COMPUTATION OF TAXABLE INCOME

barrister · 1 COMPUTATION OF TAXABLE INCOME Tue Sep 23, 2008 6:12 pm

barrister

Reclusion Perpetua

Posts : 318
Join date : 23/08/2008

1) Taxpayer earning purely compensatory income
Gross Compensation
less : Personal Exemption
premium payments on health and/or
hospital insurance amounting to P2,400 per year
equals: Taxable income

2) Taxpayer doing business, whether individual or corporation (domestic or FC doing business)
Gross Revenue/Sales
less: Cost of Sales
equals: Gross Income
less : Allowable Deductions
equals: Taxable Income

for individuals, an additional deduction for personal exemptions is allowed

JayAlbiar · 2 Re: COMPUTATION OF TAXABLE INCOME Wed Feb 22, 2012 4:17 pm

JayAlbiar

Arresto Menor

Posts : 3
Join date : 21/02/2012
Age : 35
Location : Angeles City

will you give an example?
as a small business starter like me!
i dont have an understanding about TAXation

will u give me a sample please of one business like beauty salon?!

COMPUTATION OF TAXABLE INCOME

1 COMPUTATION OF TAXABLE INCOME Tue Sep 23, 2008 6:12 pm

barrister

2 Re: COMPUTATION OF TAXABLE INCOME Wed Feb 22, 2012 4:17 pm

JayAlbiar