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Juan Dela Cruz generated annual compensation income of P615,000. Statutory payments are as follows: SSS – P 6,975.60; Philhealth - P 5,250; Pag-ibig Contribution –P 1,200. Total: P13,425.60 Tax exempt 13th month pay and other bonuses – P 60,000. (Note: Maximum tax exempt 13th month and other bonuses is P 82,000 per Revenue Regulation 3-2015) Compute the gross taxable compensation  income and tax due on each given situations: Juan Dela Cruz is single with no qualified dependent Juan Dela Cruz is married with 3 qualified dependents

Juan Dela Cruz generated annual compensation income of P615,000. Statutory payments are as follows: SSS – P 6,975.60; Philhealth - P 5,250; Pag-ibig Contribution –P 1,200. Total: P13,425.60 Tax exempt 13th month pay and other bonuses – P 60,000. (Note: Maximum tax exempt 13th month and other bonuses is P 82,000 per Revenue Regulation 3-2015) Compute the gross taxable compensation  income and tax due on each given situations: Juan Dela Cruz is single with no qualified dependent Juan Dela Cruz is married with 3 qualified dependents

FINANCIAL ACCOUNTING
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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Juan Dela Cruz generated annual compensation income of P615,000. Statutory payments are as follows:

SSS – P 6,975.60;
Philhealth - P 5,250;
Pag-ibig Contribution –P 1,200.
Total: P13,425.60

Tax exempt 13th month pay and other bonuses – P 60,000.

(Note: Maximum tax exempt 13th month and other bonuses is P 82,000 per Revenue Regulation 3-2015)

Compute the gross taxable compensation  income and tax due on each given situations:

  1. Juan Dela Cruz is single with no qualified dependent
  2. Juan Dela Cruz is married with 3 qualified dependents
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