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

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

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 16P

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Question

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

P374,000

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