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Assumptions:Assumptions:Assumptions:
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Non-Vat, Itemized Deduction
Non-Vat, 40% Optional Standard Deduction
Non-Vat, 8% Income Tax (in lieu of Income tax and Percentage Tax)
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Monthly Gross Income: 20,833.33 Monthly Gross Income: 20,833.33 Monthly Gross Income: 20,833.33
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Monthly Total Expense (60% of sales) 12,500.00 Monthly Total Expense (60% of sales) 12,500.00 Monthly Total Expense (60% of sales) 12,500.00
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80% of Total Expense is Cost of Goods 10,000.00 80% of Total Expense is Cost of Goods 10,000.00 80% of Total Expense is Cost of Goods 10,000.00
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20% of Total Expense is Operating Expense
 2,500.00
20% of Total Expense is Operating Expense
 2,500.00
20% of Total Expense is Operating Expense
 2,500.00
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Computations:Computations:Computations:
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ANNUAL ITR (12 Months)ANNUAL ITR (12 Months)ANNUAL ITR (12 Months)
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Gross Income 250,000.00 Gross Income 250,000.00 Gross Income 250,000.00
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Cost of Goods Sold 120,000.00 Cost of Goods Sold (not applicable) - Cost of Goods Sold (not applicable) -
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Gross Profit 130,000.00 Gross Profit 250,000.00 Gross Profit 250,000.00
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Operating Expenses 30,000.00 40% Optional Standard Deduction 100,000.00 No deductions allowed -
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Taxes (% Tax) 7,500.00 Taxes (% Tax) (not applicable) - Taxes (% Tax) (not applicable) -
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Net Income 92,500.00 Net Income 150,000.00 Net Income 250,000.00
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Tax Exempt 250,000.00 Tax Exempt 250,000.00 Tax Exempt 250,000.00
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Taxable Net Income- 157,500.00 Taxable Net Income- 100,000.00 Taxable Net Income -
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Tax Due0Tax Due0Tax Due -
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TAXES PAID FOR THE YEARTAXES PAID FOR THE YEARTAXES PAID FOR THE YEAR
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Percentage Tax (3%) 7,500.00 Percentage Tax (3%) 7,500.00 Percentage Tax (3%) -
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Income Tax0Income Tax0Income Tax -
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Total Taxes Paid 7,500.00 Total Taxes Paid 7,500.00 Total Taxes Paid -
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Per Quarter Gross Income 62,500.00 Per Quarter Gross Income 62,500.00 Per Quarter Gross Income 62,500.00
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Per Quarter Tax Payment 1,875.00 Per Quarter Tax Payment 1,875.00 Per Quarter Tax Payment -
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Notes:Notes:
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No expenses are allowed to be used as deduction
In the 8% Option, percentage taxes are waived
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You are allowed to deduct 40% of your Gross Income.
The 250,000 Tax exemption is only available to individuals purely earning business income
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If it happens that the individual becomes employed, the tax due will be:
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 20,000.00
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ALL AMOUNTS ARE ASSUMED. PLEASE TAKE NOTE OF THE EXPENSE ASSUMPTION (60% OF SALES).
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