Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. Hepresented the following information. (Refer to the table below). The business maintains a costof sales throughout the year equal to 60% of the gross sales.Quarterly Gross Sales/Receipts1t quarter2nd quarter3rd quarter4th quarterQuarterly Operating Expenses1* quarter2nd quarter3rd quarter4th quarterPhp. 400,000500,0001,800,0003,500,000Php. 80,000120,000360,000550,000COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTERCOMPUTE FOR THE TAX DUE FOR THE 1ST QTR *COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR

Tax payable: It implies to the tax liability that is still left to be settled in cash. It includes…

Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He presented the following information. (Refer to the table below). The business maintains a cost of sales throughout the year equal to 60% of the gross sales. Quarterly Gross Sales/Receipts 1ª quarter 2nd Php. 400,000 500,000 quarter 3rd quarter 4th quarter Quarterly Operating Expenses 1t quarter 1,800,000 3,500,000 Php. 80,000 2nd 120,000 quarter 3rd quarter 4th quarter 360,000 550,000 COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTER COMPUTE FOR THE TAX DUE FOR THE 1ST QTR * COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR

Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He presented the following information. (Refer to the table below). The business maintains a cost of sales throughout the year equal to 60% of the gross sales. Quarterly Gross Sales/Receipts 1ª quarter 2nd Php. 400,000 500,000 quarter 3rd quarter 4th quarter Quarterly Operating Expenses 1t quarter 1,800,000 3,500,000 Php. 80,000 2nd 120,000 quarter 3rd quarter 4th quarter 360,000 550,000 COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTER COMPUTE FOR THE TAX DUE FOR THE 1ST QTR * COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 25P

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Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He presented the following information. (Refer to the table below). The business maintains a cost of sales throughout the year equal to 60% of the gross sales. Quarterly Gross Sales/Receipts 1t quarter 2nd quarter 3rd quarter 4th quarter Quarterly Operating Expenses 1* quarter 2nd quarter 3rd quarter 4th quarter Php. 400,000 500,000 1,800,000 3,500,000 Php. 80,000 120,000 360,000 550,000 COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 3RD QTR COMPUTE FOR JOY ANNUAL TAXABLE INCOME. COMPUTE FOR THE TOTAL TAXES PAID FOR THE PAST THREE QUARTERS COMPUTE FOR JOY INCOME TAX STILL DUE AND PAYABLE
The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen. 1st quarter 2nd quarter 3rd quarter 4th quarter Gross sales 300,000.00 650,000.00 910,000.00 1,200,000.00 Cost of Sales 120,000.00 262,000.00 405,890.00 426,700.00 Creditable Withholding Tax - 5,000.00 25,000.00 25,000.00 Dividends-domestic corporation 20,000.00 20,000.00 30,000.00 30,000.00 Interest income - domestic BPI 4,000.00 8,000.00 12,000.00 16,000.00 UCPB 8,000.00 12,000.00 16,000.00 18,000.00 METROBANK 5,000.00 10,000.00 15,000.00 30,000.00 CAPITAL GAIN ON SALE OF LAND 150,000.00 150,000.00 150,000.00 150,000.00 >SELLING PRICE IS P600,000…
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