Compute the income payable, if any YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following from your salary: SSS – Php 5,000 Philhealth – Php 5,000 Pagibig – Php 5,000 Withholding tax on compensation – Php 10,000 Your PRC CPA License No. is 200200 was issued in Pasay City on January 31, 2022 Disregard the penalty, if any.
Compute the income payable, if any YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following from your salary: SSS – Php 5,000 Philhealth – Php 5,000 Pagibig – Php 5,000 Withholding tax on compensation – Php 10,000 Your PRC CPA License No. is 200200 was issued in Pasay City on January 31, 2022 Disregard the penalty, if any.
Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions
Section: Chapter Questions
Problem 30P
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Question
Compute the income payable, if any
YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021.
During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000.
Additional information:
Your basic salary is Php 30,000 per month
In addition to your basic pay, you received the following:
Holiday pay – Php 10,000
Hazard pay – Php 20,000
Overtime pay – Php 20,000
Fixed transportation allowance – Php 10,000
Cost of Living Allowance – Php 20,000
13th month pay – Php 30,000
Other benefits – Php 20,000
De minimis benefit of Php – 20,000
PA-MINE Corp. has deducted the following from your salary:
SSS – Php 5,000
Philhealth – Php 5,000
Pagibig – Php 5,000
Withholding tax on compensation – Php 10,000
Your PRC CPA License No. is 200200 was issued in Pasay City on January 31, 2022
Disregard the penalty, if any.
Prepare your Annual ITR
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