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Excel Inc Tax 1

The document shows an employee's compensation breakdown for the year. It details regular pay of $305,850, supplemental income of $63,000 and mandatory deductions of $54,150, for total regular compensation of $368,850. It also lists the amounts received for 13th month pay and other benefits totaling $101,000, with $72,600 classified as non-taxable, $33,400 as taxable excess, and a total non-taxable compensation of $216,750.

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71 views1 page

Excel Inc Tax 1

The document shows an employee's compensation breakdown for the year. It details regular pay of $305,850, supplemental income of $63,000 and mandatory deductions of $54,150, for total regular compensation of $368,850. It also lists the amounts received for 13th month pay and other benefits totaling $101,000, with $72,600 classified as non-taxable, $33,400 as taxable excess, and a total non-taxable compensation of $216,750.

Uploaded by

Lysss Epssss
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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De minimis Non-taxable Other Benefits Taxable Benefits

Regular and supplementary compensation


Mandatory deductions 54,150.00
Regular compensation 305,850.00
Supplemental compensation
Commission income 28,000.00
Overtime pay 35,000.00
Pre-computed daily transportation allowance 20,000.00
Total - 368,850.00
13th month pay and other benefits
13th month pay 30,000.00
Other benefits:
Vacation expense paid by the employer 15,000.00
14th month pay 30,000.00
Excess de minimis
Rice subsidy 60,000.00 24,000.00 36,000.00
Monetized vacation leave 20,000.00 20,000.00 -
Monetized sick leave 10,000.00 - 10,000.00
Christmas gift 5,000.00 5,000.00 -
Laundry allowance 6,000.00 3,600.00 2,400.00
Total 101,000.00 72,600.00 123,400.00 368,850.00
Exclusion Threshold 90,000.00 - 90,000.00
Total 162,600.00 33,400.00
Total Non-taxable compensation 216,750.00
Taxable excess 13th month pay and other benefits - 33,400.00 33,400.00
Taxable Compensation Income 402,250.00

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