34. True or False. The 14th month pay is included in the P90,000 non-taxable 13th month pay and other benefits.
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34. True or False. The 14th month pay is included in the P90,000 non-taxable 13th month pay and other benefits.
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- Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.2. In this pay, Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the $85,100.90 of taxable wages paid. What is Moss Company’s portion of the social security taxes for: (a) OASDI?(b) HI?37. True or False. As per TRAIN Law, the excess de minimis benefits received may be added as part of non-taxable 13th-month pay and other benefits if the latter does not exceed P82,000.
- suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891 has other group from benefits amounting to 10,000, how much of his benefit s is taxable? How much is non taxable? If his tax is 0.08. How much is his tax and what is his net amount for his benefit?Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions (SSS, etc) 35,000; Rice allowance 35,000; Uniform allowance 10,000; 13th month pay 85,000. How much is the total REGULAR COMPENSATION? How much is the total REGULAR COMPENSATION? How much is the total NON-TAXABLE DE MINIMIS benefits (within the ceiling amount)? How much is the total TAXABLE COMPENSATION?Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions (SSS, etc) 35,000; Rice allowance 35,000; Uniform allowance 10,000; 13th month pay 85,000. How much is the total REGULAR COMPENSATION? 900,000 1,050,000 1,135,000 How much is the total NON-TAXABLE DE MINIMIS benefits (within the ceiling amount)? 45,000 30,000 zero How much is the total TAXABLE COMPENSATION? 1,060,000 1,025,000 1,015,000 Please provide just basic computation. Thank youuu!
- You are an employee in the private sector. For the year 20x1, you received a 13th month pay of P110,000 and a Christmas bonus (non-performance based) of P25,000. Of the benefits you have received, how much is taxable?* a. P135,000b. P90,000c. P45,000d. P0Thirteenth month pay is exempt from income taxation? Group of answer choices No, only the excess to P82,000.00 No, only the excess to P90,000.00 Yes, it is income received. Yes, compensation income does not allow deductions.43-Azzan's monthly salary is £2,000. During the month of August 2019, he received a payment of £1,900 and remaining amount is deducted by the employer and remitted to the HRMC. Which one of the following represents the deduction of £100 from his salary, as per UK Tax Laws? a. Pay As You Earn (PAYE) O b. Personal Allowance O c. Pay As You Spent (PAYS) O d. Annually exempted amount
- Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions (SSS, etc) 35,000; Rice allowance 35,000; Uniform allowance 10,000; 13th month pay 85,000. How much is the total REGULAR COMPENSATION? How much is the total REGULAR COMPENSATION? 900,000 1,050,000 1,135,000 How much is the total NON-TAXABLE DE MINIMIS benefits (within the ceiling amount)? 45,000 30,000 zero How much is the total TAXABLE COMPENSATION? 1,060,000 1,025,000 1,015,000What is the taxable 13th month pay and other benefits?The maximum amount of Work opportunity tax credit in 2021 is a) 24,000 b) 6,000 c) 2,400 d) None of the above
