Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000 d. 400,000

Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000 d. 400,000

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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Question

Karen Kaled received the following income from her employment in 2021:
Gross salaries P400,000
Deductions for:
SSS 10,000
PhilHealth 8,000
Pag-Ibig 7,000
Union dues 2,000
Withholding tax 67,400
Loans repayment 50,000
Tardiness and absences 15,000
Net pay: P 240,600
Compute Karen Kaled's taxable compensation income.
a. 240,600
b. 290,600
c. 358,000
d. 400,000

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