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Estate

The document contains financial information for multiple individuals and entities for tax years 2018-2020. It includes details of income, deductions, tax bases, tax credits, and tax amounts due for Gong Yow, an Estate, Lee Min, Min Ho, Hotel De Luna Trust, YG Financing, Song Hey Kyo and Song Hey Itsme. The amounts include income from leases, bonds, distributions, compensation, and gross receipts, as well as optional standard deductions, tax credits, and tax amounts payable.

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Lyka Roguel
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58 views8 pages

Estate

The document contains financial information for multiple individuals and entities for tax years 2018-2020. It includes details of income, deductions, tax bases, tax credits, and tax amounts due for Gong Yow, an Estate, Lee Min, Min Ho, Hotel De Luna Trust, YG Financing, Song Hey Kyo and Song Hey Itsme. The amounts include income from leases, bonds, distributions, compensation, and gross receipts, as well as optional standard deductions, tax credits, and tax amounts payable.

Uploaded by

Lyka Roguel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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GONG YOW

Income from lease of land 800,000.00


Interest from domestic bonds 40,000.00
Taxable income 840,000.00
Less: 250,000 250,000.00
Tax base of 8% 590,000.00
Preferential tax rate 0.08
Income tax due 47,200.00
Less: Tax credits
CWT on rent 40,000.00
Income tax still due and payable 7,200.00

ESTATE
2018 2019 2020
Gross receipts 1,600,000.00 1,800,000.00 -
Other non-operating income:
Interest on bonds 80,000.00 90,000.00 -
Gross business income 1,680,000.00 1,890,000.00 -
Less: OSD 640,000.00 720,000.00
Taxable income 1,040,000.00 1,170,000.00 -

Tax due on 1st 130,000.00 130,000.00 -


Excess 72,000.00 111,000.00 -
Income tax due 202,000.00 241,000.00 -
Less: CWT, 5% 80,000.00 90,000.00 -
Income tas still due and payable 122,000.00 151,000.00 -

2018 2019
LEE MIN MIN HO LEE MIN
Compensation Income 420,000.00 600,000.00 410,000.00
Distribution from Estate 400,000.00 400,000.00 450,000.00
Interest income from bonds - 80,000.00 -
Rent Income - - 300,000.00
Interest income from Bonds - - -
Taxable Income 820,000.00 1,080,000.00 1,160,000.00

Tax due on 1st 130,000.00 130,000.00 130,000.00


Excess 6,000.00 84,000.00 108,000.00
Compensation
Tax due on 1st 30,000.00 30,000.00 30,000.00
Excess, 25% 5,000.00 50,000.00 2,500.00
Total (35,000.00) (80,000.00) (32,500.00)
Income tax due 101,000.00 134,000.00 205,500.00
CWT on Income from Estate, 15% (60,000.00) (60,000.00) (67,500.00)
CWT on Rent Income, 5% - - (15,000.00)
Income tax Still Due and Payable 41,000.00 74,000.00 123,000.00
2019 2020
MIN HO LEE MIN MIN HO
650,000.00 450,000.00 620,000.00
450,000.00 - -
90,000.00 - -
300,000.00 1,200,000.00 1,200,000.00
30,000.00 - 120,000.00
1,520,000.00 1,650,000.00 1,940,000.00

130,000.00 130,000.00 130,000.00


216,000.00 255,000.00 342,000.00

30,000.00 30,000.00 30,000.00


62,500.00 12,500.00 55,000.00
(92,500.00) (42,500.00) (85,000.00)
253,500.00 342,500.00 387,000.00
(81,000.00) - -
(15,000.00) (60,000.00) (60,000.00)
157,500.00 282,500.00 327,000.00
Case 1
Hotel De Luna Trust YG Financing
Gross sales - 2,400,000.00
Cost of sales - -
Gross sales from operation - 2,400,000.00
Interest Income on foreign bonds - 120,000.00
Divivdend income from foreign corporation - 20,000.00
Gross business income - 2,540,000.00
Optional standard deduction (960,000.00)
Taxable Business income - 1,580,000.00
Taxable Compensation income - -
Taxable Income - 1,580,000.00

Hotel De Luna Trust YG Financing


Tax base on 1st - 130,000.00
Excess - 234,000.00
Income tax due - 364,000.00
Less: CWT, 5% - (120,000.00)
Income tax stil due and payable - 244,000.00

Song Hey Kyo Song Hey Itsme


Basic salary 1,500,000.00 600,000.00
Mandatory deductions, SSS etc (20,000.00) (8,000.00)
Total 1,480,000.00 592,000.00
Excess in ceiling 35,000.00 -
Taxable Compensation income 1,515,000.00 592,000.00
Consolidated Song Hey Kyo Song Hey Itsme
2,400,000.00 10,200,000.00 - Gross sales
- (4,080,000.00) - Cost of sales
2,400,000.00 6,120,000.00 - Gross sales from operation
120,000.00 - - Interest Income on foreign bonds
20,000.00 - - Divivdend income from foreign corporation
2,540,000.00 6,120,000.00 - Gross business income
(960,000.00) (2,040,000.00) Total expenses
1,580,000.00 3,600,000.00 - Optional standard deduction
- 1,515,000.00 592,000.00 Taxable Business income
1,580,000.00 5,115,000.00 592,000.00 Taxable Compensation income
Taxable Income
Consolidated Song Hey Kyo Song Hey Itsme
130,000.00 490,000.00 30,000.00
234,000.00 1,150,400.00 48,000.00 Tax base on 1st
364,000.00 1,640,400.00 78,000.00 Excess
(18,200.00) - - Income tax due
345,800.00 1,640,400.00 78,000.00 Less: CWT, 5%
Income tax stil due and payable
Case 2
Hotel De Luna Trust YG Financing Consolidated Song Hey Kyo
4,200,000.00 2,400,000.00 6,600,000.00 6,000,000.00
(1,680,000.00) - (1,680,000.00) (2,400,000.00)
m operation 2,520,000.00 2,400,000.00 4,920,000.00 3,600,000.00
e on foreign bonds 120,000.00 120,000.00 -
me from foreign corporation 20,000.00 20,000.00 -
2,520,000.00 2,540,000.00 5,060,000.00 3,600,000.00
(840,000.00) (840,000.00) (1,200,000.00)
ard deduction (960,000.00) (960,000.00) -
1,680,000.00 1,580,000.00 3,260,000.00 2,400,000.00
nsation income - - - 1,515,000.00
1,680,000.00 1,580,000.00 3,260,000.00 3,915,000.00

Hotel De Luna Trust YG Financing Consolidated Song Hey Kyo


130,000.00 130,000.00 490,000.00 490,000.00
264,000.00 234,000.00 403,200.00 612,800.00
394,000.00 364,000.00 893,200.00 1,102,800.00
- 120,000.00 120,000.00 -
due and payable 394,000.00 244,000.00 773,200.00 1,102,800.00
Song Hey Itsme
-
-
-
-
-
-

-
592,000.00
592,000.00

Song Hey Itsme


30,000.00
48,000.00
78,000.00
-
78,000.00

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