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This document provides income and compensation details for several individuals and asks to calculate their taxable income or compensation income based on the data given. It gives salary, allowance, bonus and benefit information for individuals named Mr. Falcon, Mr. Dalagan, Mr. Acaso, Ms. Bagay, Mr. Cailing, Ms. Erispe, Mr. Gara and Ms. Hare. For each person, there are one or more questions that require calculating taxable income based on the details provided.

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Raynon Abas
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78 views3 pages

At Quiz

This document provides income and compensation details for several individuals and asks to calculate their taxable income or compensation income based on the data given. It gives salary, allowance, bonus and benefit information for individuals named Mr. Falcon, Mr. Dalagan, Mr. Acaso, Ms. Bagay, Mr. Cailing, Ms. Erispe, Mr. Gara and Ms. Hare. For each person, there are one or more questions that require calculating taxable income based on the details provided.

Uploaded by

Raynon Abas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Mr.

Falcon, a resident of Calinan, Davao City, received a salary of 90,000 during the year
consisting of: P78,000 basic salary, P6,500 overtime pay and P6,500 13th month pay. Compute
Mr. Falcon's taxable income.*

Mr. Dalagan, a government employee, receives total benefits of P49,000, INCLUSIVE of


P25,000  13th month pay. He was deducted P22,500 during the year for premium for his GSIS,
PHIC, and HDMF contributions. Compute Mr. Dalagan's taxable compensation income.*

Mr. Acaso, a manager, had the following remunerations during the year:
Salaries, net of P30,000 SSS, PhilHealth 
HDMF, and union dues    P292,500
Profit sharing       25,000
Fringe benefits    80,000
13th month pay and other benefits 28,000
Compute the taxable compensation income.*

Your answer
 
This is a required question

Data for the succeeding questions:


Ms. Bagay had the following details of her compensation income in 2021:
Regular compensation income        P975,000
Overtime pay 53,750
13th month pay 81,250
De minimis benefits:
Medical assistance to employee 27,500
Total of other de minimis benefits  40,000

Compute the taxable compensation income if Ms. Bagay is a managerial or supervisory


employee.*

Compute the taxable compensation income if the employee is a rank and file.*

Your answer
 
This is a required question

Data for the succeeding questions:


Mr. Cailing received the following remunerations aside from the basic pay.
Fixed representation and transportation allowance P30,000
Night shift differential pay 15,000
Hazard pay 15,000
Honoraria 10,000
Profit sharing 30,000
13th month pay 23,000

Compute the supplemental compensation if Mr. Cailing is a minimum wage earner.*

Compute the supplemental compensation if Mr. Cailing is a regular employee.*

Data for the next question:


Ms. Erispe received the following compensation during the year:
Gross compensation (P14,000 x 13 months)    P182,000
Overtime pay    15,000
Less: SSS, PHIC, HDMF and union dues    P6,500
Withholding tax 12,500 19,000
Net pay
178,000

Compute the taxable compensation income.*

Data for the next question:


Mr. Gara retired at 65 in the middle of the year and was paid the following remunerations:
Retirement benefits
P1,500,000
Cash conversion of vacation leave pay (100 accumulated days)
150,000
Compensation, before deducting P20,000 SSS, PHIC and HDMF premium contributions
180,000
Mid-year bonus
10,000
Pro-rated 13th month pay
15,000
Compute the taxable compensation income.*

Your answer
 
This is a required question

Data for the next question:


Ms. Hare, a supervisor, received the following remunerations:
Gross salaries, net of SSS, PHIC, and HDMF P 1,362,500
SSS maternity benefits 32,500
Profit sharing bonus 300,000
13th month pay 118,750

Determine the taxable compensation income.

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