CASE 1

For each month of taxable year 2018, Etienne Luca, single, Filipino with 1 dependent child, born on October 8, 1967, residing at 18 Abaca Road 1209, Makati City, with TIN 123-456-789-000 belonging to RDO 049, received the following as professional fees as a CPA and consultant:

Monthly Fees Plus VAT Less 5% Creditable Net Monthly Fees Withholding Tax Received P250,000 P30,000 P12,500 P267,500Gross Pay Less CWT Less SSS Premiums Net Pay and union dues Beta University P900,000 P75,000 P5,600 P819,400\fNet revenues P2,000,000 Receivables from customers, April 1, 2020 448,000 Receivables from customers, June 30, 2020 672,000 Creditable VAT withheld 10,000 VAT purchases, other than capital goods 600,000 VAT purchases, capital goods (all in April 2020) 2,400,000Sales of processed food items P280,000 Sales of non-food items 220,000 Purchases of processed food items 100,000 Purchases of non-food items 80,000 Salaries of helpers 48,000