As the new Accountant, you were reviewing the payroll system of the company. You noticed that supplementary compensation is mingled with regularcompensation. Which should form of regular compensation?O Commission of 5% based on collectionsO Fixed transportation allowance of Php 50.00 per dayO Overtime pay ranging from Php 1,000 to Php 10,000O Profit-sharing

Regular compensation is paid in form of wages and other fixed allowance to employees for performing…

Answered: As the new Accountant, you were…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 3BD

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Trowbridge Company has just completed the processing of its year-end payroll and distributed all the weekly paychecks. The payroll department is now computing the amount of the annual bonus to be given each worker. What methods may be used by the company in determining the amount of federal income taxes to be withheld from the annual bonus payments?
As the new Accountant, you were reviewing the payroll system of the company. You noticed that supplementary compensation is mingled with regular compensation. Which should form of regular compensation? a.Fixed transportation allowance of Php 50.00 per day b. Overtime pay ranging from Php 1,000 to Php 10,000 c. Profit-sharing d. Commission of 5% based on collection
An employee is entitled with monthly salary of TK. 50,000. The company has a policy to provide 10 % yearly increment. If the performance of the employee and organizational performance are both excellent, what would be the employee awards according to merit-based pay plan? Please consider the following table to calculate the total increment in that year.
Greenwell Ltd. located in Alberta has a workers' compensation premium rate of $4.55 per $100.00of assessable payroll. The actual assessable payroll for the previous year consisted of: regular salaries and wages of $678,750.00, overtime pay of $12,700.00, work related bonuses of $52,000.00, vacation pay of $85,250.00 and taxable benefits of $11,300.00. Estimate the organization's assessment for this year
JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to 20% of monthly income in excess of $1,000 if an employee works 40 hours in 120 hours in a month. How much is the gross payroll?
Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%. The general manager received P 280,000 for the current year as bonus. What is the income before bonus and tax? * A.4,280,000 B.3,720,000 C.4,000,000 D.2,800,000
SESAME-SEED Company has a bonus agreement that provides that the senior managers will receive an annual bonus of 12% of the net income after bonus and tax. The income tax rate is 30%. The senior managers received ₱250,000 for the current year as a bonus. What is the net income before bonus and tax? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)
An accountant must pay taxes and payroll bonuses to employees from the company’s profits of $2,000,000. The total tax is 40% of the amount left after bonuses are paid, and the total paid in bonuses is 10% of the amount left after taxes. Find the total tax and the total bonus amount.
The company has the following list of employees: a) Manager with daily salary of P1,000 b) 2 sales staff each receiving P2,850 a week c) Messenger with a daily rate of P420 d) Accounting staff with weekly salary of P3,000 The company policy is to pay its employees every Saturday after a 6-day work from Monday to Saturday. Supposed the last payday for the year 2020 falls on December 28, by what amount should be recorded as accrued salaries at December 31, 2020?
Juan dela Cruz, a newly hired operations manager of ABC Company, wondered how much would be his withholding tax on compensation per month. Due to lack of technical knowledge on taxation, he consulted you and presented the following information:Basic monthly pay, P45,500.00Monthly gas allowance, P1,000.00Monthly rice subsidy, P2,500.00Mobile load and internet allowance, P1,200.00Monthly contributions:SSS Contribution, P1,125.00Pag-IBIG Contribution, P300.00Philhealth Contribution, P1,800.00Compute the withholding tax on compensation income of Juan dela Cruz using this formula: 2,500 + (Excess of 33,333 * 25%)
An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period is $5,000. If the FICA—OASDT is 6.2% and the wage base is $118,500, how much FICA—OASDI tax will be withheld from the employee’s pay? (Answer is rounded to the whole dollar.) $192 $210 $310 $73
P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x c e s s $7,000 to each individual employee. The suta rate in Peyton company state is 2.9% on the first $7,000 of each employees earning. Round your answer to the nearest cent. A. Net Futa tax _______ B. Net suta tax _______ C. Total unemployment taxes _______

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