Question
The following table relates to the compensation income of a government rank and file employee for the month of June. Gross basic salary 32,457 Representation
The following table relates to the compensation income of a government rank and file employee for the month of June.
Gross basic salary 32,457
Representation allowance 2,200
Transportation allowance 850
Laundry allowance 250
Medical cash allowance to dependents 250
Hazard pay 1,200
Overtime pay 3,300
Rice subsidy 1,850
Deductions:
SSS, GSIS, PHILHEALTH, PAG-IBIG contributions 2,850
SSS loan 1,000
Premium payments on life insurance policy 500
Net Pay 38,007
Questions
1. How much is the net taxable compensation income?2. How much is the total exempt compensation?
3. How much is the total taxes to be withheld from the employee for the month?
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Accounting
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
9th edition
1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227
