[TOPIC 41] INCOME TAXATION | How to Compute Income Tax for Single Individuals Doing Business?
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4 سال پیش
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In this video, we discuss
In this video, we discuss the step-by-step process of how to compute income tax for individual taxpayers who are single and are doing trade or business. Our focus in this discussion and in the illustrative problems are those taxpayers who are solely deriving incomes from business such as in a merchandising and manufacturing business. The term "doing business" refers to the regular conduct of trade, hence regularity is an essential element to be considered as doing business. Taxpayers engaged in business earn incomes from their business by virtue of gains arising from the buying and selling transactions. Thus, they are also subject to income tax.
It is important to note that this video focuses only on single individuals who are purely doing business.
As discussed in this video, the applicable income tax for individual taxpayers who are purely doing business is the graduated tax rates and the 8% optional rate. Rules on when to apply for 8% optional (bundle) rate are also exhaustively discussed in this video.
We also have other videos for:
1. For Professionals, Artists, Content Creators, VAs and Others: [TOPIC 42] INCOME TAXATION | For Prof...
2. For Employees w/ One or More Employers: [TOPIC 40] INCOME TAXATION | How to C...
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Please also watch my other video lectures:
1. How to Compute Gross Compensation Income. [TOPIC 12] GROSS COMPENSATION INCOME ...
2. Classification of Taxpayers: [TOPIC 11 ] CLASSIFICATION OF TAXPAYE...
3. Withholding Taxes on Compensation Income: [TOPIC 17] WITHHOLDING TAXES ON COMPE...
4. Exclusions from Gross Income: [TOPIC 15] EXCLUSIONS FROM GROSS INCO...
5. Fringe Benefits: [TOPIC 19] FRINGE BENEFITS TAX | Tax ...
6. De Minimis Benefits: [TOPIC 21] DE MINIMIS BENEFITS | Tax ...
7. Fringe Benefits Received by Rank and File Employees: [TOPIC 20] FRINGE BENEFITS | Exemptio...
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Also, if you want to know about the components of gross income, and how to compute an income, please watch the following videos.
1. Sale of Real Properties Classified as Capital Assets: [TOPIC 23] DEALINGS IN PROPERTIES | C...
2. Sale of Shares of Stocks: [TOPIC 24] DEALINGS IN PROPERTIES | C...
3. Sale of Capital Assets not Subject to Capital Gains Tax: [TOPIC 25] DEALINGS IN PROPERTIES | S...
4. Ordinary Assets and Capital Assets: [TOPIC 22] DEALINGS IN PROPERTIES | O...
5. Computation of Gross Business and Professional Income: [TOPIC 13] GROSS BUSINESS AND PROFESS...
6. How to Compute Compensation Income: [TOPIC 12] GROSS COMPENSATION INCOME ...
7. Final Income Tax on Certain Passive Income: [TOPIC 14] PASSIVE INCOMES | Final Wi...
I will upload videos every Monday, Wednesday and Friday.
It is important to note that this video focuses only on single individuals who are purely doing business.
As discussed in this video, the applicable income tax for individual taxpayers who are purely doing business is the graduated tax rates and the 8% optional rate. Rules on when to apply for 8% optional (bundle) rate are also exhaustively discussed in this video.
We also have other videos for:
1. For Professionals, Artists, Content Creators, VAs and Others: [TOPIC 42] INCOME TAXATION | For Prof...
2. For Employees w/ One or More Employers: [TOPIC 40] INCOME TAXATION | How to C...
=============================================
Please also watch my other video lectures:
1. How to Compute Gross Compensation Income. [TOPIC 12] GROSS COMPENSATION INCOME ...
2. Classification of Taxpayers: [TOPIC 11 ] CLASSIFICATION OF TAXPAYE...
3. Withholding Taxes on Compensation Income: [TOPIC 17] WITHHOLDING TAXES ON COMPE...
4. Exclusions from Gross Income: [TOPIC 15] EXCLUSIONS FROM GROSS INCO...
5. Fringe Benefits: [TOPIC 19] FRINGE BENEFITS TAX | Tax ...
6. De Minimis Benefits: [TOPIC 21] DE MINIMIS BENEFITS | Tax ...
7. Fringe Benefits Received by Rank and File Employees: [TOPIC 20] FRINGE BENEFITS | Exemptio...
=============================================
Also, if you want to know about the components of gross income, and how to compute an income, please watch the following videos.
1. Sale of Real Properties Classified as Capital Assets: [TOPIC 23] DEALINGS IN PROPERTIES | C...
2. Sale of Shares of Stocks: [TOPIC 24] DEALINGS IN PROPERTIES | C...
3. Sale of Capital Assets not Subject to Capital Gains Tax: [TOPIC 25] DEALINGS IN PROPERTIES | S...
4. Ordinary Assets and Capital Assets: [TOPIC 22] DEALINGS IN PROPERTIES | O...
5. Computation of Gross Business and Professional Income: [TOPIC 13] GROSS BUSINESS AND PROFESS...
6. How to Compute Compensation Income: [TOPIC 12] GROSS COMPENSATION INCOME ...
7. Final Income Tax on Certain Passive Income: [TOPIC 14] PASSIVE INCOMES | Final Wi...
I will upload videos every Monday, Wednesday and Friday.
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