Johnny received a salary of73,000 during the yearconsisting of: 60,000 basicsalary, 8,000 overtime pay,5,000 13th month pay.Compute Johnny's taxableincome *60,00068,000O 73,000Mr. Juanito had the followingincome in 2021: CompensationIncome, net of 77,000 SSS,PHIC,HDMF and union Dues -300,000; Supplementalcompensation income -30,000; 13th month pay andother benefits - 25,000 *402,000330,000375,000380,000

Tax refers to the percentile charge imposed by the government on the income earned by an entity.…

Answered: Johnny received a: 73,000 during the y…

Business

Accounting

Johnny received a: 73,000 during the y consisting of: 60,00 salary, 8,000 overti

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.

Question

Johnny received a salary of
73,000 during the year
consisting of: 60,000 basic
salary, 8,000 overtime pay,
5,000 13th month pay.
Compute Johnny's taxable
income *
60,000
68,000
O 73,000
Mr. Juanito had the following
income in 2021: Compensation
Income, net of 77,000 SSS,
PHIC,HDMF and union Dues -
300,000; Supplemental
compensation income -
30,000; 13th month pay and
other benefits - 25,000 *
402,000
330,000
375,000
380,000

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