In 2018, GN, a MWE, received from her employer an annual minimum wage salary of P99,702. Aside from this, she also received P8,00 for holiday pay, overtime pay, and night shift differential pay. Furthermore, she received P8,303 as her 13th- month pay. What amounts shall she be taxable on?

In 2018, GN, a MWE, received from her employer an annual minimum wage salary of P99,702. Aside from this, she also received P8,00 for holiday pay, overtime pay, and night shift differential pay. Furthermore, she received P8,303 as her 13th- month pay. What amounts shall she be taxable on?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 6DQ

See similar textbooks

Related questions

Q: Sweetee is a regular employee of a Delhi-based private organisatión where she was appointea on…

A: As per Section 15 of the Income Tax Act, Salary includes the following information: A normal salary…

Q: Matthew earned $67,859 during 2020. How much will his employer withhold from him, in total, for FICA…

A: FICA tax: Federal government imposes taxes on the employee's pay to provide benefits to retired, old…

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount of tax deducted by employer at source. After filing income tax…

Q: Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2019. He also received rental…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: During 2020, Ms. Black’s employer provides her with a company-owned automobile for 11 months of the…

A: During 2020, Ms. Black's employer provides company owned automobile for 11 months of year. Cost =…

Q: Catherine is employed in ABC Corporation. She received the basic wage for 2015 in the total amount…

A: Tax refers to the amount charged by the government from the individual or companies on the income…

Q: Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is…

A: Self employment tax rate in 2020 = 15.3% Medicare tax rate = 2.9%

Q: Mara’s employer provides each employee an amount of P8,000 Christmas Bonus. How much of the bonus is…

A: In the purview of the given question, we are required to compute the tax on the bonus, and net…

Q: Skylar is single and earns $410,000 in salary during 2018. What is the amount of 0.9 percent…

A: Employers are required to withhold additional Medicare tax, above the 1.45% Medicare tax rate, at a…

Q: B. The following year, in addition to the compensation income and 13th month pay he received and…

A: Pure compensation Income For Calculating the taxable pure compensation income which also included…

Q: Nelia in the immediately preceding number was promoted in June 2018, and starting the same month was…

A: Nelia is getting a promotion in, June 2018, post which her salary exceeds statutory minimum wage.…

Q: A woman earned wages of $49,800, received $1700 in interest from a savings account, and contributed…

A: Gross income is the total income earned by the individual, organization during the year before…

Q: Maud, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On…

A: Maud can deduct the full $120,000. the answer is $120,000. Explanation: Therefore, Maud is…

Q: If Marissa's yearly salary was $65,900 and she received taxable benefits in the amount of $1127.99…

A: T4 slip is the slip to be filled by the income tax payer in Country C by following the rules…

Q: Mariya and Majid are married. Majid is employed and has employment income of £35500 p.a. Mariya…

A: Assuming that Mariya and Majid are not filing return jointly. Also assuming that they belong to…

Q: In 2014, Peter received a $5,000 bonus computed based on a percentage of profits In 2015, Peter's…

A: Claim of Right Doctrine: Under the U.S. taxation laws this doctrine states that the taxpayer…

Q: Mr. A, a minimum wage earner sales agent, received the following from his employer for the year…

A: As per the provisions of BIR as well as amendment by TRAINs Law , 13th…

Q: In 2019, Gloria, a single taxpayer, receives a Schedule K-1 from a partnership she is invested in.…

A: QBI deduction: QBI is the net number of qualified items of income, gain, deduction and loss from…

Q: Cardo works in a private company. he received de minimis benefit during the taxable year. How much…

A: Non taxable De minimis are allowances which are exempted or partially exempted from tax.

Q: Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000…

A: Answer: The final tax due is calculated on the net income of the person. The deductions is allowed…

Q: During 2019, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee…

A: Salary for the year : $49,600 Maximum contribution : 10% Maximum tax deferred contribution : (…

Q: In 2022, Ava, an employee, who files single, has AGE of $26,600 and incurred the following…

A: The question lists down the expenses incurred by Ava and seeks answers on what would be itemized…

Q: Mr Jacob Johnson has net employment income of $41300 (after the deduction of $8600 in RPP…

A: Net income + RPP deduction + income from business + taxable dividend - support payment from former…

Q: Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and…

A: Solution: Maximum amount she can contribute to an individual 401(k) for 2019 = Employee contribution…

Q: During 2020, Ms. Sunshine has net employment income of $95,000 after claiming her RPP deduction of…

A: A registered pension plan (RPP) is a pension plan that your firm has formed and registered with the…

Q: Beatrix’s annual salary is ₱430,000.00. While she is single, she has one dependent declared under…

A: Taxable income is the net income earned by an individual on which the tax is payable. It is…

Q: In 2020, Ava, an employee, who files single, has AGI of $38,700 and incurred the following…

A: The question lists down the expenses incurred by Ava and seeks answers on what would be itemized…

Q: In 2020, Bianca earned a salary of $189,000 from her employer. Determine the amount of FICA Social…

A: Answer The Social Security withholding rate is gross pay times 6.2% up to the maximum pay level for…

Q: In 2021, Jasmine and Thomas, a married couple, had taxable would have reported taxable income of…

A: In this question, we have to compute the tax.

Q: During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and…

A: As per Australia tax laws Taxable income = Assessable income - allowable deductions

Q: Self-Employment tax =

A: The total self-employment tax is 15.3% of the net earnings and it has two parts. The first part is…

Q: Mr. and Mrs. Reyes are married individuals, Mr Reyes receives an annual taxable income of 365,000…

A: As per the provision in Philippines following ax slabs is applicable No Income tax if income is…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…

A: Federal insurance and contribution act enable US payroll tax to fund the social security…

Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…

A: The profitability of the company can be arrived from the income statement prepared by the management…

Q: In 2020, Ashley earns a salary of $ 55,000, has capital gains of $ 3,000, and receives interest…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

Q: On the December 31, 2015, payday, Jo is out sick. Prior to this $3,000 paycheck, her 2015 taxable…

A: As per FICA social Security tax rate is 6.2%

Q: Susanna is single with taxable income in 2019 of $188,225 of which $130,000 is attributable to her…

A: The qualified business income deduction (QBI) seems to be a tax cut that allows qualifying…

Q: Morgan Cruise earns net self-employment income of $221,600. She works a second job from which she…

A: Total self employment tax = 11,229.80

Q: During the year ended 30 jun 2020, melissa, a resident of Australia, has received rents of $5946 and…

A: 1. Gross Income = it is the total income received by the individual. 2. Deduction: These are the…

Q: Jamie receives a basic pay of P29,880 a month and a 2% commission on her sales. She sold P505,000 in…

A: Total Taxable Income will be Salary (P29880*12) P358560 Commission (P505,000 * 2%) P10,100…

Q: Rasheed works for Company A, earning $382,000 in salary during 2021. Assuming he is single and has…

A: The wage limit for social security tax for 2021 = $142800

Q: Percy receives a basic salary of $750,000 per annum in 2021. His employer pays rent of $50, 000 per…

A: Total taxable emoluments for the year 2021 = basic salary + non-cash perquisites basic salary =…

Q: nise is a full-time exempt employee living in St. George Utah who is $28,500 annually and is paid…

A: Federal Income Tax: When a person earn income from the various income sources, say salary, interest…

Q: Carol was an employee during 2019 with the following income and benefits received from her employer:…

A: Particulars Amount Salaries $60,000 Add: Bonus accrued $5,500 Carol’s…

Q: Morgan Cruise earns net self-employment income of $221,000. She works a second job from which she…

A: Given that: Self employment Income = $221000 FICA taxable earnings = $108200

Q: Mr. Lebron is a mixed income earner. In year 2020, he earned gross compensation income of…

A: As per the Graduated tax table of philippines if any person who is employed and have business income…

Q: Sophie is a single taxpayer. For the first payroll period in July 2019, she is paid wages of $2,200…

A: Answer a: The total wage payment is $2,200 One allowance is $350 Amount subject to…

Q: Ms Rivera with four qualified dependent children had a net taxable compensation income of P 450,000…

A: Tax is a tax that individuals and businesses must pay to the government in order for the government…

Q: Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the…

A: A small-business owner, contractor or freelancer has to pay self-employment income tax on their…

Q: Justin Holmes, an ex-employee, is entitled to a taxable fringe benefit during the first part of this…

A: Taxable fringe benefits may include vehicle provided by the employer, bonuses and life insurance for…

Question

In 2018, GN, a MWE, received from her employer
an annual minimum wage salary of P99,702. Aside
from this, she also received P8,00 for holiday
pay, overtime pay, and night shift differential pay.
Furthermore, she received P8,303 as her 13th-
month pay. What amounts shall she be taxable
on?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction:

VIEW

Step 2 Explanation:

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2020. Her employer offered to pay her 21,000 per month in 2020 for a total of 252,000. Freda countered that she would accept 10,000 each month for the 12 months in 2020 and the remaining 132,000 in January 2021. The employer accepted Fredas terms for 2020 and 2021. a. Did Freda actually or constructively receive 252,000 in 2020? b. What could explain Fredas willingness to spread her salary over a longer period of time? c. In December 2020, after Freda had earned the right to collect the 132,000 in 2020, the employer offered 133,000 to Freda at that time, rather than 132,000 in January 2021. The employer wanted to make the early payment so as to deduct the expense in 2020. Freda rejected the employers offer. Was Freda in constructive receipt of the income in 2020? Explain.
During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:
Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays 8,400 rent on April 1, 2019, for the 12 months ending March 31, 2020. a. How much is Shannas deduction for rent expense in 2019? b. Assume the same facts, except that the 8,400 is for 24 months rent ending March 31, 2021. How much is Shannas deduction for rent expense in 2019?
In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________