1. Darna, employed, derived the following income during the year:P 400,00040,00020,00050,000Gross Salaries13 Month pay and other benefitsSSS, PhilHealth and Pag-Ibig ContributionsDeductions for loans repaymentsDeductions for withholding tax60,000Compute the compensation income to be reported in the annual income tax return.

In this question, we will calculate the compensation income that can be reported in annual income…

Answered: 1. Darna, employed, derived the Gross…

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Accounting

1. Darna, employed, derived the Gross Salaries 13th Month pay and other benefi SSS, PhilHealth and Pag-Ibig Com

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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Question

1. Darna, employed, derived the following income during the year:
P 400,000
40,000
20,000
50,000
Gross Salaries
13 Month pay and other benefits
SSS, PhilHealth and Pag-Ibig Contributions
Deductions for loans repayments
Deductions for withholding tax
60,000
Compute the compensation income to be reported in the annual income tax return.

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