Instruction: Complete the following table. Gross Compensation Tax Income Таx Table Tax Due 1. P240,000 Non-taxable P250,000 but not over ? 2. P170,000 Non-taxable ? Non-tax due 3. P300,000 ? 20% over excess P10,000 P250,000 4. P265,000 P15,000 20% over excess P250,000 5. P398,000 20% over excess P29,600 P250,000 6. P114,000 Non-taxable ? Non-tax due 7. P235,000 ? 20% over excess Non-tax due P250,000 8. P340,000 ? 20% over excess P18,000 P250,000 9. P285,000 P35,000 ? P7,000 10. P395,000 P145,000 20% over excess ? P250,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%
Complete the table below.
Instruction: Complete the following table.
Gross Compensation
Tax Income
Tax Table
Tax Due
1. P240,000
Non-taxable
P250,000 but not over
2. P170,000
Non-taxable
?
Non-tax due
3. P300,000
20% over excess
P10,000
P250,000
4. P265,000
P15,000
20% over excess
P250,000
5. P398,000
?
20% over excess
P29,600
P250,000
6. P114,000
Non-taxable
?
Non-tax due
7. P235,000
?
20% over excess
Non-tax due
P250,000
8. P340,000
?
20% over excess
P18,000
P250,000
9. P285,000
P35,000
?
P7,000
10. P395,000
P145,000
20% over excess
P250,000
Transcribed Image Text:Instruction: Complete the following table. Gross Compensation Tax Income Tax Table Tax Due 1. P240,000 Non-taxable P250,000 but not over 2. P170,000 Non-taxable ? Non-tax due 3. P300,000 20% over excess P10,000 P250,000 4. P265,000 P15,000 20% over excess P250,000 5. P398,000 ? 20% over excess P29,600 P250,000 6. P114,000 Non-taxable ? Non-tax due 7. P235,000 ? 20% over excess Non-tax due P250,000 8. P340,000 ? 20% over excess P18,000 P250,000 9. P285,000 P35,000 ? P7,000 10. P395,000 P145,000 20% over excess P250,000
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education