Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A minimum wage earner, who is not engaged in business nor has any other source of income other than from employment, earned a total compensation
A minimum wage earner, who is not engaged in business nor has any other source of income other than from employment, earned a total compensation income for the year amounting to PhP135,000.00.
The taxpayer contributed and paid the following contributions:
Social Security System - PhP 511.00
Social Security System Loan - PhP 350.00
PhilHealth Contribution - PhP 125.00
Pag-IBIG Contribution - PhP 100.00
Pag-IBIG MP1 Additional Contribution - PhP 100.00
The minimum wage earner also received 13th month pay of PhP11,000.00.
What is the total income tax due?
The taxpayer contributed and paid the following contributions:
Social Security System - PhP 511.00
Social Security System Loan - PhP 350.00
PhilHealth Contribution - PhP 125.00
Pag-IBIG Contribution - PhP 100.00
Pag-IBIG MP1 Additional Contribution - PhP 100.00
The minimum wage earner also received 13th month pay of PhP11,000.00.
What is the total income tax due?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
The total income tax due for a minimum wage earner in the Philippines who earned a total compensatio...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
