Maria Leonora Theresa is an office employee earning P60,000 basic pay per month. During the period...
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Maria Leonora Theresa is an office employee earning P60,000 basic pay per month. During the period of January to November 2020 (11 months), Maria earned the following: • Basic pay, P660,000 (11 months) • Taxable allowances of P2,500 per month. • Rice subsidy of P2,000 per month. • SSS, PHIC, HDMF contributions totaled P19,800 (11 months) Withholding tax for all 11 months totaled P95,000. During December, the following were earned alongside the P60,000 basic pay for the month: • Overtime P1,500, taxable allowance of P2,500, and rice subsidy of P2,000 • Christmas cash gift, P5,000 . 13 month pay, P60,000 Compute for the following: 1. 2. 3. Maria's annual gross and taxable compensation income Income tax due for the year Tax payable for December Maria Leonora Theresa is an office employee earning P60,000 basic pay per month. During the period of January to November 2020 (11 months), Maria earned the following: • Basic pay, P660,000 (11 months) • Taxable allowances of P2,500 per month. • Rice subsidy of P2,000 per month. • SSS, PHIC, HDMF contributions totaled P19,800 (11 months) Withholding tax for all 11 months totaled P95,000. During December, the following were earned alongside the P60,000 basic pay for the month: • Overtime P1,500, taxable allowance of P2,500, and rice subsidy of P2,000 • Christmas cash gift, P5,000 . 13 month pay, P60,000 Compute for the following: 1. 2. 3. Maria's annual gross and taxable compensation income Income tax due for the year Tax payable for December
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Related Book For
Construction Accounting And Financial Management
ISBN: 9780135232873
4th Edition
Authors: Steven J. Peterson
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