Mr. Carlo had the following income during the year: Gross compensation income (including 13th month pay of P25,000), P325,0000; Less: Tardiness or absences, (P10,0000) Net compensation income, P315,000 Deduction: SSS deductions, P12,000 Philhealth deductions, P9,000 Pag-ibig deductions, P10,000 Union dues, P5,000 Withholding tax, P40,000
Mr. Carlo had the following income during the year: Gross compensation income (including 13th month pay of P25,000), P325,0000; Less: Tardiness or absences, (P10,0000) Net compensation income, P315,000 Deduction: SSS deductions, P12,000 Philhealth deductions, P9,000 Pag-ibig deductions, P10,000 Union dues, P5,000 Withholding tax, P40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Mr. Carlo had the following income during the year:
Gross compensation income (including 13th month pay of P25,000), P325,0000;
Less: Tardiness or absences, (P10,0000)
Net compensation income, P315,000
Deduction:
SSS deductions, P12,000
Philhealth deductions, P9,000
Pag-ibig deductions, P10,000
Union dues, P5,000
Withholding tax, P40,000
Net pay, P239,000
Compute the total exclusion from gross income.
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