MEMORY AID IN TAXATION LAW

SAN BEDA COLLEGE OF LAW 2003 CENTRALIZED BAR OPERATIONS

Reproduction in any form of this copy is strictly prohibited!!!
MEMORY AID IN TAXATION LAW
SAN BEDA COLLEGE OF LAW 2003 CENTRALIZED BAR OPERATIONS
Reproduction in any form of this copy is strictly prohibited!!!
GG 1
TAXATION LAW COMMITTEE: Chairperson: Rhodaline Regoso; Asst. Chairperson & EDP: Maricel Alisuag; Subject Heads:unelet Mataro! Michelle Al"are#! E$ren Di#on! %han &uieb; Me'bers: Alexis Cervantes. Leizl
Calimaran, Berna Quibal, Noreli De Claro, Jocelyn Gamboa, Albert Rodriuez, !arla Cabel, Joey Carai, Rodol"o Quitolbo, Liam #adananan, #aul La$rence Lim, Alder Delloro, Jo%n &van 'ablizo, Ria &baviosa, #anc%o (as)uez, Aileen
Roxas, Lei" *+i,a

ANNEX GG: COMPUTATION OF INCOME TAX OF HUSBAND AND WIFE
HUSBAND AND WIFE SOLUTION:
HUSBA
ND
!"#
$%n Gross
!ncome
$%n
Gross !ncome
H& Gross
!ncome '1()
each*
H&
Gross !ncome
'1() each*
+ess,
+ess,
$%n Deductions $%n Deductions
H& Deductions '1() each* H& Deductions '1() each*
Balance Balance
+ess, -ersonal #.emptions +ess, -ersonal #.emptions
/a.able !ncome /a.able !ncome
&ncome 'ax Due &ncome 'ax Due
Inco! "#$% H&W
ILLUSTRATION:
-r. and -rs. .antos/
Rent !ncome 'on properties classified as con0u1al property* - 2334333
#.penses 5 rental properties 1234333
!ncome %ithheld by the lessee from rental payments '26 of -2334333* )24333
Gross income from restaurant business 'con0u1al* 7)34333
#.penses4 restaurant business 1834333
!ncome ta. paid '9 :uarters* 274333
-r. .antos
-rofessional fees 5 1ross income from profession - ;334333
#.penses4 practice of profession )334333
!ncome ta. %ithheld from professional fees '136 of -;334333* ;34333
<alue of li=in1 room sho%case %on in G>NB 224333
Di=idends recei=ed from a resident forei1n corporation )34333
-rs. .antos/
Gross compensation income after deduction for SSS4 -hilhealth &
-a15ibi1 contributions4 and labor dues - ))34333
Di=idends from a domestic corporation 124333
!nterest from ban? deposits in B-! 934333
!ncome ta. %ithheld on compensation income ;24333
Gross !ncome
Deductions
Add
MEMORY AID IN TAXATION LAW
SAN BEDA COLLEGE OF LAW 2003 CENTRALIZED BAR OPERATIONS
Reproduction in any form of this copy is strictly prohibited!!!
MEMORY AID IN TAXATION LAW
SAN BEDA COLLEGE OF LAW 2003 CENTRALIZED BAR OPERATIONS
Reproduction in any form of this copy is strictly prohibited!!!
GG )
TAXATION LAW COMMITTEE: Chairperson: Rhodaline Regoso; Asst. Chairperson & EDP: Maricel Alisuag; Subject Heads:unelet Mataro! Michelle Al"are#! E$ren Di#on! %han &uieb; Me'bers: Alexis Cervantes. Leizl
Calimaran, Berna Quibal, Noreli De Claro, Jocelyn Gamboa, Albert Rodriuez, !arla Cabel, Joey Carai, Rodol"o Quitolbo, Liam #adananan, #aul La$rence Lim, Alder Delloro, Jo%n &van 'ablizo, Ria &baviosa, #anc%o (as)uez, Aileen
Roxas, Lei" *+i,a

Gross income from profession
Gross compensation income
Di=idends recei=ed from resident forei1n corp@
Gross income from rent '1() each*
Gross income from restaurant business '1() each*
/otal
+ess,
#.penses on practice of profession
#.penses on rental properties '1() each*
#.penses on restaurant business '1() each*
Basic personal e.emption
Additional e.emption 'ma.imum*
/a.able !ncome - ;214333 - 7894333
(nco'e )a* Pa+able
Ar@ Santos on - 2334333 - 1)24333
1214333 B9)6 7849)3 - 1C949)3
Ars@ Santos on - )234333 - 234333
)994333 B936 ;D4D33 11D4D33
+ess, ithholdin1 !ncome /a.
$n professional fees ;34333
$n compensation income ;24333
$n rent '1() each* 1)4233 1)4233
$n restaurant business '1() each* )C4333 )C4333
!ncome /a. Still Due - C948)3 - 124733