Pure Compe

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Pure Compensation Income
Mr. Bienvenido is a minimum wage earner employed
by Bilal, Inc. He has no other source of income aside
from his employment. In 2018, he earned a total
compensation income of P125,000.
A. Mr. Bienvenido's contribution to SSS, Philhealth and
HDMF amounted to P7,000. He received his 13th
month pay amounting to P10,000. What is Mr.
Bienvenido's income tax liability for the year?
Transcribed Image Text:Pure Compensation Income Mr. Bienvenido is a minimum wage earner employed by Bilal, Inc. He has no other source of income aside from his employment. In 2018, he earned a total compensation income of P125,000. A. Mr. Bienvenido's contribution to SSS, Philhealth and HDMF amounted to P7,000. He received his 13th month pay amounting to P10,000. What is Mr. Bienvenido's income tax liability for the year?
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