Term Paper On Income And Business Taxation.docx

TERM PAPER ON INCOME AND BUSINESS TAXATION

TERM PAPER

CAVITE STATE UNIVERSITY Cavite City Campus

Business Management Program DEPARTMENT OF MANAGEMENT

DANICA R. MEDINA BMGT25, BM 2B 21

TERM PAPER ON INCOME AND BUSINESS TAXATION

A Term Paper Submitted to the Faculty of The Department of Management Cavite State University Cavite City Campus

In partial fulfillment of the requirements for the subject BMGT 25: Income ans Business Taxation

DANICA R. MEDINA BMGT 25, BM 2B 21

BIOGRAPHICAL DATA

Danica R. Medina a nineteen years old young lady, and was born on September 3, 1998, at

Kawit, Cavite. She live in 420 Tanggulan St. Wakas

,Kawit,Cavite. Youngest sister of two brothers and being the only girl of their loving parents, Danilo and Maribeth Medina. The eldest, named Danmar with the age of 25, the next one is named, Danilo with the age of 22. She finished her primary education at Wakas Elementary School in 2011 with respective awards and medals. She attended her secondary level of education at Emiliano Tria Tirona Memorial National High School from the year 2011 and graduated in the year of 2015. She graduated with medals and awards from her dance competitions . She is studying at Cavite State University-Cavite City Campus in the degree of Bachelor of Science in Business Management major in Marketing. She actively participated herself in the school’s extracurricular activities, being part of the campus’ women’s basketball varsity team.

TERMPAPER

Danica R. Medina

A term paper submitted to the faculty of the Department of Managemeent, Cavite StateUnuversity- Cavite City Campus, Cavite City in partial fulfillment of the requirements for the subject BMGT 25 – Income and Business Taxation, Prepared under the supervision of Dr. Victoriano N. Rodil

INTRODUCTION Taxation is the process of the enforced by the government payment of money aimed to support the financial welfare of the country and its citizens. Taxation was introduces thousands years ago and the human civilization is mostly associated with money and taxation. W the creation of the first well organized settlements, and the whole countries people have become required to pay taxes in order to support and provide the settlement with everything it needs and receive protected and ability to work there legally.

Objectives of the Term Paper 

The general objective of the term paper is to determine the taxes with the taxpayers.



To acquire practical knowledge, skills, and values in the said enterprise.



To gain enough knowledge and experience in handling an Income and Business Taxation.

Significance of the Report One of the significance of this study is to help the students and to share the knowledge on how to handle and compute the tax, help them to prepare and get ready for their future operations or their own businesses.

TAXPAYER’S PROFILE

Danilo R. Medina a twenty two years old man who’s working at HRD Singapore Pte Ltd. Blk 3, Cavite Eco Zone II, Gen. Trias, Cavite. A single without dependant. A regular employee since 2016 with TIN number 330 106 984. SUMMARY INDIVIDUAL TAXPAR’S IDENTIFICATION NUMBER : 330 106 984 TAXPAYER’S IDENTIFICATION NUMBER (PRESENT) : 005 065 590 Gross Compensation Income from

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171,967.33

Present Employer

(Total non- Taxable/Exempt Compensation Income and Total Taxable Compensation Income)

Less: Total Non-Taxable Exemp

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33,667.56

Taxable Compensation Income

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138,299.77

Gross Taxable Compensation Income

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138,299.77

Less: Total Exemption

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50,000.00

Less: Premium Paid on Health

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988.56

From Present Employer Add: Taxable Compensation Income from Previous Employer

And/or Hospital Insurance

Net Taxable Compensation Income

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87,311.21

Tax Due

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11,962.24

Amount of Taxes Withheld

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11,962.24

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11,962.24

30A Present Employer 30B Previous Employer Total Amount of Taxes Withheld As adjusted

PURPOSE 

Taxes are mainly used to finance the expenses incurred by government to manage an economy.



To reduce pollution by taxing offending firms.



To discourage unhealthy lifestyle e.g. a tax on cigarettes.



To protect local and infant industries by taxing imports.



To achieve greater equity of wealth and income, Revenue from taxation is used to help the very poor e.g. providing food stamps.



To improve the balance of payments (BOP) by increasing the duties charged on imported goods.

BENEFITS The direct benefit of paying taxes for everyone is that they are used to pay for services that provide to communities. In a modern society a government needs

administrators and clerks, police forces, emergency forces such as firefighters, engineers and maintenance workers for streets and buildings, politicians, and to pay for property used and goods consumed by the government services. In ancient times there were fewer government specialists but all of these basic needs had to be met.

PERCEPTION OF TRAIN LAW One of the most publicized part if the TRAIN law is the reduction in personal income tax, leading to higher take-home pay.

INSIGHT

When TRAIN law is not implemented into the government we are suffering because our profit or income have tax there is a possibility to decrease our income. When they implemented the TRAIN law our life full of happiness because we are exemted in tax our income increase.

REFERENCES

Google.com – yourtermpaper.com Google.com – www.dof.gov.ph EBooklet – BMGT 25 Income and Business Taxation