A managerial employee has the following benefits: 13th month pay and other benefits - P50,000; De minimis within their limits - P30,000; Excess de minimis benefits P6,000; Other fringe benefits - P35,000; Compute the fringe benefit tax.

Q: Mr. Mani started his new job in Burlington, Ontario on 1st January 2021 with Mandy's Inc. and gets…

A: Mr. Mani's Annual salary package = $78000 Total employee withholdings taxes and employer's…

Q: I earn a salary from the company of $132,000 per year and the rest of our employees earn less than…

A: Solution:- Given, Salary = $132,000/year other employees earn = $45,000 each

Q: J. B. Kenton employs Sharla Knox at a salary of $33,700 a year. Kenton is subject to employer Social…

A: Salary: Salary means Employer gives payment to employees for the work contribution. Total cost…

Q: DSD Corp. has the following salary information for 3 employees: Employee Years Worked Avg. Salary…

A: Salary refers to the amount of compensation or remuneration provided to the workers of the…

Q: AJ, a rank-and-file employee received the following compensation and benefits received during 2021:…

A: Following is the calculation of employee's taxable net income:

Q: ross Pay, Deductions, and Net Pay Donald Chin works for Northwest Supplies. His rate of pay is $9…

A: Compute Chin's regular pay, overtime pay, gross pay, and net pay. Particulars Amount Amount…

Q: DSD Corp. has the following salary information for an employee: Employee Years Worked Average…

A: Number of years worked = 28 Annual benefit = $7,000

Q: An employee receives an hourly wage rate of $15, with time-and-a-half for all hours worked in excess…

A: Payroll accounting is a part of accounting which is made to record transaction made in the favor of…

Q: A worker is paid $10,000 per month and a dearness allowance of $2,000 p.m. Worker Contribution to…

A: Basic salary includes wages and dearness allowance. Contribution to provident fund is calculated on…

Q: . This is the first payroll of the year and the employee has no cumulative earnings for the year to…

A: Calculation of Gross earnings :   Normal earnings $1,800.00 Bonus earnings $540.00 Gross earnings…

Q: Carbon Neutral Inc. has four employees who work on an hourly basis and are paid semi-monthly. The…

A: Payroll The purpose of preparing the payroll worksheet which know the details of the total…

Q: What is the amount of fringe benefits subject to the fringe benefit tax if a supervisory employee…

A: Additional benefits offered to employees without pay are minimal benefits.

Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…

A: Federal Insurance Contributions Act tax:   It is a federal payroll contribution that is directed for…

Q: An employee had the following details of compensation income in 2021: Regular compensation income…

A: All sorts of compensation, either in the form of wages and services, along with property, are…

Q: Basic salary - P732,000 Overtime pay - 34,000 Holiday pay - 56,000 Cost of living allowance - 70,000…

A: Taxable compensation Income For calculating the taxable income first to add all the benefits which…

Q: An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first…

A: Workings: Given value: FICA rate is 6.2 %

Q: Mandy Feng employs Jay Johnson at a salary of $35,000 a year. Feng is subject to employer Social…

A: Total cost to employer: Total cost includes employee's gross salary and employer's payroll taxes…

Q: An employee receives an hourly rate wage of $24, with time and a half for All hours worked in excess…

A: In this case, we have to deduct all the withheld income tax, Social Security tax & Medicare tax…

Q: The normal wage of Nomfundo is R200 per ho and her normal working week is 40 hours. The standard…

A: a) Wage Rate R 200 per hour weekly working hours 40 Std Production per hour 100 Std…

Q: The following relate to the compensation income of a private rank andfile employee during the year:…

A: De minimis benefits are those benefits which are provided to the employees for some small amounts of…

Q: R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is subject to employer Social…

A:

Q: A managerial employee has the following benefits: 13th month pay and other benefits - P50,000; De

A: A fringe benefit is a benefit given to the employees which are not in term of money.

Q: An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess…

A: Definition: The net amount payable to the employee is the amount paid net of taxes. It is calculated…

Q: How much is the total exclusion from gross income? Basic salary-P1,000,000;13th month pay and other…

A: Total Exclusion from Gross Income  Details Provided 1) Basic salary-P1,000,000 2) 13th month pay and…

Q: Select the best answer. What is the maximum amount of tax credits available to employers for paid…

A: FFCRA is an act related to essential protections during the Covid-19 Pandemic. It's full name is…

Q: a. Jovier works for DNL for three years and three months before he leaves for another job. Javier's…

A: answer are as follows.

Q: G. E. Spring employs Trent Pelligrini at a salary of $46,200 a year. Spring is subject to employer…

A: Salary: Its an amount paid to the employee for rendering their services to the company. salary can…

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A: Earnings subject to tax = Wages base - year-to-date earnings = $118,500 - $115,400 = $3,100

Q: During the first week of February, Gabe Hopen earned $300.  Assume that FICA taxes are 7.65 percent…

A: FICA Taxes payable= $300 x 7.65% = $22.95 State unemployment taxes payable= $300 x 5% = $15.00…

Q: Mr. Santos received the following compensation and benefits for a year, working as an IT officer.…

A: Taxable income is that income on which a fixed percentage is levied that is to be paid to the…

Q: An employee receives an hourly wage rate of $20, with time and a half for all hours worked in excess…

A: Given, Hourly wage = $20 per hour Wage if work in excess of 40 hours = 1.50 * $20 = $30 per hour…

Q: Given the following information, determine the burdened hourly wage rate for an equipment operator.…

A: Solution: Hourly wage rate burdened =Wages + BenefitsBillable hours Now, Using the equation…

Q: 62. How much is the total EXCLUSIONS FROM GROSS INCOME?

A: As per our protocol and guidelines we provide solution to the one question only but you have asked…

Q: Total Cost of Empleyee R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is…

A: Payroll: It can be defined as the total payment made by an employer to its employee.

Q: ed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation.…

A: 13th Month Pay calculation of Nicanor   Basic Pay            - Included…

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A: FICA--OASDI Tax: FICA--OASDI stands for Federal Insurance Contributions Act for Old Age, Survivor…

Q: H, a minimum-wage worker, got the following in 2018: a basic income of P 140,000, a 20,000-peso…

A: A minimum wage earner refers to that individual whose remuneration for the services provided by him…

Q: 1. A supervisory employee has the following benefits: 13 month pay and other benefits De minimis…

A: The additional benefits offered to employees apart from the pay are fringe benefits.

Q: An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is…

A: Calculation of Net pay for the month of January is as follows:

Q: Alyssa, a managerial employee has the following benefits: 13th month pay and other benefits -…

A: De minimis benefits includes facilities offered by employer to his employees for promoting health,…

Q: An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of…

A: Gross earnings = (40 hours x $25 per hour) + (Hours in excess of 40 hours x $25 per hour x 1.5) =(40…

Q: A Manager of MUUG Corporation received the following remunerat Gross salaries, net of SSS, PHIC and…

A: Manager of MUUG Corporation received following Compensation Gross Salaries, Net of SSS, PHIC…

Q: During the first week of January, an employee works 50 hours. For this company, workers earn 150% of…

A: Pay rate is $20/hour. Standard number of hours to be worked in a week = 40 Standard pay = 40 x 20 =…

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay = Regular pay + OvertimeNet pay = Gross pay - Federal taxes withheld - Taxes payable

Q: The following relate to the compensation income of a private rank and file employee during the year.…

A: 13th month pay is exempt as "other benefits" to the extent of P90,000 De Minimis Benefits: rice…

Q: hour, with Mr. Juan, an employee, has a pay rate of P125 time and a half for hours worked in excess…

A: Net Pay = Gross Salary - SSS Deduction - PhilHealth - Pag-IBIG - Withholding Tax

Q: In 2022, Yami, a factory worker, receives P20,000 as monthly gross compensation.  The amount…

A: Factory overhead control account is used to record the production overheads other than direct…

Q: An employee is paid a salary of $10,150 per month.  If the FICA rate is 6.2% on the first $118,500…

A: FICA tax = Salary x FICA tax rate = $10,150 x 6.2% = $629.30 Medicare tax payable = Gross payroll x…

Q: Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation…

A: The rules governing the pay scales and the taxability of the compensation given to the employees…