Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year.
Compensation Income:
Gross compensation incom per month -50000
Total SSS premium contribution-2400
Total PhilHealth premium contribution-3000
REQUIRED:
1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee
Total PAG-IBIG premium contributions-1200
Union dues-2000
Other benefits received by employees
Annual rice subsidy-18000
Annual clothing allowance-14000
Temporary housing for 3 months-15000
Christmas gift-5000
Chrsitmas bonus-20000
Other income
Rent income per month from leasing residential space-50000
Operating expense per month with receipt-25000