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a combined income of 68,500if 29% of their salary is withheld for various taxes, how much money is available

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 16MCQ

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

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a combined income of 68,500
if 29% of their salary is withheld for various taxes, how much money is available

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17. The following deductions are made from the salary of an employee. DEDUCTIONS Income tax 35%National housing 2%Education tax 1% What is the total amount which should be deducted from her employee’s salary $1 800 per month? A. $486B. $648C. $684D. $846
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1. An employee earns 35,000 a month. He receives his salary every 15th and 30th of the month. His conrtibutions and tax is being deducted fairly every cut-off. A. How much is his gross earnings per cut-off? B. How much is his withholding tax per cut-off? C. Compute for his SSS, Philhealth, and PagIBIG every cut off. D. How much is his net earnings every cut-off?
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