Paquito, a university instructor, earns a gross monthly salary of ₱46,200.00. Paquito is married and has declared one dependent under his name. Regular deductions from his monthly salary include SSS contributions amounting to ₱590.00, PhilHealth contributions amounting to ₱387.50, and PAG-IBIG contributions amounting to ₱100.00. Per month, ₱4,300.00 is deducted from his salary as withholding tax. a. Determine his net income per month and in one year.

Paquito, a university instructor, earns a gross monthly salary of ₱46,200.00. Paquito is married and has declared one dependent under his name. Regular deductions from his monthly salary include SSS contributions amounting to ₱590.00, PhilHealth contributions amounting to ₱387.50, and PAG-IBIG contributions amounting to ₱100.00. Per month, ₱4,300.00 is deducted from his salary as withholding tax. a. Determine his net income per month and in one year.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 28P

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Paquito, a university instructor, earns a gross monthly salary of ₱46,200.00. Paquito is married and has declared one dependent under his name. Regular deductions from his monthly salary include SSS contributions amounting to ₱590.00, PhilHealth contributions amounting to ₱387.50, and PAG-IBIG contributions amounting to ₱100.00. Per month, ₱4,300.00 is deducted from his salary as withholding tax. a. Determine his net income per month and in one year.
Brody’s gross monthly salary amounts to ₱34,600.00 per month subject to the following deductions: SSS contribution - ₱481.30, PhilHealth contribution - ₱212.50, PAG-IBIG contribution - ₱120.00. His withholding tax is ₱3,905.80 per month. Furthermore, he is married with two dependents under his name. Determine his income tax due at the end of the year and his income tax payable.
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