John Joriz C.

Echem

12 – MASTERSONS

COMPUTATIONS EXTRA

1) Gross Earnings
A. Basic pay = Php30000
B. Overtime Pay = Php 13,403.13
C. 13th month pay = Php 30,000
D. Premium Pay = Php 4,375
E. De Minimis = Php 6041.66

Gross Earnings = Basic Pay + Overtime Pay + 13th month pay + Premium Pay + De Minimis

= Php 30,000 + Php 13,403.13 + Php 30,000 + Php 4,375.00 + Php 6,041.66

= Php 83,819.79

2) Standard Deductions
A. SSS = Php 800
B. PhilHealth = (Basic Pay x 2.75%)/2

= Php 412.50

C. Pag-IBIG = Basic Pay x 2%

= Php 600

Standard Deductions = SSS + PhilHealth + Pag – IBIG

= Php 800 + Php 412.50 + Php 600

= Php 1,812.5

3) Taxable Income = (Basic Pay + Overtime Pay + Premium Pay) – Standard Deductions

= (Php 30,000+ Php 13,403.13 + Php 4,375.00) – Php 1812.5

= Php 45,965.63

4) Withholding Tax = Php 2,500 + (Taxable Income – Php33,333) x 25%

= Php 5,658.16

5) Net Pay = Total Earnings – Total Deductions

= Php 83,819.79 – Php 7,470.66

= Php 76,349.13