Juan Dela Cruz generated annual compensation income of P615,000. Statutory payments are as follows: SSS – P 6,975.60; Philhealth - P 5,250; Pag-ibig Contribution –P 1,200. Total: P13,425.60 Tax exempt 13th month pay and other bonuses – P 60,000. (Note: Maximum tax exempt 13th month and other bonuses is P 82,000 per Revenue Regulation 3-2015) Compute the gross taxable compensation income and tax due on each given situations: Juan Dela Cruz is single with no qualified dependent Juan Dela Cruz is married with 3 qualified dependents
Juan Dela Cruz generated annual compensation income of P615,000. Statutory payments are as follows: SSS – P 6,975.60; Philhealth - P 5,250; Pag-ibig Contribution –P 1,200. Total: P13,425.60 Tax exempt 13th month pay and other bonuses – P 60,000. (Note: Maximum tax exempt 13th month and other bonuses is P 82,000 per Revenue Regulation 3-2015) Compute the gross taxable compensation income and tax due on each given situations: Juan Dela Cruz is single with no qualified dependent Juan Dela Cruz is married with 3 qualified dependents
Chapter5: Unemployment Compensation Taxes
Section: Chapter Questions
Problem 4PB
Related questions
Question
Juan Dela Cruz generated annual compensation income of P615,000. Statutory payments are as follows:
SSS – P 6,975.60;
Philhealth - P 5,250;
Pag-ibig Contribution –P 1,200.
Total: P13,425.60
Tax exempt 13th month pay and other bonuses – P 60,000.
(Note: Maximum tax exempt 13th month and other bonuses is P 82,000 per Revenue Regulation 3-2015)
Compute the gross taxable compensation income and tax due on each given situations:
- Juan Dela Cruz is single with no qualified dependent
- Juan Dela Cruz is married with 3 qualified dependents
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 6 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub