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The following pertains to an employee in 2021: Cost of Living allowance- 45,000, Gross Salaries- 550,000, Deduction for withholding tax on compensation- 15,600, Employer's share

The following pertains to an employee in 2021: Cost of Living allowance- 45,000, Gross Salaries- 550,000, Deduction for withholding tax on compensation- 15,600, Employer's share in SSS, Phic, HDMF 33,500, Employee's share in SSS, Phic, HDMF 31,220. Compute Taxable compensation income. Show your solution. *

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