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How much is the compensation income tax due

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Reference no: EM133071897

Question - A manager of Apple Corporation gave his payslip to his friend who is a CPA, to determine if his company is withholding the right amount of taxes:

Salaries and wages - net Php681,000 SSS and Philhealth contributions 12,000 tax withheld 134,000Total fixed monthly allowance (Php5,000/mo.) 60,000

Gas allowance subject to liquidation 30,000Other allowances not subject to liquidation 48,000 13 th month pay 68,000 Christmas bonus 15,000

1. How much is the compensation income subject to graduated rate?

2. How much is the fringe benefits subject to fringe benefits tax?

3. How much is the compensation income tax due?

4. How much is the compensation tax payable?

5. How much is the fringe benefits tax due?

Reference no: EM133071897

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