BASE ON PHILIPPINE TAX LAW Individual earning mixed income Assume…

Question Answered step-by-step BASE ON PHILIPPINE TAX LAW Individual earning mixed income Assume… BASE ON PHILIPPINE TAX LAWIndividual earning mixed income Assume that Mr. LED, a resident citizen employee who is also engaged in business, has the following compensation; and income and expenses related to his business operation for year 2024: Compensation income –  Annual basic salary1,080,000.00 Allowances180,000.00 13th month pay90,000.00 Christmas bonus90,000.00 Cash gift5,000.00 Productivity incentive5,000.00Gross compensation income1,450,000.00SSS and other contributions:  SSS premium contribution9,600.00 PHIC contribution30,000.00 Pag-ibig contribution1,200.00Total SSS and other contributions40,800.00Business income and expenses –  Sales2,900,000.00 Cost of sales1,300,000.00 Expenses:      Salaries and allowances          600,000.00      Office supplies expenses             25,000.00      Transportation and travel expenses             30,000.00      Representation expenses             29,000.00      Repairs and maintenance             15,000.00      Fuel, oil and lubricants             26,500.00      Taxes and licenses               3,500.00      Miscellaneous expenses             21,000.00 REQUIREMENT:  Compute income tax payable if Mr. LED avails of the 8% tax rate. Law Social Science Tax law Share QuestionEmailCopy link Comments (0)