L&M Corporation pays its employees on a graduated commission scale: 6% on the first $40,000 in sales, 7% on sales from 40,000 to $80,000, and 9% on sales greater than $80,000. Banish had sales of $105,000. Banisha's commision is:
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L&M Corporation pays its employees on a graduated commission scale: 6% on the first $40,000 in sales, 7% on sales from 40,000 to $80,000, and 9% on sales greater than $80,000. Banish had sales of $105,000. Banisha's commision is:
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- Lee Company pays its employees on a variable commission scale: 6% on the first $40,000 sales, 7% on sales from $40,001 to $80,000, and 13% on sales of more than $80,000. May West, an employee of Lee, has $230,000 in sales. What commission did May earn?Wendy Epstein, a sales representative, earns an annual salary of $32,700 and receives a commission on that portion of her annual sales that exceeds $150,000. The commission is 9.5% on all sales up to $50,000 above the quota. Beyond that amount, she receives a commission of 11.0%. Her total sales for the past year were $290,000. Compute the following amounts: a. The regular annual salary $ b. The commission $ c. The total annual earnings $David is paid on a graduated commission scale at Lotrex Company. He receives 2% commission on the first $20,000, 6% on sales from 20,000 to 70,000, 8.5% commission on sales from $70,000 to 100,000, and 10% commission on sales over $100,000. David had sales of $82,000. His commission is:
- Nature Company has an agreement to pay each sales manager a bonus of 5% of the entity's earnings and each sales personnel 2%. Nature has one sales manager and two sales personnel. The income for the year before bonus and tax is P5,250,000. The income tax rate is 30% of income after bonus. The bonus is based on net income before bonus but after tax. How much is the bonus of each sales personnel? (round the final answer to the nearest whole number)Kenz Limited employs its staff on a five-day working week. The weekly salaries is $15,000 and employees are paid in arrears on Friday. That is, when the employees are paid, the salaries paid are for work performed in the preceding week. Kenz Limited retains $5,000 per week to pay the Inland Revenue Department for pay-as-you-earn (PAYE) tax on behalf of the employees and $1,000 per week to pay staff medical benefits. Tax and medical benefits are paid on the following Monday and Tuesday of each week respectively. The end of the reporting period falls on a Wednesday. RequiredPrepare the accounting entries necessary to record the salary on balance day and its payments.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 _______
- PP Company has an incentive compensation plan under which a branch manager receives 10% of the branch income after deduction of the bonus but before deduction of income tax. Branch income for the current year before the bonus and income tax was P1,650,000. The tax rate was 30%. What is the bonus for the current year?FI Company offered a bonus to its branch manager of 25% of income over P1,000,000 earned by the branch. The income for the branch was P1,600,000 before tax and before bonus for 2021. The bonus is computed on income in excess of P1,000,000 after deducting the bonus but before deducting tax. The bonus of the branch manager for 2021 is Group of answer choices 120,000 150,000 250,000 320,000Qwan Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Qwan Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Round your answers to the nearest cent.
- Peyton Company's payroll for the year is$737,910. Of this amount, 472,120 is for wages paid in excess of of 7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first 7,000 of each employees earnings.. Computte a. Net FUTA tax b. Net SUTA tax c. Total Unemployment taxesNatural Company has an agreement to pay the sales manager a bonus of 10% of the entity's earnings. The income for the year before bonus and tax is P5,250,000. The income tax rate is 25%. 1. Compute the bonus after bonus and taxes.2. Compute the bonus after tax but before bonus.JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the entity’s earnings. Theincome for the year before bonus and tax is ₱8,750,000. The income tax rate is 30% of income after bonus.Requirements: Determine the BONUS under each of the following independent assumptions:A. Bonus is based on income before bonus and before tax.B. Bonus is based on income after bonus and after tax.C. Bonus is based on income after bonus but before tax.D. Bonus is based on income after tax but before bonus
