A government employee received the following in 2021: Gross salaries RATA PERA Additional Compensation Allowance (ADCOM) Christmas bonus Christmas gift Laundry allowance 400/month Mandatory contributions Income tax withheld Compute the taxable compensation income. 1,044,000 12,000 24,000 24,000 87,000 5,000 4,800 62,000 280,000

A government employee received the following in 2021: Gross salaries RATA PERA Additional Compensation Allowance (ADCOM) Christmas bonus Christmas gift Laundry allowance 400/month Mandatory contributions Income tax withheld Compute the taxable compensation income. 1,044,000 12,000 24,000 24,000 87,000 5,000 4,800 62,000 280,000

Name: 1,071,2001,068,0001,044,0001,009,200 A government employee received th
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Description: 1,071,2001,068,0001,044,0001,009,200 A government employee received the following in 2021:Gross salariesRATAPERAAdditional Compensation Allowance (ADCOM)Christmas bonusChristmas giftLaundry allowance 400/monthMandatory contributionsIncome tax withhel

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 29MCQ: During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000....

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Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and ôther benefits 50,000 De minimis benefits within the ceiling amounts 20,000 De minimis benefits in excess of the ceiling amounts 6,000 Fixed transportation and communication allowance 45,000 How much is the taxable compensation income?
A government employee received the following in 2021: Gross salaries 1,044,000 RATA 12,000 PERA 24,000 Additional Compensation Allowance (ADCOM) 24,000 Christmas bonus 87,000 Christmas gift 5,000 Laundry allowance 400/month 4,800 62,000 Mandatory contributions 280,000 Income tax withheld Compute the taxable compensation income. O 1,071,200 O 1,068,000 O 1,044,000 O 1,009,200
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Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and other benefits 50,000 De minimis benefits within the ceiling amounts 20,000 De minimis benefits in excess of the ceiling amounts 6,000 Fixed transportation and communication allowance 45,000 How much is the total exclusion from gross income?
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