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Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year.
Compensation Income:
Gross compensation incom per month -50000
Total SSS premium contribution-2400
Total PhilHealth premium contribution-3000
REQUIRED:
1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee
Total PAG-IBIG premium contributions-1200
Union dues-2000
Other benefits received by employees
Annual rice subsidy-18000
Annual clothing allowance-14000
Temporary housing for 3 months-15000
Christmas gift-5000
Chrsitmas bonus-20000
Other income
Rent income per month from leasing residential space-50000
Operating expense per month with receipt-25000
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- Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000 REQUIRED: 1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee 2.Compute the table compensation income subject to regular income tax during the year assuming that Mr.ABC is a managerial employee 3.Compute the taxable income subject to regular tax during the year assuming that Mr.ABC is an rank-and-file employee 4.Compute the total…Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000 REQUIRED: 1.Compute the taxable income subject to regular tax during the year assuming that Mr.ABC is an rank-and-file employeeb) Below is the details of payroll for Ms Amirah as at 31st March 2021. Employee's Category Conveyer Belt Operator RM 1,500 Basic rate Marriage status Single Allowance RM 543 Overtime RM 505 Monthly tax deduction 0 For year of assessment 2021 REQUIRED: Express calculation on following: i. ii. iii. Gross pay. Contribution (Employee Provident Fund and SOCSO) Net pay
- Doris MacNeil works for Modem Furniture in Alberta and receives the following remuneration on her pay: Bi-weekly salary $1,364.85 Overtime 342.96 4% vacation pay on overtime 13.72 Group term life insurance non-cash taxable benefit 15.75 Taxable car allowance 75.00 What is Doris’ gross pensionable/taxable income for this pay? Show your calculationsProblem Solving Directions: 1. Compute for the gross taxable income and tax due of Ms. Myra dela Torre, supervisor of the telecommunication company. Basic salary of P1,401,148.83, 13th-month pay, and other benefits P90,000.00, de minimis benefits of P40,000.00, SSS/GSIS/, PHIC, and Pag-ibig contributions P16,570.60. 2. Explain the procedure of how you computed the gross taxable income and tax due of Ms. dela Torre.PURELY COMPENSATION INCOME EARNER Instructions: 1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph. Compute the income tax payable, if any. Relevant information: YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following…
- If an employee X has CNA =₱18,291.09, 13th month pay = ₱27,891.00, other benefits = ₱10,000, and ₱3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is Non- Taxable?1. Mr. Dacanay is a minimum wage earner (MWE) with a following date in a year: Compensation income (salary) ……………………. P 144,000.00 Mandatory contribution to govt (SSS Philhealth And HDF) 6,000.00 13th Month pay ------------------------------- 12,000.00 Compute the income tax present computation properly. 2. Mr. Malabag is not a minimum wage earner. He had the following data for the year. Taxable Compensation income--------------- P 280,000.00 13th month pay and other benefit exempt from Income tax ---------------------------------- 105,000.00 SSS 5,000.00 Compute the Income tax and present computation properly. 3. Mr. Cho had the following data in a calendar year. Gross sales from self-employment P 2,000,000.00 Interest on Philippine…The following relate to the compensation income of a private rank and file employee during the year Annual compensation income P540,000 13th month pay 45,000 14th month pay 45,000 Total of monthly nice allowance ouring the year 26, 000 Commission from employer 12,000 Christmas gift 8000 SSS PhilHealth and HDMF contribution 2 000 1. Total exempt De Minimis beneftsis
- A private employee had the following remuneration in 2019: Gross salaries, net of P11,000 mandatory contribution P314,000 12,000 24,000 28,000 5,000 8,000 Fixed RATA COLA 13th month pay Christmas gift Laundry allowance (P500/month) What is the taxable compensation income?Following emoluments are received by Ms Sangeeta during the previous year ended on31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident Fund. She has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanations wherever required, If Ms. Sangeeta is a Government employee.D. benefit ENT OF EDUG ABM BM11SW-lld-2 5. Ms. Ana, a private employee, gets a monthly salary of P25,000.00, rice subsidy of P2,000.00, and a clothing allowance of P1,000.00 per month. How much will be her monthly gross income?
