Answer the letter B only. Pure Compensation IncomeMr. Bienvenido is a minimum wage earner employed by Bilal, Inc. He has no othersource of income aside from his employment. In 2018, he earned a total compensationincome of P125,000.A. Mr. Bienvenido's contribution to SSS, Philhealth and HDMF amounted to P7,000. Hereceived his 13th month pay amounting to P10,000. What is Mr. Bienvenido'sincome tax liability for the year?B. The following year, in addition to the compensation income and 13th month pay hereceived and contributions paid the previous year, he also received the followingadditional 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 duefor the year.

Pure compensation Income For Calculating the taxable pure compensation income which also included…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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