Reference no: EM133040462
Question - Ms. Joaquin, a minimum wage earner, earned an annual compensation income in 2020 of 100,000. Mandatory contributions to SSS and Philhealth amounted to 5,000. Aside from her employment income, she owns a sari-saristore, with a gross sales of 195,000 for the year 2020. The cost of sales and operating expenses are 50,000 and 5,000, respectively. Non-operating income in 2020 is 2,500. Ms. Joaquin chose the 8% fixed rate for her business income.
Required -
Q1. How much can Ms. Joaquin claim for non-taxable benefits?
Q2. Is Ms. Joaquin a minimum wage earner? Yes/No. Explain.
Q3. How much is the tax due on compensation income for Ms. Joaquin?
Q4. How much is the tax due on business income for Ms. Joaquin?
Q5. Can the 8% fixed rate be applied in this particular problem? Yes/No. Why?
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