Data: Gross salary 900,000; SSS/Philhealth/PAG-IBIG contributions 45,000. How much is the gross compensation? How much is the exclusions from gross income? How much is the taxable compensation?
Q: ! a) Tax FUTA SUTA b) Tax Required information [The following information applies to the questions…
A: Introduction: A tax is a mandatory fee or financial charge imposed by the government on an…
Q: ompensation income of P1,140,000, net of statutory payments. Tax exempt 13th month pay and other…
A: Taxable compensation income refers to the sum total of all the income derived from various…
Q: Identify if the statement is True or False 1. All allowances are non-taxable 2. If the monthly…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: An employee's net (or take-home) pay is determined by gross earnings minus amounts for income tax…
A: Federal Insurance Contributions Act is the full form of FICA. It is a mandatory payroll deduction…
Q: Thirteenth month pay is exempt from income taxation? Group of answer choices No, only the excess to…
A: Solution: As per Philipines tax laws, "The 13th month pay is exempt from tax, up to a limit of P…
Q: mployee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $118,500 of…
A:
Q: Compute for the tax due (A,B,C) for the below taxable income based on the Income Tax Tables:…
A: calculation of income tax due are as follows
Q: In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA…
A: Employees net pay = Gross pay - All payroll deductions
Q: 2. In this pay, Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the…
A: Moss company’s portion of the social security taxes includes the taxes of OASDI (old age, survivors…
Q: Jared Goff, of LA, determined the following tax information: Gross Salary: $170,000 Interest Earned:…
A: Given information : Gross Salary = $170,000 Interest Earned = $7,000 IRA Contribution = $5,000…
Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…
A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…
Q: Suppose Mondaire has $96,700 of income from work and is not self-employed. How much will Mondaire…
A: Introduction: FICA means the Federal Insurance Contributions Act. It is the legislation that forces…
Q: An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%.…
A: Every Employer should pay the wages to its employees after deduction of Federal withholding, State…
Q: Compute the taxable compensation income. a. 1,305,000 b. 1,325,000 c. 1,150,000 d. 1,285,000
A: The question is related to the taxation. The detailed are given. The 13th month pay is taxable up to…
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: a combined income of 68,500if 29% of their salary is withheld for various taxes, how much money is…
A: Gross income (i.e. income prior to taxes) = 68,500Proportion of salary withheld for various taxes, T…
Q: Payments Taxable Income Basic Salary Commission Over time pay Deductions SSS Contribution Pag ibig…
A: (a) Gross Taxable Income = P91500 Total non taxable income = P4750 Total Gross payment = Gross…
Q: With the following data, compute the Total FUTA Taxable Wages. Total Annual Wages…
A: FUTA means the "Federal Unemployment Tax Act" which provides for the levy of tax on the wages…
Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…
A: Federal Insurance Contributions Act is a common tax deducted from income from taxpayers to meet the…
Q: If I receive a return to work payment of $20,000 and it is classified under statory income. What…
A: Ordinary income: it is the income which ordinarily acquired. For a person it can be wages and for…
Q: Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Aaron Norman earned…
A: a. Compute the employer's FUTA tax on Norman's earnings: FUTA= $7,000 × 0.6% =$42
Q: Amounts to Be Reported on Wage and Tax Statements (Form W-2) Gross…
A: Employees Medicare taxes withheld Amett 123.75 Cruz 864 Edwards 360 Harvin 90 Nicks 1650…
Q: What amount employee benefit cost should be reported in the profit or loss? A. P675,000 C.…
A: Calcuation of amount to be reported in profit and loss
Q: Consider gross earnings of $59,000. • The standard deduction is $12,000 and itemized deduction is…
A: An income tax is kind a type of tax that governments impose on income generated by businesses and…
Q: Taxable income Marginal tax rate 0-12.000 € 0% 12.001-30.000€ 29% 30.001-75.000 € 39% άνω 75.000 €…
A: on the taxable income the tax recharge by the government on the basis of income . generally as the…
Q: What is the taxable compensation income of an employee who received the following: Gross…
A: Taxable Income: - Taxable Income is the adjusted gross income upon which income tax is imposed. It…
Q: Determine the self-employment tax for an individual who has $111,700 in wages, $4,000 in interest…
A: According to law, an individual is subject to pay the self-employment tax is total of 15.3% out of…
Q: Compute the net pay for each employee and answer the additional requirements that follow: Deductions…
A: The contribution towards sss Phil health and Pag-IBIG fund are done 30% by the employee and 70% are…
Q: Identify if the statement is True or False. Write your answer on a separate answer sheet. 1. All…
A: Hi, since, you have asked answers for parts from 8-10, we will answer those 3 parts for you.
Q: With the following data, compute the Total FUTA Taxable Wages. Total Annual VWages $187,000 Wages…
A: FUTA means the "Federal Unemployment Tax Act" which imposes payroll tax on any business having…
Q: Which of the following statement are correct? 1.The gross income of an employee is computed by…
A: Answer: 1.The gross income of an employee is computed by removing excluded income from his total…
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: The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation…
A: Mr. Nicanor a purely compensation Income earner has following values for Tax year 2020 (a) Pag-ibig…
Q: Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on…
A: Cumulative Earning before Present Salary Salary Received OASDI HI a) 9th Pay Check $56,800.00…
Q: A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other…
A: Income tax is levied by the central and state government on the income earned by the firm in the…
Q: Gross Income Compute how much will be included and excluded in the gross income given the following…
A: monthly salary of P26,494 mandatory annual deductions of P34,185 includes SSS, PhilHealth, and…
Q: able belo w shows rackets fOr single workers. Taxable Income Tax Rate $0 to $9,225 10% $9,226 to…
A: The calculations have been shown in the next sheet. Taxable income is given as $99,900
Q: What is the company's deferred income tax expense or benefit?
A: Given information is: Book income of $1,900,000 Included in the computation were favorable temporary…
Q: 25. An employee has a gross compensation income of P400,000 i n 2016. His employer deducted P5,000…
A: Calculation of Gross taxable compensation income : Gross Compensation Income 400000 Less:…
Q: A single individual pays $7,813 on a taxable income of $47,810 and $7,838 on a taxable income of…
A: Marginal tax rate is the rate on each extra dollar of income earned. It can be calculated as…
Q: Instruction: Complete the following table. Gross Compensation Tax Income Таx Table Tax Due 1.…
A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…
Q: FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M;…
A: In the context of the given question, we need to compute deductible expenses, and income tax…
Q: FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M;…
A: Let's understand some basics Tax is a compulsory contribution to state revenue, levied by the…
Q: hat is the employee benefit expense for the current year? 1 300 000 1 050 000 1 500 000 1 100…
A: Correct answer for Question 1 is A Employee benefit expense = Current service cost + Past…
Q: Pag-ibig contribution, P200. The net monthly amount received by the employee is P16,700. The monthly…
A: Taxable Income is defined as the income retained to the taxpayer after deducting all allowable…
Q: Mr. Al Bularyo earns a gross salary of P15,000 during the month of May 2020. Mr. Al’s SSS,…
A: Tax is a charge which is charged on the taxable income of a tax-payer. This tax amount has to be…
Q: The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each…
A: FICA Taxes - It is payroll tax levied by US federal which stands Federal Insurance Contributions Act…
Q: Carding reported the following for the taxable year 2021: Gross compensation, net of 50,000…
A: Total taxable income includes all type of income and compensation, whether they are in form of cash…
Data: Gross salary 900,000; SSS/Philhealth/PAG-IBIG contributions 45,000.
- How much is the gross compensation?
- How much is the exclusions from gross income?
- How much is the taxable compensation?
Step by step
Solved in 2 steps with 1 images
- 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? 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 1,015,000With the following data, compute the Total FUTA Taxable Wages. Total Annual Wages $187,000 Wages Paid in excess of $7000 limit $ 98,500
- Analis has the following information and reported the for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions 35,000; Rice allowance 30,000; Uniform allowance 10,000; 13th month pay 85,000. Compute for: a. total taxable compensation? 1,060,000; 1,025,000; 1,015,000 b.non-taxable de minimis benefit? 45,000; 30,000; 0 c.regular compensation 900,000; 1,050,000; 1,135,000Basic salary - P732,000 Overtime pay - 34,000 Holiday pay - 56,000 Cost of living allowance - 70,000 Mandatory contributions to SSS, PHIC, etc - 38,000 De minimis within ceiling - 30,000 Excess de minimis - none 13th month pay - 65,000 14th month pay - 65,000 Other benefits and bonuses - 35,000 How much is the taxable compensation income and the withholding tax?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!
- A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other income subject to tax and incurred P480,000 in expenses. A. What is the total compensation income subject to income tax? B. What is the income tax due from compensation? C. What is the total income from Business subject to income tax?How much is the total exclusion from gross income? Basic salary-P1,000,000;13th month pay and other benefit- P200,000;Overtime pay-P50,000; Mandatory deductions-P65,000; Union dues -P10,000; Adances from employeer-P5,000; Absences- P10,000Julie's gross salary is 950,000; mandatory contributions is 50,000. Compute for the following: a. gross compensation? b. exclusions from gross income c.taxable compensation
- Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusionIn the following problems, use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Stys Company’s payroll for the year is $1,210,930. Of this amount, $510,710 is for wages paid in excess of $7,000 to each individual employee. The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee’s earnings. Round your answers to two decimal places. Round your answers to two decimal places. a. The amount of FUTA tax for the year is $fill in the blank 1. b. The amount of SUTA tax for the year is $fill in the blank 2.The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Nicanor, a purely compensation income earner: Gross compensation income Php 400,000.00 13th month pay and other benefits 40,000.00 Amount of taxes withheld (by the employer) 30,000.00 Commission 50,000.00 Pagibig contributions 10,000.00 Philhealth contributions 10,000.00 SSS 10,000.00 Union dues…