Reyes earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows: Holiday, OT and Night Differential Pay – Php56,091.95 Sick leave conversion (3 leave credits) – Php5,517.24 Government Mandatory Contributions – Php21,900.00 How much is the total non-taxable income for the year 2021? How much is the total taxable income for the year 2021? How much is the income tax due for the year 2021?
Reyes earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows: Holiday, OT and Night Differential Pay – Php56,091.95 Sick leave conversion (3 leave credits) – Php5,517.24 Government Mandatory Contributions – Php21,900.00 How much is the total non-taxable income for the year 2021? How much is the total taxable income for the year 2021? How much is the income tax due for the year 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Reyes earns purely compensation income for the year 2021 with an annual basic salary of
Php480,000.00 and other compensation received as follows:
Holiday, OT and Night Differential Pay – Php56,091.95
Sick leave conversion (3 leave credits) – Php5,517.24
Government Mandatory Contributions – Php21,900.00
- How much is the total non-taxable income for the year 2021?
- How much is the total taxable income for the year 2021?
- How much is the income tax due for the year 2021?
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