Nothing Special   »   [go: up one dir, main page]
Scribd Logo
Upload

Welcome to Scribd!

  • 60 views

    Quiz 6 Compensation Income PDF

    Uploaded by

    calliemozart
    This document contains 3 problems related to income taxation. Problem 1 provides compensation and benefit information for private and government employees in different roles and calculates their taxable income. Problem 2 details monthly compensation for an individual and calculates their taxable and non-taxable amounts. Problem 3 consolidates compensation information for two employers and calculates their total taxable income, tax due, tax credits, and tax payable.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Quiz 6 Compensation Income PDF

    Uploaded by

    calliemozart
    60 views2 pages
    This document contains 3 problems related to income taxation. Problem 1 provides compensation and benefit information for private and government employees in different roles and calculates their taxable income. Problem 2 details monthly compensation for an individual and calculates their taxable and non-taxable amounts. Problem 3 consolidates compensation information for two employers and calculates their total taxable income, tax due, tax credits, and tax payable.

    Original Description:

    Original Title

    Quiz_6___Compensation_Income.pdf

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains 3 problems related to income taxation. Problem 1 provides compensation and benefit information for private and government employees in different roles and calculates their taxable income. Problem 2 details monthly compensation for an individual and calculates their taxable and non-taxable amounts. Problem 3 consolidates compensation information for two employers and calculates their total taxable income, tax due, tax credits, and tax payable.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    60 views2 pages

    Quiz 6 Compensation Income PDF

    Uploaded by

    calliemozart
    This document contains 3 problems related to income taxation. Problem 1 provides compensation and benefit information for private and government employees in different roles and calculates their taxable income. Problem 2 details monthly compensation for an individual and calculates their taxable and non-taxable amounts. Problem 3 consolidates compensation information for two employers and calculates their total taxable income, tax due, tax credits, and tax payable.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Income Taxation Quiz No.

    6 23 October 2020

    Problem 1

    Priv. - R&F Priv. - Supervisory Govt. - R&F Govt. - Supervisory


    Monetized VL 2,850 2,850 - -
    Monetized SL 8,550 8,550 - -
    Rice Subsidy 6,000 6,000 6,000 6,000
    Uniform Allowance 1,500 1,500 1,500 1,500
    Actual Medical Assistance 5,000 5,000 5,000 5,000
    Laundry Allowance 400 400 400 400
    CNA Incentive - - - -
    Medical Cash Allowance 1,000 1,000 1,000 1,000
    Excess de Minimis Benefits 25,300 25,300 13,900 13,900
    Personal Expenses 20,000 20,000 20,000 20,000
    Taxable de Minimis Benefits 45,300 45,300 33,900 33,900
    Subject to Fringe Benefit Tax - (45,300) - (33,900)
    Taxable de Minimis Benefits 45,300 - 33,900 -
    13th Month Pay 59,375 59,375 59,375 59,375
    13th Month Pay and Other Benefits 104,675 59,375 93,275 59,375
    Exemption Threshold (90,000) (59,375) (90,000) (59,375)
    Taxable 13th MP&OB 14,675 - 3,275 -
    Overtime Pay 25,000 25,000 25,000 25,000
    Holiday Pay 5,000 5,000 5,000 5,000
    Supplementary Compensation 44,675 30,000 33,275 30,000
    Basic Pay, net of deductions 684,000 684,000 684,000 684,000
    Taxable Compensation 728,675 714,000 717,275 714,000

    Problem 2

    Monthly Basic Pay


    Jan-Apr 35,600
    May-Sep 2,350
    Oct-Dec 35,250 73,200
    Holiday Pay
    Jan-Apr 4,200
    Oct-Dec 3,400 7,600
    Overtime Pay
    Jan-Apr 4,000
    Oct-Dec 4,000 8,000
    Hazard Pay
    Jan-Apr 3,000
    Oct-Dec 3,500 6,500
    Exempt 13th MP&OB
    13th Month Pay 10,800
    Excess de Minimis 12,000 22,800
    Non-taxable Compensation 118,100

    Basic Pay 56,400


    Holiday Pay 1,200
    Overtime Pay 3,000
    Hazard Pay 3,500
    Taxable Compensation 64,100
    Taxable Business Income 210,000
    Total Taxable Income 274,100
    Income Tax Due (based on PTT) 4,820

    This study source was downloaded by 100000855992034 from CourseHero.com on 02-15-2024 06:14:20 GMT -06:00

    https://www.coursehero.com/file/78538477/Quiz-6-Compensation-Incomepdf/
    Income Taxation Quiz No. 6 23 October 2020

    Problem 3

    Employer A Employer B Consolidated


    13th Month Pay 26,000 37,000 63,000
    14th Month Pay 26,000 - 26,000
    Personal Expenses 10,000 7,000 17,000
    Christmas Bonus 5,000 5,000 10,000
    13th Month Pay and Other Benefits 67,000 49,000 116,000
    Exemption (67,000) (49,000) (90,000)
    Taxable 13th MP&OB - - 26,000
    Supplementary Compensation 42,000 37,000 79,000
    Basic Pay 296,400 421,800 718,200
    Taxable Compensation 338,400 458,800 823,200
    Income Tax Due 17,680 44,700 136,960
    Tax Credits (62,380)
    Income Tax Payable 74,580

    This study source was downloaded by 100000855992034 from CourseHero.com on 02-15-2024 06:14:20 GMT -06:00

    https://www.coursehero.com/file/78538477/Quiz-6-Compensation-Incomepdf/
    Powered by TCPDF (www.tcpdf.org)

    You might also like