The compensation package of the Vice-President for Finance of corporation was: Monthly-salaryFixed representation allowanceCar, given by the company, purchase priceP 500,000200,0001,800,00013. The monthly taxable compensation income200,000d. 2,500,000С.a. P500,000b.700,00014. The fringe benefit tax847,058169,411С.d.70,588969,231a.b.15. The fringe benefit tax if the Vice-President shouldered 60% of the cost ofthe cara.387,692169,41170,588С.b.338,824d.CS Scanned with CamScanner

This question deals with the concept of taxable compensation income and fringe benefit tax. As per…

Answered: Monthly salary Fixed representation…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 4CE

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Lemur 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.
SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.
_____1. Employees FICA tax rates A. Severance pay _____2. Form SS-4 B. By the 15th day of the following month _____3. Semiweekly depositor C. Employers Quarterly Federal Tax Return _____4. Taxable for FICA D. Application for Employer Identification Number _____5. Nontaxable for FICA E. 6.2 percent and 1.45 percent _____6. Self-employeds FICA tax rates F. Employees application for social security card _____7. Form 941 G. Cumulative wages of 128,400 _____8. Monthly depositor H. More than 50,000 in employment taxes in the lookback period _____9. OASDI taxable wage base I. 12.4 percent and 2.9 percent _____10. Form SS-5 J. Employers matching contributions into employees deferred compensation arrangements
An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550
The taxable wages and withheld taxes for Hamilton Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 20-- follow. Hint: To calculate liability for each date, multiply gross wages by FICA rate [to get employer's share of FICA]. Then add employee's withholding OASDI, HI and FIT. SemimonthlyPaydays Gross andTaxable Wages FICA WithheldOASDI FICA WithheldHI Federal IncomeTax Withheld 1/15 $34,200 $2,120.40 $495.90 $4,180.00 1/31 32,900 2,039.80 477.05 4,090.00 2/15 31,750 1,968.50 460.38 3,996.00 2/28 28,970 1,796.14 420.07 3,797.00 3/15 28,800 1,785.60 417.60 3,790.00 3/29 29,400 1,822.80 426.30 3,999.00 $186,020 $11,533.24 $2,697.30 $23,852.00 a. Complete Schedule B of Form 941 on page 3-65 for the first quarter for Harry Conway, the owner of Hamilton Company. If a box does not require an amount, leave it blank. Round your answers…
An employee receives the following compensation and benefits during the year while working:Annual Basic Salary Php 245,000.0013th Month Pay Php 20,416.67Company Bonuses Php 5,500.00Rice Subsidy Php 1,800.00/yearClothing Allowance Php 5,000.00/yearMedical benefits Php 9,500.00/yearLaundry allowance Php 2,400.00/year Present the computation of the taxable and non-taxable compensation income of the employee.
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; 1,135,000
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 _______
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 1,015,000

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