USE THE PHILIPPINE TAX SYSTEM. Compute for the taxable compensation income, fringe benefit, and total compensation tax
Question:
USE THE PHILIPPINE TAX SYSTEM. Compute for the taxable compensation income, fringe benefit, and total compensation tax due for the year 2020 if the taxpayer is Manager/supervisor rank and file
Minimum wage earner earning P370/day for 313 days
Monthly Salary | 50.000 | Clothing Allowance | 5.000 | |
Overtime Pay (annual) | 23.000 | Meal allowance | 6.000 | |
Night Shift Differential | 3.000 | Rice monthly subsidy | 1.800 | |
SSS monthly premium | 800 | Annual Medical check-up | 12,000 | |
PHIC monthly premium | 1.200 | 15th year anniversary award | 11.000 | |
HDMF monthly premium | 100 | Christmas gift | 6,000 | |
Holiday pay | 4.000 | Honorarium | 10.000 | |
Hazard pay | 3,000 | Representation allowance | 12,000 | |
monetized unused vacation leave | 12 days @ P1,500/day | Check-up of child | Feb 500 May 1,500 |
Statistics for Managers Using Microsoft Excel
ISBN: 978-0133130805
7th edition
Authors: David M. Levine, David F. Stephan, Kathryn A. Szabat