Colyong, a government employee, receives a full 13rth month pay of 20,000 exclusive of 14,000 other benefits. He was deducted 18,000 during the year for premium for his SSS, PHIC, and HDMF contributions. Compute Colyong's taxable compensation income * 222,000 226,000 240,000 254,000
Colyong, a government employee, receives a full 13rth month pay of 20,000 exclusive of 14,000 other benefits. He was deducted 18,000 during the year for premium for his SSS, PHIC, and HDMF contributions. Compute Colyong's taxable compensation income * 222,000 226,000 240,000 254,000
Chapter20: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 24P
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Question
![Colyong, a government
employee, receives a full 13rth
month pay of 20,000
exclusive of 14,000 other
benefits. He was deducted
18,000 during the year for
premium for his SSS, PHIC, and
HDMF contributions. Compute
Colyong's taxable
compensation income *
222,000
226,000
240,000
254,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92e07886-bf92-42b7-a762-2e4c36412223%2F5b0279cc-d957-4162-98f8-ef3db74e6dde%2Fwqnosn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Colyong, a government
employee, receives a full 13rth
month pay of 20,000
exclusive of 14,000 other
benefits. He was deducted
18,000 during the year for
premium for his SSS, PHIC, and
HDMF contributions. Compute
Colyong's taxable
compensation income *
222,000
226,000
240,000
254,000
![An employee received the following compensation during the year:
Gross compensation (11,000 x 13 months)
Overtime Pay
143,000
12,000
Less:
ssS, PHIC, HDMF and union dues
5,200.00
Withholding Tax
10,000.00
15,200.00
139,800.00
Compute the taxable compensation.
149,800
138,800
132,000
126,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92e07886-bf92-42b7-a762-2e4c36412223%2F5b0279cc-d957-4162-98f8-ef3db74e6dde%2F5qyei2j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An employee received the following compensation during the year:
Gross compensation (11,000 x 13 months)
Overtime Pay
143,000
12,000
Less:
ssS, PHIC, HDMF and union dues
5,200.00
Withholding Tax
10,000.00
15,200.00
139,800.00
Compute the taxable compensation.
149,800
138,800
132,000
126,800
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