A. Compute for the Net Taxable Income and Personal Income Tax.1.A. Annual Basic SalaryB. 13th Month Pay and Other BenefitsC. Mandatory ContributionsD. Annual Gross Income (A+B)E. Deductions and Exemptions (B+C)P 397,860.0033,155.006,542.00Net Taxable income (D-E)Personal Income TaxB. Compute for the 4 general deductions of the following employees:1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly withsales commission of P36,000 for the year.2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500,uniform allowance of P6,000 and performance bonus of P12,000.3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthlyand laundry allowance of P15,000 for the whole year.C. Basic Applications. Solve for the following:1. Conchita works as a service crew member in a fast-food chain in a mall. She hasan hourly wage rate of P50. Her rest days are every Wednesday and Saturday.Consider the following scenarios:A. Conchita needed to work on her rest day, which also happened to be All SoulsDay (November 2, Saturday). On that day, she worked for 3 hours more thanthe regular working hours. How much is her overtime pay?B. How much is the total pay for the day of Conchita?2. Suppose the daily wage of a carpenter is P550. Compute for the total earnings:A. If he works on his rest day.B. If he works on a regular holiday.C. If he works on a regular holiday, which also happens to be his rest day.

NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable Income (D-E) Personal Income Tax

A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable Income (D-E) Personal Income Tax

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 9DQ: LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on...

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Question

A. Compute for the Net Taxable Income and Personal Income Tax.
1.
A. Annual Basic Salary
B. 13th Month Pay and Other Benefits
C. Mandatory Contributions
D. Annual Gross Income (A+B)
E. Deductions and Exemptions (B+C)
P 397,860.00
33,155.00
6,542.00
Net Taxable income (D-E)
Personal Income Tax
B. Compute for the 4 general deductions of the following employees:
1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with
sales commission of P36,000 for the year.
2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500,
uniform allowance of P6,000 and performance bonus of P12,000.
3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly
and laundry allowance of P15,000 for the whole year.
C. Basic Applications. Solve for the following:
1. Conchita works as a service crew member in a fast-food chain in a mall. She has
an hourly wage rate of P50. Her rest days are every Wednesday and Saturday.
Consider the following scenarios:
A. Conchita needed to work on her rest day, which also happened to be All Souls
Day (November 2, Saturday). On that day, she worked for 3 hours more than
the regular working hours. How much is her overtime pay?
B. How much is the total pay for the day of Conchita?
2. Suppose the daily wage of a carpenter is P550. Compute for the total earnings:
A. If he works on his rest day.
B. If he works on a regular holiday.
C. If he works on a regular holiday, which also happens to be his rest day.

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LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
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