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  • Salary As Accountant P450

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    TOMAS, JACKY LOU C.
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    The document lists various sources of income for an individual including salary as a professor of P380,000, income from practice as a CPA of P300,000, 13th month pay of P35,000, and prize money of P50,000. It asks what the taxable compensation income is from these sources. The answer provided is P400,000.

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    Salary as Accountant P450

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    The document lists various sources of income for an individual including salary as a professor of P380,000, income from practice as a CPA of P300,000, 13th month pay of P35,000, and prize money of P50,000. It asks what the taxable compensation income is from these sources. The answer provided is P400,000.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    6 views1 page

    Salary As Accountant P450

    Uploaded by

    TOMAS, JACKY LOU C.
    The document lists various sources of income for an individual including salary as a professor of P380,000, income from practice as a CPA of P300,000, 13th month pay of P35,000, and prize money of P50,000. It asks what the taxable compensation income is from these sources. The answer provided is P400,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Salary as accountant P450,000; Overtime pay 60,000; 13th month pay and other bonuses 82,000; Audit

    retainer’s fee 90,000; Capital gains from sale of car 30,000. What is the total compensation income from
    employment?

    Answer: 592,000

    A managerial employee has the following benefits: De minimis benefits within their limits P45,000;
    Excess de minimis benefits P20,000; Other fringe benefits P50,000 13th month pay and other benefits
    P50,000. Compute the fringe subject to fringe benefits tax rate

    Answer: 75,000

    Angelica has earned the following income in 2020: Salary as professor, net of withholding tax of P20,000,
    P380,000; Income from practice of profession as CPA 300,000; Thirteenth month pay 35,000; First
    prize in an essay writing contest 50,000 . What is the taxable compensation income?

    Answer: 400,000

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