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1. Assume that Mr. OD, a resident citizen employee, has the following compensation income for year 2022: Compensation income - Annual basic salary Allowances 13th month pay Christmas bonus Cash gift Productivity incentive Gross compensation income SSS and other contributions - SSS premium contribution PHIC contribution Pag-ibig contribution Required: Compute income tax payable by Mr. OD for year 2022. P 228,000 22,000 19,000 19,000 5,000 5,000 298,000 10,260 4,560 1,200

1. Assume that Mr. OD, a resident citizen employee, has the following compensation income for year 2022: Compensation income - Annual basic salary Allowances 13th month pay Christmas bonus Cash gift Productivity incentive Gross compensation income SSS and other contributions - SSS premium contribution PHIC contribution Pag-ibig contribution Required: Compute income tax payable by Mr. OD for year 2022. P 228,000 22,000 19,000 19,000 5,000 5,000 298,000 10,260 4,560 1,200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. Individuals earning purely compensation income 1. Assume that Mr. OD, a resident citizen employee, has the following compensation income for year 2022: Compensation income - Annual basic salary Allowances 13th month pay Christmas bonus Cash gift Productivity incentive Gross compensation income SSS and other contributions - SSS premium contribution PHIC contribution Pag-ibig contribution Required: Compute income tax payable by Mr. OD for year 2022. P 228,000 22,000 19,000 19,000 5,000 5,000 298,000 10,260 4,560 1,200
Transcribed Image Text:A. Individuals earning purely compensation income 1. Assume that Mr. OD, a resident citizen employee, has the following compensation income for year 2022: Compensation income - Annual basic salary Allowances 13th month pay Christmas bonus Cash gift Productivity incentive Gross compensation income SSS and other contributions - SSS premium contribution PHIC contribution Pag-ibig contribution Required: Compute income tax payable by Mr. OD for year 2022. P 228,000 22,000 19,000 19,000 5,000 5,000 298,000 10,260 4,560 1,200
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