Compute the taxablecompensation if the employeeis managerial or supervisoryfrom the question above *842,000O 836,000O 823,000O 780,000 An employee had the following details of compensation income in 2021:Regular compensation income780,000Overtime pay43,00013th month pay65,000De minimis benefits:Medical assistance to employee22,000Total of other de minimis beenfits32,000Compute the taxable compensation if the employee is a rank and file842,000836,000823,000780,000

All sorts of compensation, either in the form of wages and services, along with property, are…

An employee had the following details of compensation income in 2021: Regular compensation income Overtime pay 780,000 43,000 13th month pay 65,000 De minimis benefits: Medical assistance to employee 22,000 Total of other de minimis beenfits 32,000

An employee had the following details of compensation income in 2021: Regular compensation income Overtime pay 780,000 43,000 13th month pay 65,000 De minimis benefits: Medical assistance to employee 22,000 Total of other de minimis beenfits 32,000

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

An employee had the following details of compensation income in 2021:
Regular compensation income
780,000
Overtime pay
43,000
13th month pay
65,000
De minimis benefits:
Medical assistance to employee
22,000
Total of other de minimis beenfits
32,000
Compute the taxable compensation if the employee is a rank and file
842,000
836,000
823,000
780,000

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