Compute the Income Tax due. Thank youuu Compute the Income Tax due by using BIR Form 1700 version 2018.A purely compensation earner, with two (2) dependent children, earned a monthly salary ofP25,000.00. For taxable year 2020, your employer had withheld P9,000 from your aggregate 12-month salaries for the said year.

Income tax can be defined as the portion of income being paid to the tax authority or government.…

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Compute the Income Tax due.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions

Section: Chapter Questions

Problem 21CE: Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Compute the Income Tax due. Thank youuu

Compute the Income Tax due by using BIR Form 1700 version 2018.
A purely compensation earner, with two (2) dependent children, earned a monthly salary of
P25,000.00. For taxable year 2020, your employer had withheld P9,000 from your aggregate 12-
month salaries for the said year.

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