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B. The following year, in addition to the compensation income and 13th month pay he received and contributions paid the previous year, he also received the following additional pay: overtime pay - P70,000, night shift differential – P20,000, hazard pay - P15,000, and holiday pay - P20,000 Compute for Mr. Bienvenido's income tax due | for the year.

B. The following year, in addition to the compensation income and 13th month pay he received and contributions paid the previous year, he also received the following additional pay: overtime pay - P70,000, night shift differential – P20,000, hazard pay - P15,000, and holiday pay - P20,000 Compute for Mr. Bienvenido's income tax due | for the year.

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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Answer the letter B only.
Pure Compensation Income Mr. Bienvenido is a minimum wage earner employed by Bilal, Inc. He has no other source of income aside from his employment. In 2018, he earned a total compensation income of P125,000. A. Mr. Bienvenido's contribution to SSS, Philhealth and HDMF amounted to P7,000. He received his 13th month pay amounting to P10,000. What is Mr. Bienvenido's income tax liability for the year? B. The following year, in addition to the compensation income and 13th month pay he received and contributions paid the previous year, he also received the following additional pay: overtime pay – P70,000, night shift differential – P20,000, hazard pay - P15,000, and holiday pay - P20,000 Compute for Mr. Bienvenido's income tax due for the year.
Transcribed Image Text:Pure Compensation Income Mr. Bienvenido is a minimum wage earner employed by Bilal, Inc. He has no other source of income aside from his employment. In 2018, he earned a total compensation income of P125,000. A. Mr. Bienvenido's contribution to SSS, Philhealth and HDMF amounted to P7,000. He received his 13th month pay amounting to P10,000. What is Mr. Bienvenido's income tax liability for the year? B. The following year, in addition to the compensation income and 13th month pay he received and contributions paid the previous year, he also received the following additional pay: overtime pay – P70,000, night shift differential – P20,000, hazard pay - P15,000, and holiday pay - P20,000 Compute for Mr. Bienvenido's income tax due for the year.
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