Question number 5 to 9.

Determine the gross taxable compensation income. Chapter 10 - Compensation Income Compute the gross taxable compensation income. 5. Johnny received a salary of 73,000 during the year consisting of: P60,000 basic c. P119,800 d. P138,800 a. P149,800 b. P144,000 salary, P8,000 overtime pay and P5,000 13th month pay. The applicable tax bracket has a lower end of P10,000 with a basic tax of P500 and an incremental tax rate of 10%. Assume Pedro had P50,000 personal exemption. Compute the income tax due. c. P2,300 d. P2,800 a. PO b. P1,800 8,000 6. A private employee retired at 60 in the middle of the year and was paid the following remunerations: Retirement benefits P2,000,000 Terminal leave pay (150 accumulated days) 120,000 Compensation, net of P16,000 SSS, PHIC and HDMF premium contributions 128,000 Mid-year bonus Pro-rated 13th month pay 12,000 Compute the gross taxable compensation income. a. P260,000 c. P178,000 b. P238,000 d. P230,000 7. In the immediately preceding problem, what is the taxable compensation income assuming the employee has a personal exemption of P50,000? a. P210,000 c. P180,000 b. P188,000 d. P128,000 8. A managerial employee received the following remunerations: Gross salaries, net of SSS, PHIC, and HDMF P 630,000 SSS maternity benefits 30,000 Profit sharing bonus 240,000 60,000 100,000 13th month pay Personal exemption a. P870,000 b. P930,000 c. P900,000 d. P960,000 9. in the immediately preceding problem, what is the taxable compensation income? a. P860,000 b. P830,000 c. P770,000 d. P800,000 Determine the gross taxable compensation income. Chapter 10 - Compensation Income Compute the gross taxable compensation income. 5. Johnny received a salary of 73,000 during the year consisting of: P60,000 basic c. P119,800 d. P138,800 a. P149,800 b. P144,000 salary, P8,000 overtime pay and P5,000 13th month pay. The applicable tax bracket has a lower end of P10,000 with a basic tax of P500 and an incremental tax rate of 10%. Assume Pedro had P50,000 personal exemption. Compute the income tax due. c. P2,300 d. P2,800 a. PO b. P1,800 8,000 6. A private employee retired at 60 in the middle of the year and was paid the following remunerations: Retirement benefits P2,000,000 Terminal leave pay (150 accumulated days) 120,000 Compensation, net of P16,000 SSS, PHIC and HDMF premium contributions 128,000 Mid-year bonus Pro-rated 13th month pay 12,000 Compute the gross taxable compensation income. a. P260,000 c. P178,000 b. P238,000 d. P230,000 7. In the immediately preceding problem, what is the taxable compensation income assuming the employee has a personal exemption of P50,000? a. P210,000 c. P180,000 b. P188,000 d. P128,000 8. A managerial employee received the following remunerations: Gross salaries, net of SSS, PHIC, and HDMF P 630,000 SSS maternity benefits 30,000 Profit sharing bonus 240,000 60,000 100,000 13th month pay Personal exemption a. P870,000 b. P930,000 c. P900,000 d. P960,000 9. in the immediately preceding problem, what is the taxable compensation income? a. P860,000 b. P830,000 c. P770,000 d. P800,000