ACCTAX1

Answer Key Q3
November 4, 2013

Part 1.
1. Statutory minimum wage
2. P300
3. Bequest
4. 9504
5. Nontaxable other receipts
6. Employer
7. Supervisory employees
8. 25%
9. P3 million
10. Quarterly

Part 2.
11. TRUE
12. TRUE
13. TRUE
14. TRUE
15. FALSE
16. TRUE
17. TRUE
18. TRUE
19. FALSE
20. TRUE

Part 3.
21. P3,035,000
22. P2,475,000
23. P1,650,000
24. P1,650,000
25. P150,000
26. P161,800 OR P152,800 (the requirement is NOT gross taxable income)
27. P141,800 OR P132,800 (the requirement is NOT gross taxable compensation)
28. P500,000
29. P2,000,000
30. P25,020
31. P0
32. P456,471
33. 323,333
34. 171,176
35. P94,118
36. P242,647