How much is the total exclusion from gross income?
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- In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountLemur 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.
- Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuitiesAnalis 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; 1,135,000Cardo 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 1,015,000
- 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!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?The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Angelou, 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…
