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The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining.

The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EB: In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You...
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2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employer provided to you: Basic salary Overtime pay Holiday pay Cost of living allowance Mandatory contributions to SSS, PHIC, etc De minimis within ceiling P732,000 34,000 56,000 70,000 38,000 30,000 Excess de minimis none 13th month pay 14th month pay Other benefits and bonuses 65,000 65,000 35,000 The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining. 2021 DATA ON YOUR PRACTICE OF PROFESSION and other income: 1st Quarter 2nd Quarter 66,000 10,000 3rd Quarter 50,000 10,000 4th Quarter 75,000 55,000 10,000 Fees Rental expense Transportation 10,000 2,000 3,000 2,000 2,000 expenses Taxes and licenses Rental income 8,000 2,000 2,000 2,500 (vacant property considered capital asset) as 25,000 25,000 25,000 25,000 Interest income from bank time deposits 3,000 3,000 3,000 3,000 Income taxes for the 1st THREE QUARTERS have been correctly computed and paid within due dates.
Transcribed Image Text:2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employer provided to you: Basic salary Overtime pay Holiday pay Cost of living allowance Mandatory contributions to SSS, PHIC, etc De minimis within ceiling P732,000 34,000 56,000 70,000 38,000 30,000 Excess de minimis none 13th month pay 14th month pay Other benefits and bonuses 65,000 65,000 35,000 The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining. 2021 DATA ON YOUR PRACTICE OF PROFESSION and other income: 1st Quarter 2nd Quarter 66,000 10,000 3rd Quarter 50,000 10,000 4th Quarter 75,000 55,000 10,000 Fees Rental expense Transportation 10,000 2,000 3,000 2,000 2,000 expenses Taxes and licenses Rental income 8,000 2,000 2,000 2,500 (vacant property considered capital asset) as 25,000 25,000 25,000 25,000 Interest income from bank time deposits 3,000 3,000 3,000 3,000 Income taxes for the 1st THREE QUARTERS have been correctly computed and paid within due dates.
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