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- The taxable income of Jenny for first week of January 2021 was R3 220. She did not earn overtime pay or any other remuneration. Her weekly pension deduction was R280. Her other deductions amounted to R800. Which one of the following statements is true? Select one: O A. Her contribution to the pension fund was 8% of her normal pay. O B. Her net wage was R2 140. O C. Her gross wage was R4 300. O D. Her gross wage for January 2021 was higher than her basic wage.lan earned $150,000 of salary as an employee in 2022. How much should his employer have withheld from his paycheck for FICA taxes (rounded to the nearest whole dollar amount)? Multiple Choice O $2,175 $11,289 $9,114 $11,475Rem was retired by his employer corporation in 2020 and was paid P1,000,000 as a retirement gratuity without any deduction of withholding tax. In addition, Rem was also paid P50,000 representing terminal leave pay and P45,000 for unpaid bonuses. How much is excluded from gross income? * Zero P1,000,000 P1,050,000 P1,095,000
- 4. Mr. Ankit retired on April 30, 2020. He will be receiving gratuity of *5.5 lakh and leave encashment of *2.20 lakh. He will also be receiving employee and employer contribution to provident fund. If he opt for the reduced rate of tax. Explain whether he will be eligible for the exemption under Income Tax Act,In 2021, Mr. Crisanto Reyes, a Minimum Wage Earner, received the following from his employer:Annual minimum wage salary, P167,500;Holiday pay, overtime pay, and night shift differential pay, P10,000;13th-month pay, P13,000How much is his income tax due?Mr. Raya earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows:Holiday, OT and Night Differential Pay – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?
- Justin received all of the following compensation for the year 2021: Basic Salary Php 258,000 Mandatory deductions 21,600 Withholding Taxes 14,000 Position Allowance 36,000 Overtime Pay 27,000 De minimis benefits 22,000 13th month pay 10,000 Total non-taxable benefits Php 70,600 How much is the Taxable compensation tax: a. 258,000 b. 388,600 c. 318,000 d. None of the Choices e. 328,000Mr. Ramos earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows:Holiday, OT and Night Differential Pay – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?In 2018, Ronnie Alonte received from his employer a promissory note with a face value of P 50,000 for services rendered. The note will mature in 2019. However, it can be sold to a bank at a discount of 25%. The employer paid the promissory note in 2019. How much is the taxable income to be declared by Alonte on the promissory note in 2018 and 2019? 2018 2019a. P 50,000 P 50,000b. P 12,500 P 37,500c. P 37,500 P 12,500d. None P 50,000
- Pedro has the following income in 2020. Compensation income including 65,000 for SSS-365,000 Supplementary compensation income- 25,000 13th month pay and other benefit-45,000 Compute his taxable compensation income P325,000 P345,000 P365,000 P390,000 Juan, an employee of SSS, received his 13th month pay of P30,000 last December 14, 2020. His total deductions for SSS, PHIC and HDMF is P16,000. Compute Guerrero's taxable compensation income for 2020 P14,000 P30,000 P344,000 P374,0008. Z, minimum wage earner, received the following for 2018: basic salary of P 140,000, overtime pay of P 20,000, night shift differential of P 10,000 and 13h month pay of 100,000. What is the taxable net income of Z?Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000d. 400,000
