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Mr. Gong is married, having 2 offsprings, Huan who is 22 years of age but considered a special child since he was 8 and
Mr. Gong is married, having 2 offsprings, Huan who is 22 years of age but considered a special child since he was 8 and Andy, 18 year old and still studying. He claims being the Head of the family. His Annual salary in a year amounting to 1,200,000php. He is entitled for a thirteenth month pay, a Christmas bonus of 10% of his yearly income, Mid year and merit bonus of 10% and 15% respectively. His exclusions such as SSS, PHIC and HUDMF amounting to 60,000 a year. Aside from compensation income, Mr. Romualdez also earns in his little business, called Chainme trading. His Sales amounted to 3,000,000; Cost of Goods Sold which is 60% of Sales, 20% of sales is allotted to expenses. Compute for his Gross Income, Taxable income and Total Tax due.
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