ATENEO DE ZAMBOANGA UNIVERSITY
SCHOOL OF MANAGEMENT AND ACCOUNTANCY
ACCOUNTANCY DEPARTMENT
Name: _________________________
Exam
September 14, 2022
Score: _______ Rating: ________
TAXATION 01 A INCOME TAXATION
PROBLEM SOLVING
Data
Name
TIN
Address
Date of Birth
Line of Business
Status
Sales
Less: Cost of Sales
Gross Income
Less: Deductions
Net Income(Loss)
:
:
:
:
:
:
:
Taxpayer
Lucifer Morningstar
666-666-143-000
Tomas Claudio Street, Zamboanga City
06-06-1966
Merchandising
Married
First Qtr
1,045,000.00
645,500.00
399,500.00
250,000.00
149,500.00
Second Qtr
2,550,000.00
1,374,200.00
1,175,800.00
1,124,600.00
51,200.00
Third Qtr
3,420,000.00
2,552,900.00
867,100.00
480,000.00
387,100.00
Fourth Qtr
4,410,250.00
3,759,420.00
650,830.00
710,345.00
(59,515.00)
How much is the Income Tax due of Mr Morning Star based on the data given for the following:
a. First Quarter 2021
b. Second Quarter 2021
c. Third Quarter 2021
d. Fourth and Final Quarter 2021
Income Tax Rates:
Income Tax Table
/dfe
Nor over P250,000
0%
Over P250,000 but not over P400,000
20% of the excess over P250,000
Over P400,000 but not over P800,000
P30,000 + 25% of the excess over P400,000
Over P800,000 but not over P2,000,000
P130,000 + 30% of the excess over P800,000
Over P2,000,000 but not over P8,00,000
P490,500 + 32% of the excess over P2,000,000
Over P8,000,000
P2,410,000 + 35% of the excess over P8.000,000