14. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000 How much is the 13th month pay? Group of answer choices Php 15,000 Php 0 Php 20,000 Php 45,000
14. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000 How much is the 13th month pay? Group of answer choices Php 15,000 Php 0 Php 20,000 Php 45,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
14.
Instructions
Use the graduated tax table below if applicable:
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)
|
Over |
But not over |
The tax shall be |
Plus |
Of excess over |
|
|
250,000 |
0 |
0 |
- |
|
P 250,000 |
400,000 |
0 |
20% |
P 250,000 |
|
400,000 |
800,000 |
30,000 |
25% |
400,000 |
|
800,000 |
2,000,000 |
130,000 |
30% |
800,000 |
|
2,000,000 |
8,000,000 |
490,000 |
32% |
2,000,000 |
|
8,000,000 |
|
2,410,000 |
35% |
8,000,000 |
Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following:
- Additional compensation allowance – Php 5,000
- Cash gift – Php 5,000
- Christmas bonus – Php 5,000
- Loyalty award – Php 5,000
- Performance bonus/productivity incentive – Php 10,000
How much is the 13th month pay?
Group of answer choices
Php 15,000
Php 0
Php 20,000
Php 45,000
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