1. Mr. Dacanay is a minimum wage earner (MWE) with a following date in a year: Compensation income (salary) ……………………. P 144,000.00 Mandatory contribution to govt (SSS Philhealth And HDF) 6,000.00 13th Month pay ------------------------------- 12,000.00 Compute the income tax present computation properly.
1. Mr. Dacanay is a minimum wage earner (MWE) with a following date in a year:
Compensation income (salary) ……………………. P 144,000.00
Mandatory contribution to govt (SSS Philhealth
And HDF) 6,000.00
13th Month pay ------------------------------- 12,000.00
Compute the income tax present computation properly.
2. Mr. Malabag is not a minimum wage earner. He had the following data for the year.
Taxable Compensation income--------------- P 280,000.00
13th month pay and other benefit exempt from
Income tax ---------------------------------- 105,000.00
SSS 5,000.00
Compute the Income tax and present computation properly.
3. Mr. Cho had the following data in a calendar year.
Gross sales from self-employment P 2,000,000.00
Interest on Philippine currency bank deposit 10,000,00
Cost and expenses on income form self-employment--- 1,100,000
Compute the income tax for the year if the 8% tax was availed of
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