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11.The CAN (Collective Negotiation Agreement) is considered as a benefit for public employees computed in one year. Given the formula below: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable. Suppose a certain government employee earns a CAN = Php 12,764.12, 13th Month Pay = Php 24,291.78, and he has no other benefits. How much of his additional earnings will be taxed? 12. In connection with the previous problem, suppose a certain government employee earns a CAN = Php 2,214.12/month, 13th Month Pay = Php 12, 119.72, and he has other benefits amounting to Php 4,000.00. How much of the additional earnings will be taxed? 13. Suppose in the previous problem, the other benefits include clothing allowance. Will there be a change in the amount taxable? If yes, how much? If no, why? 14.If an employee X has CAN = Php 18,291.09, 13th Month Pay = Php 27,891.00, other benefits Php 10,000 and Php 3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is nontaxable?

11.The CAN (Collective Negotiation Agreement) is considered as a benefit for public employees computed in one year. Given the formula below: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable. Suppose a certain government employee earns a CAN = Php 12,764.12, 13th Month Pay = Php 24,291.78, and he has no other benefits. How much of his additional earnings will be taxed? 12. In connection with the previous problem, suppose a certain government employee earns a CAN = Php 2,214.12/month, 13th Month Pay = Php 12, 119.72, and he has other benefits amounting to Php 4,000.00. How much of the additional earnings will be taxed? 13. Suppose in the previous problem, the other benefits include clothing allowance. Will there be a change in the amount taxable? If yes, how much? If no, why? 14.If an employee X has CAN = Php 18,291.09, 13th Month Pay = Php 27,891.00, other benefits Php 10,000 and Php 3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is nontaxable?

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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Please answer the following with explanation.
B. Solve the following problems below. 11.The CAN (Collective Negotiation Agreement) is considered as a benefit for public employees computed in one year. Given the formula below: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable. Suppose a certain government employee earns a CAN = Php 12,764.12, 13th Month Pay = Php 24,291.78, and he has no other benefits. How much of his additional earnings will be taxed? 12. In connection with the previous problem, suppose a certain government employee earns a CAN = Php 2,214.12/month, 13th Month Pay = Php 12, 119.72, and he has other benefits amounting to Php 4,000.00. How much of the additional earnings will be taxed? 13. Suppose in the previous problem, the other benefits include clothing allowance. Will there be a change in the amount taxable? If yes, how much? If no, why? 14. If an employee X has CAN = Php 18,291.09, 13th Month Pay = Php 27,891.00, other benefits = Php 10,000 and Php 3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is nontaxable? 15.Based on the previous problem, if his tax rate is 0.08, how much is his tax and what is his net amount from is benefits?
Transcribed Image Text:B. Solve the following problems below. 11.The CAN (Collective Negotiation Agreement) is considered as a benefit for public employees computed in one year. Given the formula below: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable. Suppose a certain government employee earns a CAN = Php 12,764.12, 13th Month Pay = Php 24,291.78, and he has no other benefits. How much of his additional earnings will be taxed? 12. In connection with the previous problem, suppose a certain government employee earns a CAN = Php 2,214.12/month, 13th Month Pay = Php 12, 119.72, and he has other benefits amounting to Php 4,000.00. How much of the additional earnings will be taxed? 13. Suppose in the previous problem, the other benefits include clothing allowance. Will there be a change in the amount taxable? If yes, how much? If no, why? 14. If an employee X has CAN = Php 18,291.09, 13th Month Pay = Php 27,891.00, other benefits = Php 10,000 and Php 3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is nontaxable? 15.Based on the previous problem, if his tax rate is 0.08, how much is his tax and what is his net amount from is benefits?
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