Scribd Logo
Upload

Welcome to Scribd!

  • Practice Set

    Uploaded by

    Raquel Ann May Dato
    5 views4 pages
    The document contains information about taxable and non-taxable income for multiple employees. It includes details of monthly salaries, allowances, 13th month pay, sales income and cost of sales. It provides calculations to determine gross income, taxable income, income tax payable on a monthly and annual basis. For some employees, it further breaks down the tax due if the salary is paid on the 15th and 30th of each month.

    Original Description:

    Original Title

    Practice Set (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document contains information about taxable and non-taxable income for multiple employees. It includes details of monthly salaries, allowances, 13th month pay, sales income and cost of sales. It provides calculations to determine gross income, taxable income, income tax payable on a monthly and annual basis. For some employees, it further breaks down the tax due if the salary is paid on the 15th and 30th of each month.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views4 pages

    Practice Set

    Uploaded by

    Raquel Ann May Dato
    The document contains information about taxable and non-taxable income for multiple employees. It includes details of monthly salaries, allowances, 13th month pay, sales income and cost of sales. It provides calculations to determine gross income, taxable income, income tax payable on a monthly and annual basis. For some employees, it further breaks down the tax due if the salary is paid on the 15th and 30th of each month.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Table 1

    Practice Set

    Item 1

    Given: Month of December Taxable Non Taxable


    Monthly Salary Php80,000.00 80000
    13th Month Pay Php80,000.00 80000

    Transpo Allowance (monthly) Php1,000.00 1000


    Communication Allowance (monthly) Php2,000.00 2000
    Uniform Allowance (monthly) Php900.00 400 500

    Loyalty Award (15yrs of service) Php15,000.00 5000 10000


    88400 90500
    Month (Dec) Monthly Annual
    1. How much is the gross compensation? Php178,900.00 Php83,900.00 Php1,101,800.00

    2. How much is the taxable income? Php88,400.00 83400 1005800

    3. How much is the tax due?


    3.a If the payout is once a month? Php17,353.23 15853.23 191740

    If the payout is every 15th and 30th, allowances


    given every 15th

    3.b Tax due on 15th? Php9,936.77 8436.77


    3.c Tax due on 30th? Php7,416.77 Php7416.77

    Item 2
    Ana is a mixed income earner. She is a self-employed resident citizen and currently a finance manager of Company A.
    The following data were provided: Self-employed Compensation Tax Payable

    Compensation Income Php1,800,000.00 1860000 448000


    Sales Php800,000.00 Php64,000.00
    Cost of Sales Php150,000.00
    13th month pay and other benefits Php150,000.00

    1. Assume that she opted to avail 8% tax under TRAIN Law, how much is the total income tax payable? 512000

    2. Assuming that she has a tax credit from last year amounting to P20,000. How much is the Income Tax P 492000

    Item 3
    Lyn, employee of Hokage Corporation is currently earning a monthly compensation of P95,000. She is also receiving allowances as follows:
    Communication Allowance Php2,000.00
    Transpo Allowance Php1,500.00

    Laundry allowance Php200.00

    1. How much is her taxable income? Php98,500.00

    2. Assuming that the salary payout is every 15th and 30th of the month, how much will be her tax due on the 15th? 10191.77
    3. Assuming that the salary payout is every 15th and 30th of the month and the allowances were given every 15th of the month. How much is her tax due on the 15th? How much on the 30th
    15th Php10,716.77

    30th Php9,666.77
    4. Assuming that the salary payout is every 30th of the month, how much will be her tax due? 20383.23

    1
    Item 4
    Given: Mixed Income Earner Taxable Non Taxable

    Monthly Salary Php120,000.00 Php1,440,000.00


    13th month pay Php120,000.00 30000 90000
    Laundry Allowance (monthly) Php600.00 3600 3600

    Internet Allowance (monthly) Php2,000.00 Php24,000.00


    Vacation Leave Conversion (12days) - Dec payou Php64,800.00 Php10,800.00 Php54,000.00
    Meal Allowance - outside OT (monthly) Php200.00 Php2,400.00
    Sales Php1,200,000.00

    Cost of Sales Php400,000.00


    Gross 1510800
    Compensation
    Taxable

    Tax Due 343240

    Sales Tax Due Php96,000.00 439240


    How much is the annual tax due if the employee opted to use 8% under TRAIN law?
    Using Annual Tax Table Gross 1510800
    Compensation
    Taxable

    Sales Taxable Php800,000.00


    Income
    Total Taxable 2310800
    Tax Due 589456

    2
    e on the 15th? How much on the 30th?

    3
    4

    You might also like