Disregarding business and professional income, how much is the gross compensation income of ROSE for taxable year 2019:
Disregarding business and professional income, how much is the gross compensation income of ROSE for taxable year 2019:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
ROSE, a mixed income earner provided the following date for taxable year 2019:
|
Compensation Income |
|
|
|
|
Salaries – (net of SSS, PHIC and HDMF contribution of Php25,000 and withholding tax of Php120,500) |
Php 795,500 |
|
|
13th month pay |
65,000 |
|
|
Clothing allowance |
10,000 |
|
|
Rice subsidy |
24,000 |
|
|
Christmas bonus |
5,000 |
|
|
Other compensation income |
8,000 |
|
|
Overtime pay |
90,000 |
|
Business and professional Income |
|
|
|
|
Sales |
Php 1,500,000 |
|
|
Cost of sales |
800,000 |
|
|
Business expenses |
200,000 |
Professional Fees – (net of Php100,000 w/tax, P900,000
Expenses-practice of profession, P300,000
Disregarding business and professional income, how much is the gross compensation income of ROSE for taxable year 2019:
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