An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? If Taxable Income is: Not over P 250,000 Over P 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2,000,000 P Over P 2,000,000 but not over P 8.000.000 |P Over P 8,000,000 Tax Due is: 20% of the excess over P 250,000 30.000+ 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000 + 32% of the excess over P 2,000,000 |P 2.410.000 + 35% of the excess over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX) An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? If Taxable Income is: Not over P 250,000 Over P 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2,000,000 P Over P 2,000,000 but not over P 8.000.000 |P Over P 8,000,000 Tax Due is: 20% of the excess over P 250,000 30.000+ 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000 + 32% of the excess over P 2,000,000 |P 2.410.000 + 35% of the excess over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
An employee received the following from their employer during a taxation year: 1) a $55,000 salary, 2) a watch valued at $200 as a birthday gift, and 3) a $15,000 low-interest loan with a 1% interest...
-
A rank and file employee received the following compensation and benefits received during 2020 Basic income from compensation 13th month pay and mid-year bonus Midyear bonus Christmas gift Uniform...
-
Cameron received the following benefits from his employer for the FBT year A fully maintained vehicle costs $28,000. No logbook was kept. The car is used predominately for work purposes and is...
-
int Temp [10] = { 22, 30, 40,28,20,60}; For the above code, answer the following questions i) Find the size of Temp array. ii) How many memory locations are present in Temp array ? iii) Find the...
-
Do you think many information technology professionals have experience writing RFPs and evaluating proposals for information technology projects? What skills would be useful for these tasks?
-
For its Music 360 survey, Nielsen Co. asked teenagers and adults how each group has listened to music in the past 12 months. Nearly two-thirds of U.S. teenagers under the age of 18 say they use...
-
Compare the schemes introduced for the linear convection equation. a) Simple explicit schemes (7.6), (7.7), and (7.8) b) Simple implicit scheme (7.19) c) Leapfrog scheme (7.21) d) Lax-Wendroff scheme...
-
Analysis of Installment-Sales Accounts Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2012, the books show balances as follows. Instructions (a) Prepare...
-
Need help with the answer by 11pm. 6 Question 5 Dr Kamal practices medicine under the trade name Public Poliklinik. Below is the first month business transactions for the clinic. Date Transactions...
-
Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Required Answer the following for each bond issue: a. Were the...
-
p - 4 = 2 / 5 ( t - 7 )
-
Data related to the expected sales of laptops and tablets for Tech Products Inc. for the current year, which is typical of recent years, are as follows: Unit Selling Price Unit Variable Cost Products...
-
Evaluate three ways to deal constructively with complaints and anger from fellow employees, management, and customers within an organization. Are these methods effective to resolve the issues?...
-
Sam and Sally want to invest $500,000 in new restaurant. They need to achieve a 10% Return on that investment annually. The restaurant has fixed costs of $5,000 per month. Their estimated variable...
-
Should Mavi build a house of brands by developing new brands, separate from the Mavi brand, to pursue either the premium or the fast-fashion spaces. Explain why? https: //hbsp.harvard.edu/tu/009333e9
-
You buy an 8% coupon paid annually, 10-year maturity bond when its annual yield to maturity is 9.9%. A year later you sell the bond when the annual yield to maturity is 19%. What is return over the...
-
9 Exercise 13-2 (Algo) Dropping or Retaining a Segment [LO13-2] The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and...
-
The baseball player A hits the ball from a height of 3.36 ft with an initial velocity of 34.8 ft/s. 0.14 seconds after the ball is hit, player B who is standing 15 ft away from home plate begins to...
-
Janie graduates from high school in 2012 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie's parents have AGI of $170,000, what is the American...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family. The Incisors own a rental beach house in Hawaii. The beach house was rented for the full year during 2012...
-
7. ETHICS Jane says to Cody, "If you will agree to work as my yard man, I'll pay you $1,000 per week for a normal work week. You can start on Monday, and I'll guarantee you eight months' work." Cody...
-
8. Ronald Armstead worked for First American Bank as a courier. His duties included making deliveries between the bank's branches in Washington, D.C. Armstead parked the bank's station wagon near the...
-
9. YOU BE THE JUDGE WRITING PROBLEM Eileen Murphy often cared for her elderly neighbor, Thomas Kenney. He paid her $25 per day for her help and once gave her a bank certificate of deposit worth...
Study smarter with the SolutionInn App