Please help me answer number 3 only with complete solutions please thank you Mr. Adrien, Advertising Director of Binah Corporation has the following records for his income from employmentand souvenir shop business in 2018:Annual Compensation income, Including 13" month pay and other benefitsOf Pi70,000, but net of mandatory contributions to SSS, PhilhealthAnd HDMFGross sales - Souvenir shopNon-operating incomeCost of sales2,400,0001,700,00085,000700,000300,000Operating expenRequired:A. Mr. Adrien opted to be taxed at 8% income tax rate on his gross sales for his income from business.Determine Mr. Adrien's income tax due for 2018?Sared viaotoB. Assume that Mr Adrien did not signify his intention to be taxed at the 8% income tax rate based on grosssales and other non-operating income. Compute for Mr. Adrien's income tax due for the yearC. Mr. filed his resignation from employment in March 2019. Up to that month, his total compensation incometotaled P480,000 inclusive of P80,00 benefits. Assume that his business operations for 2019 were thesame as the last year. For 2019, he opted for the 8% income tax rate. What will be the total income tax dueof Mr. Adrien for the year 2019?

As per question Mr.filed his resignation in march 2019 Compensation till March P480,000. Income from…

Answered: operating Compute year income tix C.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.
Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was $2,500 and they served 115 clients during the year. If operating expenses for the year were $302,000 what was their net income?
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
Amanda Autry and Carley Wilson are partners in A W Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
In 2018, Malakas M. Henyo, the CEO of the Philippines Nuclear Fusion Corporation, earned compensation income of P4,000,500. This amount is inclusive of his 13th month pay and other benefits of P250,000, but net of the mandatory contributed to SSS and Philhealth. Aside from his employment, he also owns a cafeteria. In 2018, the cafeteria had gross sales of P1,500,000, cost of sales of P500,000 and operating expenses of P300,000. It also had non-operating income of P700,000. Compute his income tax due for 2018 if he avails of the 8% income tax rate option on his gross sales plus non-operating income arising from his cafeteria business. P1,277,360 P1,257,360 P1,101,360 P1,734,430
In 2018, Malakas M. Henyo, the CEO of the Philippines Nuclear Fusion Corporation, earned compensation income of P4,000,500. This amount is inclusive of his 13th month pay and other benefits of P250,000, but net of the mandatory contributed to SSS and Philhealth. Aside from his employment, he also owns a cafeteria. In 2018, the cafeteria had gross sales of P1,500,000, cost of sales of P500,000 and operating expenses of P300,000. It also had non-operating income of P700,000. What would be Malakas’s total income tax due if he did not avail of the 8% income tax rate on gross sales plus non-operating income arising from his business? Group of choices P696,969 P1,650,920 P1,549,360 P1,202,340
Consider the following in answering the questions below: Nicanor, a forty-four-year-old loveless, is employed by ABC Corp. for the past thirty (30) years. Below are the compensation and other benefits he received from the company the year 2021. 13th Month Pay 100,000 De Minimis benefits 30,000 Statutory contributions (SSS, PHIC, etc) 20,000 Basic Salary per month 100,000 Monthly Representation Allowance 50,000 Monthly Transportation Allowance 50,000 Cost of Living Allowance 50,000 Fixed Housing Allowance 50,000 Commission 100,000 Profit-Sharing 100,000 Hazard Pay 50,000 Overtime Pay 100,000 In 2022, ABC Corp. suffered serious business reverses. The Company, to temper losses, offered retirement or separation benefits to employees. 62. How much is the total EXCLUSIONS FROM GROSS INCOME? A. Php 150,000 B. Php 140,000 C. Php 110,000 D. Php 90,000 63. How much is the total TAXABLE COMPENSATION? A.…
Shakera earns £45,000 p.a. as a graphic designer for Commercial Ltd, which prepares accounts to March each year. For the last two years Shakera earned bonuses from her employer as follows: Date paid £ Year ended 31 March 2020 1 June 2020 8,000 Year ended 31 March 2021 1 June 2021 11,000 What is Shakera’s assessable employment income for the tax year 2020/21?

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