Compute your taxable Income for 1 month.

a) Basic Salary – P60, 000.00

b) Holiday pay – P3, 000.00

c) Overtime – P6, 526.50

d) Night Differential – 150.00

e) SSS – P800.00

f) Philhealth – P300.00

g) Pag-IBIG – 100

· From taxable income compute the percentage (%) over compensation level.

· Compute your net take home pay.

4) Batumbakal Metal Fabrication Works Enterprise owned by Engr. Pedro Batumbacal is a registered taxpayer. During the taxable year, the company earned a total of gross sales P500, 000.00 and cost of sales of P200, 000.00 according to the accounting books. If Engr. Pedro Batumbacal wants to use the OSD as his rights, how much his maximum OSD and net income.

5) What if the taxpayer is a corporation with gross sales of P1, 000,000 and cost of sales of 400, 000.00 according to the accounting book. What is the OSD amount and Net Income?

Answer rating: 100% (QA)

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