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
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 income tax due if Mr.ABC is a rank-and -file employee and he opted to option standard deduction
5.Compute the total income tax due if Mr.ABC is a rank- and-file employee and he opted to use the 8% preferrential tax
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