1 0 NIT MCIT

2 1 1 Gross Sales 3000000 3000000

3 0 Sales Returns 500000 500000
4 0 Cost of Sales 1200000 1200000
5 0 Gross Profit from Sales (GI for MCIT) 1300000 1300000
6 0 Other Income:
7 0 Interest from Bonds 200000
Interest from NRFC 300000
B Gross Income for NIT 1800000
40% OSD 1080000
Taxable Income 720000
Tax Rate 30% 2%
NIT/MCIT 216000 26000
C

Tuition Fees Rentals Related expenses

2 850,000 150000 820000
3 480000 520000 450000
 Tickets Fare Yr
4A 1000 3000 3,000,000 5 1
B 2000 3000 0.67 4,000,000 2
C 3000 2000 6,000,000 3
A GPB 13,000,000 A 4
Tax Rate 2.50% 5
Tax Due 325,000.00 B

taxable income Tax Due

180,000 10% 18000
550,000 30% 165000
 NIT MCIT Taxes Withheld Excess MCIT
30,000 20000 15000
40000 90000 20000 50000
30,000 20000 10000 30000
30000 20000 10000
10,000 20000 15000 10000

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
Income tax Due 30,000 90000 30,000 30,000 20000
Taxes Withheld 15,000 20000 10000 10000 15000
Excess MCIT prior year 15000 5000 20000 20000
Corporate income tax due 0 65,000 0 0 5,000
a b c d