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Taxable Year 2021 Mr Perez is a resident of the Philippines who is an employed individual in a private company, married to a plain housewife with 5 children: 25 years old, 22 years old, 19 years old, 16 years old and 13 years old respectively, with the following details listed below: Monthly Basic Pay → P38,000 Monthly Pension →P10,000 Yearly Cooperative Dividend → P50,000 Weekly Food Allowance → P5.000

Taxable Year 2021 Mr Perez is a resident of the Philippines who is an employed individual in a private company, married to a plain housewife with 5 children: 25 years old, 22 years old, 19 years old, 16 years old and 13 years old respectively, with the following details listed below: Monthly Basic Pay → P38,000 Monthly Pension →P10,000 Yearly Cooperative Dividend → P50,000 Weekly Food Allowance → P5.000

FINANCIAL ACCOUNTING
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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Taxable Year 2021 Mr Perez is a resident of the Philippines who is an employed individual in a private company, married to a plain housewife with 5 children: 25 years old, 22 years old, 19 years old, 16 years old and 13 years old respectively, with the following details listed below: Monthly Basic Pay → P38,000 Monthly Pension →P10,000 Yearly Cooperative Dividend → P50,000 Weekly Food Allowance → P5,000 Children Allowance → P5,000 Loan interest payment per month →P8,000 Compute the Income tax due to be filed for the taxable year 2021.
Transcribed Image Text:Taxable Year 2021 Mr Perez is a resident of the Philippines who is an employed individual in a private company, married to a plain housewife with 5 children: 25 years old, 22 years old, 19 years old, 16 years old and 13 years old respectively, with the following details listed below: Monthly Basic Pay → P38,000 Monthly Pension →P10,000 Yearly Cooperative Dividend → P50,000 Weekly Food Allowance → P5,000 Children Allowance → P5,000 Loan interest payment per month →P8,000 Compute the Income tax due to be filed for the taxable year 2021.
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