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A government employee receives a full 13th month pay of 40,000, exclusive of P14,000 other benefits. The mandatory deductions are 18,000 for SSS, PHIC and HDMF
Compute for: Taxable compensation income Limit Excess Annual compensation income 480,000. 13th month pay 40,000.00 90,000.00 - other benefits 14,000.00 50,000.00 - sss, phic & hdmf 18,000.00 (18,000.00) 462,000.
The following relate to the compensation income of a private rank and filed employee during the year Limit Excess Exempt De minimis Nontaxable Supplemental Taxable Annual Compensation Income 540,000.00 540,000. 13th Month Pay 45,000.00 90,000.00 - 45,000. 14th month pay 45,000.00 45,000.00 - 45,000. Total monthly rice allowance during the year 26,000.00 24,000.00 2,000.00 24,000.00 24,000.00 2,000.00 2,000. Commission 12,000.00 12,000.00 12,000. Christmas gift 8,000.00 5,000.00 3,000.00 5,000.00 5,000.00 3,000.00 3,000. SSS, Philhealth & HDMF 21,000.00 21,000.00 (21,000.00) 697,000.00 29,000.00 140,000.00 17,000.00 536,000. Compute for the following: A Exempt de minimis benefits B total non- taxable compensation income C supplemental compensation D Taxable compensation Government employee managerial and supervisory Private employee managerial and supervisory
