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  • SCALP Handout 045

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    Angelica Patag
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    This document provides information about an employee's monthly and annual compensation and asks the reader to calculate their gross income, taxable income, income tax due, and tax payable for December. It details the employee's monthly basic pay, overtime pay, allowances, and deductions over an 11 month period. It also lists additional earnings in December, including a cash gift and 13th month pay. The reader is asked to use this information to compute the employee's annual gross and taxable compensation income, income tax due for the year, and tax payable for December.

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    This document provides information about an employee's monthly and annual compensation and asks the reader to calculate their gross income, taxable income, income tax due, and tax payable for December. It details the employee's monthly basic pay, overtime pay, allowances, and deductions over an 11 month period. It also lists additional earnings in December, including a cash gift and 13th month pay. The reader is asked to use this information to compute the employee's annual gross and taxable compensation income, income tax due for the year, and tax payable for December.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    161 views2 pages

    SCALP Handout 045

    Uploaded by

    Angelica Patag
    This document provides information about an employee's monthly and annual compensation and asks the reader to calculate their gross income, taxable income, income tax due, and tax payable for December. It details the employee's monthly basic pay, overtime pay, allowances, and deductions over an 11 month period. It also lists additional earnings in December, including a cash gift and 13th month pay. The reader is asked to use this information to compute the employee's annual gross and taxable compensation income, income tax due for the year, and tax payable for December.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    This is

    Handout 045 Annual Tax on Compensation Income

    Please use this handout for


    Lesson 044 Annual Tax on Compensation Income

    Page 1 of 2
    This is
    Handout 045 Annual Tax on Compensation Income

    Please use this handout for


    Lesson 044 Annual Tax on Compensation Income

    Alyssa Jairah C. Asuncion is an office employee earning P57,500 basic pay per month.
    During the period of January to November 2020, Jai earned the following:
    • Basic pay, P632,500 where late and absences of P7,825 is not yet deducted.
    • Overtime pay, P3,252 and taxable allowances of P2,500 per month.
    • Rice subsidy of P2,000 per month.
    • SSS, PHIC, HDMF contributions totaled P19,387.50 for all 11 months.

    Withholding tax for all 11 months totaled P94,844.13.

    During December, the following were earned alongside the P57,500 basic pay for the
    month:
    • Overtime of P813, taxable allowance of P2,500, and rice subsidy of P2,000
    • Christmas cash gift, P5,000
    • 13th month pay, P57,500

    Compute for the following:


    1. Jai’s annual gross and taxable compensation income
    2. Income tax due for the year
    3. Tax payable for December.

    Page 2 of 2

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