Your friend shows you a summary of her compensation for the year as follows:Basic salaryOvertime and Holiday Pay13th month pay and other bonusesTotal:Less: Deductions for-SSS, Philhealth, Pag-ibigUnion duesAdvances from employerAbsences and tardinessNet PayP985,00060,000190,000P1,235,00075,0006.00040,00025,000P1,089,000She wants to know, how much is the total exclusions from her gross income?

When income is calculated for tax purposes at that time tax payers do not include their gross income…

Answered: Your friend shows you c Basic salary…

Business

Accounting

Your friend shows you c Basic salary Overtime and Holido

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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Question

Your friend shows you a summary of her compensation for the year as follows:
Basic salary
Overtime and Holiday Pay
13th month pay and other bonuses
Total:
Less: Deductions for-
SSS, Philhealth, Pag-ibig
Union dues
Advances from employer
Absences and tardiness
Net Pay
P985,000
60,000
190,000
P1,235,000
75,000
6.000
40,000
25,000
P1,089,000
She wants to know, how much is the total exclusions from her gross income?

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