Answer to Question #169461 in Accounting for Jichang

Question

3. Tricia works as an executive assistant of Coca-Cola Bottlers, Inc. She receives the minimum rate of P350.00 per day for the eight-hour work, The following are the timekeeping summary for the cut-off period from April 1-30, 2020.

8:00 A.M. – 5:00 P.M. 214 hours

5:00 P.M. – 10:00 P.M. 46 hours

10:00 P.M. – 11:00 P.M. 17 hours

The summary includes Tricia’s 8 hours work on April 9, 2020.

Requirements:

1. Compute Tricia’s payroll for April.

2. Determine the SSS, Phil. Health, HDMF and withholding tax due for both employee and employer. Monthly workings for purposes of establishing salary bracket is 26 days.

Answer 1

Net pay

Basic salary -full month(350*26) for 208 hours P9,100.00

Overtime pay ( 69hrs ) 3,018.75

Gross salary P12,118.75

Less

SSS P540

Philhealth 182

Pag-IBIG 100

Total deductions 822.00

Net pay (gross salary - deductions) P11,296.75

Workings

$Overtime=\frac{350}{8}\times69 hours=P3,018.75$

$Tax on income=0.045\times P12,118.75=540$

$Philhealth= 0.03\times12,118.75=365/2=182$

Net pay = P11,297