
Share of Surviving Spouse (13,450,000.00)
Net Taxable Estate 2,550,000.00
Estate tax rate 6%
Estate tax Due 153,000.00

B
D
B
D
B
C
their financial statements the year 2024:
ment for the period.

statement for the period.

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