Justin received all of the following compensation for the year 2021: Basic Salary Php 258,000 Mandatory deductions 21,600 Withholding Taxes 14,000 Position Allowance 36,000 Overtime Pay 27,000 De minimis benefits 22,000
Justin received all of the following compensation for the year 2021: Basic Salary Php 258,000 Mandatory deductions 21,600 Withholding Taxes 14,000 Position Allowance 36,000 Overtime Pay 27,000 De minimis benefits 22,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Justin received all of the following compensation for the year 2021:
Basic Salary Php 258,000
Mandatory deductions 21,600
Withholding Taxes 14,000
Position Allowance 36,000
Overtime Pay 27,000
De minimis benefits 22,000
13th month pay 10,000
Total non-taxable benefits Php 70,600
How much is the Taxable compensation tax:
a. 258,000
b. 388,600
c. 318,000
d. None of the Choices
e. 328,000
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