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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 currency bank deposit                   10,000,00

Capital gain on sale of land (Selling Price P5,000,000)  1,000.000.00

Cost and expenses on income form self-employment--- 1,100,000

Compute the income tax for the year if the 8% tax was availed of   

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