Mr. Carlo had the following income during the year: Gross compensation income (including 13th month pay of P25,000), P325,0000; Less: Tardiness or absences, (P10,0000) Net compensation income, P315,000 Deduction: SSS deductions, P12,000 Philhealth deductions, P9,000 Pag-ibig deductions, P10,000 Union dues, P5,000 Withholding tax, P40,000
Mr. Carlo had the following income during the year: Gross compensation income (including 13th month pay of P25,000), P325,0000; Less: Tardiness or absences, (P10,0000) Net compensation income, P315,000 Deduction: SSS deductions, P12,000 Philhealth deductions, P9,000 Pag-ibig deductions, P10,000 Union dues, P5,000 Withholding tax, P40,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 28P
Related questions
Question
Mr. Carlo had the following income during the year:
Gross compensation income (including 13th month pay of P25,000), P325,0000;
Less: Tardiness or absences, (P10,0000)
Net compensation income, P315,000
Deduction:
SSS deductions, P12,000
Philhealth deductions, P9,000
Pag-ibig deductions, P10,000
Union dues, P5,000
Withholding tax, P40,000
Net pay, P239,000
Compute the total exclusion from gross income.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT