An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? Tax Due is: 20% of the excess over P 250,000 30.000 + 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000+32% of the excess over P 2,000,000 |P 2,410,000 + 35% of the excess over P 8,000,000 Over P If Taxable Income is: Not over P 250,000 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2.000.000 P Over P 2,000,000 but not over P 8.000.000 P Over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)
An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? Tax Due is: 20% of the excess over P 250,000 30.000 + 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000+32% of the excess over P 2,000,000 |P 2,410,000 + 35% of the excess over P 8,000,000 Over P If Taxable Income is: Not over P 250,000 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2.000.000 P Over P 2,000,000 but not over P 8.000.000 P Over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...
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Question
![An employee received the following benefits:
regular compensation income, net of P25,000
SSS, PHIC & HDMF employee share - P850,000;
13th month pay - P120,000; De minimis
benefits within their limits - P90,000; Excess de
minimis benefits - P70,000; Other de minimis
benefits - P30,000; Other fringe benefits -
P60,000. Using the tax table below, how much
is income tax due of this employee?
Tax Due is:
If Taxable Income is:
Not over P 250,000
250,000 but not over P
400,000 but not over P
Over P
Over P
400.000
20% of the excess over P 250,000
800.000 P 30.000+25% of the excess over P 400.000
Over P 800,000 but not over P 2,000,000 P 130,000+30% of the excess over P 800,000
Over P 2,000,000 but not over P 8.000.000 P 480,000 + 32% of the excess over P 2,000,000
Over P 8,000,000
|P 2.410.000 + 35% of the excess over P 8,000,000
(Answer must have no peso sign, no decimals &
no extra spaces in between. Follow this format:
X,XXX,XXX)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F912d1019-7c37-4293-ae66-b0965363d929%2Fe8553733-e74a-4717-8525-134d5618176a%2Fcj5q5bq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An employee received the following benefits:
regular compensation income, net of P25,000
SSS, PHIC & HDMF employee share - P850,000;
13th month pay - P120,000; De minimis
benefits within their limits - P90,000; Excess de
minimis benefits - P70,000; Other de minimis
benefits - P30,000; Other fringe benefits -
P60,000. Using the tax table below, how much
is income tax due of this employee?
Tax Due is:
If Taxable Income is:
Not over P 250,000
250,000 but not over P
400,000 but not over P
Over P
Over P
400.000
20% of the excess over P 250,000
800.000 P 30.000+25% of the excess over P 400.000
Over P 800,000 but not over P 2,000,000 P 130,000+30% of the excess over P 800,000
Over P 2,000,000 but not over P 8.000.000 P 480,000 + 32% of the excess over P 2,000,000
Over P 8,000,000
|P 2.410.000 + 35% of the excess over P 8,000,000
(Answer must have no peso sign, no decimals &
no extra spaces in between. Follow this format:
X,XXX,XXX)
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