Mianel, an employee of XYZ Corp. is receiving regular monthly compensation in the amount of ₱100,000. The monthly nontaxable deductions would be GSIS (₱ 9,000.00), Philhealth (₱ 687.50), and HDMF (₱ 100.00).1. Compute for the withholding tax due2. Compute for the amount to be withheld. TAX TABLEIf taxable income is:ТаxDueis:OverBut Not OverIncome Tax R ateP250,000P400,000P800,000Р2,000,000P8,000,0000%20% of exces over P250,000P250,000P400,000P800,000P2,000,000P8,000,000P30,000 + 25% of excess over P400,000P130,000 + 30% of excess over P800,000P490,000 + 32% of excess over P2,000,000P2,410,000 + 35% of excess over P8,000,000

Given Monthly Compensation = 100,000 Non taxable deductions: GSIS = 9,000 Philhealth = 687.50…

monthly compensation in the amount of ₱100,000. The monthly nontaxable deductions would be GSIS (₱ 9,000.00), Philhealth (₱ 687.50), and HDMF (₱ 100.00). 1. Compute for the withholding tax due

monthly compensation in the amount of ₱100,000. The monthly nontaxable deductions would be GSIS (₱ 9,000.00), Philhealth (₱ 687.50), and HDMF (₱ 100.00). 1. Compute for the withholding tax due

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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