Reference no: EM133186342
Problem 1 - Miss Cassy Torralba, a Minimum Wage Earner at Titan Enterprises, was able to close a sales deal for her employer during the year. She received the following compensation income:
Statutory minimum wage (net of mandatory deduction of P16,800), P175,200
13th-month pay, P16,000
Overtime and holiday pay, P80,000
Night shift differential, P20,000
Hazard pay, P10,000
Commission income, P350,000
How much is the income tax due on compensation?
Problem 2 - Cameron D., a sole proprietor has the following data in 2021 for the first year of merchandising:
Gross sales - P300,000;
Cost of Sales - P150,000;
Other Income - P50,000;
Selling expenses - P20,000;
Depreciation expense - P4,000.
How much is Cameron's gross income?
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