Deepen tivity 1. Problem Solving 1. A university professor who reccives a basic monthly salary of P80,000, a living allowance of P2,000 per month, and has an investment of P500,000 which carns an interest of 6% per year. Suppose this university professor has to pay also each year P245,880 for income tax, 912,000 for Philhealth, P1,200 for Pag-ibig and P86,400 for GSIS contributions. What is his (a) gross income (b) net income? id 0481 for an 8.hour workday, If he works for 22
Deepen tivity 1. Problem Solving 1. A university professor who reccives a basic monthly salary of P80,000, a living allowance of P2,000 per month, and has an investment of P500,000 which carns an interest of 6% per year. Suppose this university professor has to pay also each year P245,880 for income tax, 912,000 for Philhealth, P1,200 for Pag-ibig and P86,400 for GSIS contributions. What is his (a) gross income (b) net income? id 0481 for an 8.hour workday, If he works for 22
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Transcribed Image Text:Deepen
Activity 1. Problem Solving
1. A university professor who receives a basic monthly salary of P80,000, a living allowance of P2,000
per month, and has an investment of P500,000 which carns an interest of 6% per year. Suppose
this university professor has to pay also each year P245,880 for income tax, 912,000 for Philhealth,
P1,200 for Pag-ibig and P86,400 for GSIS contributions. What is his (a) gross income (b) net income?
2. A minimum wage earner in Metro Manila is paid P481 for an 8-hour workday. If he works for 22
days in one month, what would be his gross monthly income? Suppose the minimum wage carner
is exempted from paying income tax. His deductions per month are P100 for Pag-ibig, P200 for
PhilHealth and P363.30 for SSS then what is his net monthly income?
3. Jane receives a basic pay of P9,880.00 a month and a 2% commission on her sales. She sold
P105,000 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00
for the PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Compute for
her net pay.
4. Karen receives a basic pay of P8,900.00 a month and a 1% commission on her sales. She sold
P68,000.00 for the month. Her deductions are: 4% for SSS based on her basic monthly pay; P100.00
for PhilHealth; Pag-Ibig, 2%; and 10% Withholding Tax based on gross earnings. Computer for net
рay.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education