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2023 MCIT and RCIT Tax Computation

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Aira Mae R. Gragaslao
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14 views1 page

2023 MCIT and RCIT Tax Computation

Uploaded by

Aira Mae R. Gragaslao
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

NAME: Gragaslao, Aira Mae R.

SECTION: BSA 3A

Assignment:
P5.7

Case A: 2023 taxable year MCIT Computation


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Gross profit from sales 1,600,000 3,200,000 4,800,000 6,200,000 Gross profit from sales 1,600,000 4,800,000 9,600,000 15,800,000
Less: Business expenses 1,200,000 2,400,000 3,400,000 4,200,000 MCIT rates 1% 1% 2% 2%
Taxable Income 400,000 800,000 1,400,000 2,000,000 MCIT 16,000 48,000 192,000 316,000
Taxable Income from previous qtr. - 400,000 1,200,000 2,600,000
Taxable Income to date 1,200,000 2,600,000 4,600,000
RCIT (20% - MSME 20% 20% 20% 20%
RCIT 80,000 240,000 520,000 920,000

MCIT 16,000 48,000 192,000 316,000

Tax Due 80,000 240,000 520,000 920,000


Less:
Income tax withheld 30,000 70,000 130,000 230,000
Payment from previous qtr. 50,000 170,000 390,000
Total tax credits 30,000 120,000 300,000 620,000

Income tax due 50,000 120,000 220,000 300,000

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