The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Nicanor, a purely compensation income earner: Gross compensation income Php 400,000.00 13th month pay and other benefits 40,000.00 Amount of taxes withheld (by the employer) 30,000.00 Commission 50,000.00 Pagibig contributions 10,000.00 Philhealth contributions 10,000.00 10,000.00 Union dues 10,000.00 Question: The total non-taxable portion to be deducted from gross compensation income of Nicanor is:
The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Nicanor, a purely compensation income earner: Gross compensation income Php 400,000.00 13th month pay and other benefits 40,000.00 Amount of taxes withheld (by the employer) 30,000.00 Commission 50,000.00 Pagibig contributions 10,000.00 Philhealth contributions 10,000.00 10,000.00 Union dues 10,000.00 Question: The total non-taxable portion to be deducted from gross compensation income of Nicanor is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld)
of Nicanor, a purely compensation income earner:
Gross compensation income
Php 400,000.00
13th month pay and other benefits
40,000.00
Amount of taxes withheld (by the employer)
30,000.00
Commission
50,000.00
Pagibig contributions
10,000.00
Philhealth contributions
10,000.00
SS
10,000.00
Union dues
10,000.00
Question: The total non-taxable portion to be deducted from gross compensation income of Nicanor is:
Choices
Php 110,000
Php 70,000
Php 80,000
Php 60,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F031deaf1-c64d-44ec-b5b8-cb0068232e4c%2Fbcc477fd-cdf2-4d58-95cd-e92da588dc7f%2Fga5owah_processed.png&w=3840&q=75)
Transcribed Image Text:The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld)
of Nicanor, a purely compensation income earner:
Gross compensation income
Php 400,000.00
13th month pay and other benefits
40,000.00
Amount of taxes withheld (by the employer)
30,000.00
Commission
50,000.00
Pagibig contributions
10,000.00
Philhealth contributions
10,000.00
SS
10,000.00
Union dues
10,000.00
Question: The total non-taxable portion to be deducted from gross compensation income of Nicanor is:
Choices
Php 110,000
Php 70,000
Php 80,000
Php 60,000
![GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)
Over
But not over The Tax shall be
Plus
Of Excess Over
250,000
250,000
400,000
20%
250,000
400,000
800,000
30,000
25%
400,000
800,000
2,000,000
130,000
30%
800,000
2,000,000 8,000,000
490,000
32%
2,000,000
8,000,000
2,410,000
35%
8,000,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F031deaf1-c64d-44ec-b5b8-cb0068232e4c%2Fbcc477fd-cdf2-4d58-95cd-e92da588dc7f%2F3q0u32x_processed.png&w=3840&q=75)
Transcribed Image Text:GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)
Over
But not over The Tax shall be
Plus
Of Excess Over
250,000
250,000
400,000
20%
250,000
400,000
800,000
30,000
25%
400,000
800,000
2,000,000
130,000
30%
800,000
2,000,000 8,000,000
490,000
32%
2,000,000
8,000,000
2,410,000
35%
8,000,000
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