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Catherine is employed in ABC Corporation. She received the basic wage for 2015 in the total amount of  ₱234,000, inclusive of the 13th month pay. In the same year, she also received overtime pay of ₱40,000  and night-shift differential of ₱25,000. The monthly nontaxable deductions would be SSS (₱ 720.00),  Philhealth (₱ 247.50), and HDMF (₱ 100.00). 1. Compute for the withholding tax due.

Catherine is employed in ABC Corporation. She received the basic wage for 2015 in the total amount of  ₱234,000, inclusive of the 13th month pay. In the same year, she also received overtime pay of ₱40,000  and night-shift differential of ₱25,000. The monthly nontaxable deductions would be SSS (₱ 720.00),  Philhealth (₱ 247.50), and HDMF (₱ 100.00). 1. Compute for the withholding tax due.

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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Catherine is employed in ABC Corporation. She received the basic wage for 2015 in the total amount of 
₱234,000, inclusive of the 13th month pay. In the same year, she also received overtime pay of ₱40,000 
and night-shift differential of ₱25,000. The monthly nontaxable deductions would be SSS (₱ 720.00), 
Philhealth (₱ 247.50), and HDMF (₱ 100.00).

1. Compute for the withholding tax due. 

TAX TABLE If taxable income is: ТаxDueis: Over But Not Over Income Tax R ate P250,000 P400,000 P800,000 Р2,000,000 P8,000,000 0% 20% of exces over P250,000 P250,000 P400,000 P800,000 P2,000,000 P8,000,000 P30,000 + 25% of excess over P400,000 P130,000 + 30% of excess over P800,000 P490,000 + 32% of excess over P2,000,000 P2,410,000 + 35% of excess over P8,000,000
Transcribed Image Text:TAX TABLE If taxable income is: ТаxDueis: Over But Not Over Income Tax R ate P250,000 P400,000 P800,000 Р2,000,000 P8,000,000 0% 20% of exces over P250,000 P250,000 P400,000 P800,000 P2,000,000 P8,000,000 P30,000 + 25% of excess over P400,000 P130,000 + 30% of excess over P800,000 P490,000 + 32% of excess over P2,000,000 P2,410,000 + 35% of excess over P8,000,000
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