The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining.
The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining.
Chapter6: Analysing And Journalizing Payroll
Section: Chapter Questions
Problem 10PA
Related questions
Question
![2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employer
provided to you:
Basic salary
Overtime pay
Holiday pay
Cost of living allowance
Mandatory contributions to SSS, PHIC, etc
De minimis within ceiling
P732,000
34,000
56,000
70,000
38,000
30,000
Excess de minimis
none
13th month pay
14th month pay
Other benefits and bonuses
65,000
65,000
35,000
The employer CORRECTLY withheld the income tax from compensation. No income
tax still due and payable remaining.
2021 DATA ON YOUR PRACTICE OF PROFESSION and other income:
1st Quarter
2nd Quarter
66,000
10,000
3rd Quarter
50,000
10,000
4th Quarter
75,000
55,000
10,000
Fees
Rental expense
Transportation
10,000
2,000
3,000
2,000
2,000
expenses
Taxes
and
licenses
Rental income
8,000
2,000
2,000
2,500
(vacant
property
considered
capital asset)
as
25,000
25,000
25,000
25,000
Interest income
from bank time
deposits
3,000
3,000
3,000
3,000
Income taxes for the 1st THREE QUARTERS have been correctly computed and paid
within due dates.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64bfe502-e735-4301-8b9b-d0b7ecff4cec%2Fd2bf0025-91a2-4930-811b-bf9dff294cc9%2Fnjxlvdk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employer
provided to you:
Basic salary
Overtime pay
Holiday pay
Cost of living allowance
Mandatory contributions to SSS, PHIC, etc
De minimis within ceiling
P732,000
34,000
56,000
70,000
38,000
30,000
Excess de minimis
none
13th month pay
14th month pay
Other benefits and bonuses
65,000
65,000
35,000
The employer CORRECTLY withheld the income tax from compensation. No income
tax still due and payable remaining.
2021 DATA ON YOUR PRACTICE OF PROFESSION and other income:
1st Quarter
2nd Quarter
66,000
10,000
3rd Quarter
50,000
10,000
4th Quarter
75,000
55,000
10,000
Fees
Rental expense
Transportation
10,000
2,000
3,000
2,000
2,000
expenses
Taxes
and
licenses
Rental income
8,000
2,000
2,000
2,500
(vacant
property
considered
capital asset)
as
25,000
25,000
25,000
25,000
Interest income
from bank time
deposits
3,000
3,000
3,000
3,000
Income taxes for the 1st THREE QUARTERS have been correctly computed and paid
within due dates.
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