2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employerprovided to you:Basic salaryOvertime payHoliday payCost of living allowanceMandatory contributions to SSS, PHIC, etcDe minimis within ceilingP732,00034,00056,00070,00038,00030,000Excess de minimisnone13th month pay14th month payOther benefits and bonuses65,00065,00035,000The employer CORRECTLY withheld the income tax from compensation. No incometax still due and payable remaining.2021 DATA ON YOUR PRACTICE OF PROFESSION and other income:1st Quarter2nd Quarter66,00010,0003rd Quarter50,00010,0004th Quarter75,00055,00010,000FeesRental expenseTransportation10,0002,0003,0002,0002,000expensesTaxesandlicensesRental income8,0002,0002,0002,500(vacantpropertyconsideredcapital asset)as25,00025,00025,00025,000Interest incomefrom bank timedeposits3,0003,0003,0003,000Income taxes for the 1st THREE QUARTERS have been correctly computed and paidwithin due dates.

Particulars Amount Amount Basic Salary 732000 Overtime Pay 34000 Holiday Pay 56000…

Answered: The employer CORRECTLY withheld the…

Business

Accounting

The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.3: Reporting Withholding And Payroll Taxes

Problem 1WT

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Question

2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employer
provided to you:
Basic salary
Overtime pay
Holiday pay
Cost of living allowance
Mandatory contributions to SSS, PHIC, etc
De minimis within ceiling
P732,000
34,000
56,000
70,000
38,000
30,000
Excess de minimis
none
13th month pay
14th month pay
Other benefits and bonuses
65,000
65,000
35,000
The employer CORRECTLY withheld the income tax from compensation. No income
tax still due and payable remaining.
2021 DATA ON YOUR PRACTICE OF PROFESSION and other income:
1st Quarter
2nd Quarter
66,000
10,000
3rd Quarter
50,000
10,000
4th Quarter
75,000
55,000
10,000
Fees
Rental expense
Transportation
10,000
2,000
3,000
2,000
2,000
expenses
Taxes
and
licenses
Rental income
8,000
2,000
2,000
2,500
(vacant
property
considered
capital asset)
as
25,000
25,000
25,000
25,000
Interest income
from bank time
deposits
3,000
3,000
3,000
3,000
Income taxes for the 1st THREE QUARTERS have been correctly computed and paid
within due dates.

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