Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ARVIN, A UNIVERSITY INSTRUCTOR, EARNS AN ANNUAL SALARY OF PHP376,200. ARVIN IS NOT MARRIED BUT HAS DECLARED ONE DEPENDENT UNDER HIS NAME. REGULAR DEDUCTIONS
ARVIN, A UNIVERSITY INSTRUCTOR, EARNS AN ANNUAL SALARY OF PHP376,200. ARVIN IS NOT MARRIED BUT HAS DECLARED ONE DEPENDENT UNDER HIS NAME. REGULAR DEDUCTIONS FROM HIS MONTHLY SALARY INCLUDE SSS- PHP590.00, PHILHEALTH PHP387, AND PAG-IBIG-PHP100.00. PER MONTH, PHP5300.00 IS DEDUCTED FROM SALARY AS WITHHOLDING TAX. (a) DETERMINE HIS NET INCOME PER MONTH (b) DETERMINE THE AMOUNT OF INCOME TAX HE HAS TO PAY OR THE AMOUNT OF OVERPAYMENT AT THE END OF FISCAL YEAR *
Step by Step Solution
★★★★★
3.34 Rating (148 Votes )
There are 3 Steps involved in it
Step: 1
a Determining the net income per month The monthly deductions from Arvins salary are SSS PHP590 Phil...
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
