REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333 100,416.67 + 35% over 333,333 MONTHLY 1 2 3 4 5 6 Compensation Range 20,833 and below 20,833-33,332 33,333-66,666 66,667-166,666 166,667-666,666 666,667 and above Prescribed Withholding Tax 0 0 + 20% over 20,833 2,500 + 25% over 33,333 10,833.33 + 30% over 66,667 40,833.33 + 32% over 166,667 200,833.33 + 35% over 666,667 The following are the data given to you by Near Eastern University: Employees Name Status Compensation Frequency of payroll Rick Contractor (Pakyawan/Arawan) 537 Daily Morgan Probationary 900 Daily Nicanor Regular 20,000 Weekly Jack Regular 45,000 Semi-monthly Wilson Regular 150,000 Monthly Additional information: The company operates 26 working days in the month of September The statutory minimum wage rate is P 537 per day as per regional tripartite wage and productivity board How much withholding tax on compensation will Near Eastern University withhold on the salary of Morgan for the month of September?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 6DQ: LO.3, 4, 5 Contrast the income taxation of individuals and C corporations as to: a. Alternative...

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43.

REVISED WITHHOLDING TAX TABLE FOR COMPENSATION

DAILY	1	2	3	4	5	6
Compensation Range	685 and below	685-1,095	1,096-2,191	2,192-5,478	5,479-21,917	21,918 and above
Prescribed Withholding Tax	0	0 + 20% over 685	82.19 + 25% over 1,096	356.16 + 30% over 2,192	1,342.47 + 32% over 5,479	6,602.74 + 35% over 21,918
WEEKLY	1	2	3	4	5	6
Compensation Range	4,808 and below	4,808-7691	7,692-15,384	15,385-38,461	38-462-153,845	153,846 and above
Prescribed Withholding Tax	0	0 + 20% over 4,808	576.92 + 25% over 7,692	2,500 +30% over 15,385	9,423.08 + 32% over 38,462	46,346.15 + 35% over 153,846
SEMI-MONTHLY	1	2	3	4	5	6
Compensation Range	10,417 and below	10,417-16,666	16,667-33,332	33,333-83,332	83,333-333,332	333,333 and above
Prescribed Withholding Tax	0	0 + 20% over 10,417	1,250 + 25% over 16,667	5,416.67 + 30% over 33,333	20,416.67 + 32% over 83,333	100,416.67 + 35% over 333,333
MONTHLY	1	2	3	4	5	6
Compensation Range	20,833 and below	20,833-33,332	33,333-66,666	66,667-166,666	166,667-666,666	666,667 and above
Prescribed Withholding Tax	0	0 + 20% over 20,833	2,500 + 25% over 33,333	10,833.33 + 30% over 66,667	40,833.33 + 32% over 166,667	200,833.33 + 35% over 666,667

The following are the data given to you by Near Eastern University:

Employees Name	Status	Compensation	Frequency of payroll
Rick	Contractor (Pakyawan/Arawan)	537	Daily
Morgan	Probationary	900	Daily
Nicanor	Regular	20,000	Weekly
Jack	Regular	45,000	Semi-monthly
Wilson	Regular	150,000	Monthly

Additional information:

The company operates 26 working days in the month of September
The statutory minimum wage rate is P 537 per day as per regional tripartite wage and productivity board

How much withholding tax on compensation will Near Eastern University withhold on the salary of Morgan for the month of September?

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