Number 3 and 4 please DeepenActivity 1. Problem Solving1. A university professor who receives a basic monthly salary of P80,000, a living allowance of P2,000per month, and has an investment of P500,000 which carns an interest of 6% per year. Supposethis university professor has to pay also each year P245,880 for income tax, 912,000 for Philhealth,P1,200 for Pag-ibig and P86,400 for GSIS contributions. What is his (a) gross income (b) net income?2. A minimum wage earner in Metro Manila is paid P481 for an 8-hour workday. If he works for 22days in one month, what would be his gross monthly income? Suppose the minimum wage carneris exempted from paying income tax. His deductions per month are P100 for Pag-ibig, P200 forPhilHealth and P363.30 for SSS then what is his net monthly income?3. Jane receives a basic pay of P9,880.00 a month and a 2% commission on her sales. She soldP105,000 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00for the PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Compute forher net pay.4. Karen receives a basic pay of P8,900.00 a month and a 1% commission on her sales. She soldP68,000.00 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00for PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Computer for netрay.

3. Basic Pay = P9,880 Gross Earnings = P105,000 x 2% + P9880 = P11,980 Deductions: SSS = 4% X P9880…

3. Jane receives a basic pay of P9,880.00 a month and a 2% commission on her sales. She sold P105,000 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00 for the PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Compute for her net pay. 4. Karen receives a basic pay of P8,900.00 a month and a 1% commission on her sales. She sold P68,000.00 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00 for PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Computer for net pay.

3. Jane receives a basic pay of P9,880.00 a month and a 2% commission on her sales. She sold P105,000 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00 for the PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Compute for her net pay. 4. Karen receives a basic pay of P8,900.00 a month and a 1% commission on her sales. She sold P68,000.00 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00 for PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Computer for net pay.

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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