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EXCEL INC TAX Final

This document shows an employee's compensation breakdown for the year. It details regular pay, supplemental income like commissions and overtime, and benefits including a rice subsidy, vacation leave payout, and others. It calculates gross compensation as over $619,000. It then deducts non-taxable items like mandatory deductions and exempt benefits to arrive at a taxable compensation of $402,250. It also shows the income tax calculation of $30,562.50 due, which is reduced by withholding taxes to an amount still due of $8,562.50.

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326 views2 pages

EXCEL INC TAX Final

This document shows an employee's compensation breakdown for the year. It details regular pay, supplemental income like commissions and overtime, and benefits including a rice subsidy, vacation leave payout, and others. It calculates gross compensation as over $619,000. It then deducts non-taxable items like mandatory deductions and exempt benefits to arrive at a taxable compensation of $402,250. It also shows the income tax calculation of $30,562.50 due, which is reduced by withholding taxes to an amount still due of $8,562.50.

Uploaded by

Lysss Epssss
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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De minimis Non-taxable Other Benefits Taxable Benefits

Regular and supplementary compensation


Mandatory deductions 54,150.00
Regular compensation 305,850.00
Supplemental compensation
Commission income 28,000.00
Overtime pay 35,000.00
Pre-computed daily transportation allowance 20,000.00
Total - 368,850.00
13th month pay and other benefits
13th month pay 30,000.00
Other benefits:
Vacation expense paid by the employer 15,000.00
14th month pay 30,000.00
Excess de minimis
Rice subsidy 60,000.00 24,000.00 36,000.00
Monetized vacation leave 20,000.00 20,000.00 -
Monetized sick leave 10,000.00 - 10,000.00
Christmas gift 5,000.00 5,000.00 -
Laundry allowance 6,000.00 3,600.00 2,400.00
Total 101,000.00 72,600.00 123,400.00 368,850.00
Exclusion Threshold 90,000.00 - 90,000.00
Total 162,600.00 33,400.00
Total Non-taxable compensation 216,750.00
Taxable excess 13th month pay and other benefits - 33,400.00 33,400.00
Taxable Compensation Income 402,250.00
Gross Salary 360,000.00
Rice subsidy 60,000.00
Commission income 28,000.00
Overtime pay 5,000.00
Vacation expense paid by the employer 15,000.00
Monetized vacation leave 20,000.00
Monetized sick leave 10,000.00
Overtime pay 35,000.00
13th and 14th month pay 60,000.00
Pre-computed daily transportation allowance 20,000.00
Laundry allowance 6,000.00
Gross Compensation Income 619,000.00

Gross compensation income 619,000.00


Less: Non-taxable compensation income
Mandatory deductions 54,150.00
Exempt benefits 162,600.00 216,750.00
Taxable Compensation Income 402,250.00

Income tax due

Taxable income 402,250.00


Less: lower limit of applicable bracket 400,000.00 30,000.00
excess 2,250.00
Multipy by: Incremental tax rate 25% 562.50
Income Tax Due 30,562.50

Income tax due 30,562.50


Withholding tax on compensation - 22,000.00
Income Tax Still Due 8,562.50

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