Reference no: EM133079826
Question - Solve for the taxable income and tax due for the year - Angelina is a full-time and regular employee of XYZ Company. The following items were reflected in his records for the taxable year:
Salary (35,000/month for 12 mos.) 420,000
Overtime Pay 15,000
Yearly Laundry Allowance 5,000
Rice allowance (3,500 x 12 mos.) 42,000
Clothing allowance 6,000
Productivity Bonus 50,000
Christmas Bonus bonus and 13th month pay 70,000
Mandatory Contributions:
SSS Contribution (900 x 12 mos.) 10,800
Philhealth Contribution (600 x 12 mos.) 7,200
Pag-Ibig Contribution (100 x 12) 1,200
Solve for the taxable income and tax due for the year.