What is the amount of fringe benefits subject to the fringe benefit tax if a supervisory employee had the following benefits for in 2019? 13h month pay and other benefits .P40,000 35,000 10,000 40,000 De minimis within their limits.. Excess de minimis benefits. Other fringe benefits..

What is the amount of fringe benefits subject to the fringe benefit tax if a supervisory employee had the following benefits for in 2019? 13h month pay and other benefits .P40,000 35,000 10,000 40,000 De minimis within their limits.. Excess de minimis benefits. Other fringe benefits..

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 38P

See similar textbooks

Related questions

Q: How would the declaration and subsequent issuance of a small stock dividend affect share capital and…

A: Small stock dividend means the issue of shares less than 25% of the total outstanding shares in the…

Q: The taxpayers are husband and wife with the following data during the taxable year: Husband:…

A: Income Tax Calculation Here to discuss the details of the calculation of income tax for both Husband…

Q: A lease agreement whereby the lessee recognized rent expense which is always equal to the rent…

A: Lease is an agreement between two parties whereby one party gives its asset for use to other party…

Q: Forever Incorporated’s partial income statement after its first year of operation is as follows:…

A: Business organizations are required to charge the depreciation expense so that the assets are shown…

Q: Ann files single and reports AGI of $40,000. This year she has incurred the following medical…

A: As per IRS, The medical expenses relating to knee surgery and over-the-counter drugs are not…

Q: Explain with examples, the 4 types of expropriatio for minority shareholders, namely:

A: Minority shareholders refer to those shareholders who own less than 50% of the total shares of a…

Q: It is the initial cost of acquiring an asset, plus sales tax, transportation and normal costs of…

A: Cost of the asset is the cost which has been paid by the company in order to buy the asset and on…

Q: Use the following information for the Exercises below. (Algo) [The following information applies to…

A: The financial statements are prepared by the business entity to show the performance of the…

Q: X Corporation opted to deduct OSD. The following are the results of its operation: Net sales…

A: An OSD or Optional Standard Deduction is a standard deduction at the rate of 40% which taxpayers…

Q: PROCESS 1- ACTIVITY IWAN Company started its operations for the year 2022 in the month of May. The…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: 1. During the year ELLE Company purchased P400,000 of inventory. The inventory balance at the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Freddy runs a business selling clocks. He buys 614 clocks for $44 each (including GST) and sells for…

A: Australian GST The GST Rate in Australia is 10% Goods and services tax (GST) is a tax of 10% on most…

Q: n June 15, 2022, Lucas Corporation accepted delivery of merchandise which it purchased on account.…

A: Purchase of inventory on account results in: Increase is Assets by the purchase price as inventory…

Q: A lease agreement whereby the lessor shall recognized gross profit at inception of the lease

A: A lease agreement whereby the lessor shall recognized gross profit at inception of the lease is…

Q: S1: The salaries of the Chief Justice and associate justices of the Supreme court are tax-exempt.…

A: Individuals and corporations pay income tax, which is a sort of direct tax levied by the central…

Q: Executive stock options: A.are options to buy shares at a specified exercise price within a…

A: Introduction:- Companies grant stock options to employees at a specified price. Main advantage of…

Q: . How much is the reportable gross income of ABC for taxation purposes? 5,000 50,000 55,000 None of…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: he lessor will recognized the same gross profit whether the residual value is guaranteed by the…

A: given statement 1 is about direct finance lease . it is correct. statement 2 about indirect costs…

Q: TD ILK U 1. On a bank reconciliation, the amount of an unrecorded bank service charge should be: A.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: mpute and record workers' compensation insurance premiums for Fairlawn Manufac The firm estimates…

A: The amount due to be paid to creditors or employee is recorded as liabilities in the balance sheet.

Q: Your manager has asked you to advise your client Kofi Gyato, owner and director of Kofi Gyato…

A: Depreciation means the amount of expenses due to usage of fixed assets due to normal wear and tear…

Q: LE CHOICE - THEORY PROBLEM 2: 1. For external reporting, the individual financial statements of the…

A: Home office is the main or principal office where business is conducted. It is also written as head…

Q: GST is called as consumption based tax. Discuss and verify this statement with the help of a…

A: Goods and services tax (GST) is also called consumption based tax, as we consume goods like food…

Q: Caine Company exchanged a car from inventory for a computer to be used as a long-term asset. The…

A: The answer is stated below:

Q: On January 1, 2021, Robin Cormpany received a grant of P1,500,000 frorm the governiment to subsidize…

A: Solution This question relates to standard accounting for government grants Whenever the grant is…

Q: Explain why partnership is a good form of business in your dream business and how are you going to…

A: partnership ,agreement between two or more person to share their knowledge and skills and profit and…

Q: Equipment, beginning of year Equipment, end of year Accumulated depreciation, beginning of year…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: What is Farewell's diluted earnings per share for 2021, rounded to the nearest cent? O $3.14. O…

A: Earning per shares is the measure used by the company to analyze the profitability of the business.…

Q: 32.3A Show the journal entries needed to correct the following errors: (a) Purchases £1,410 on…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.…

Q: Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses…

A: Income tax payable is an obligation for the tax payers to the government on the taxable income.…

Q: rue or False: Sarah is a manager who pays workers less than what they deserve because she knows they…

A: Any action can be termed as illegal only when it is against the law. An unethical action that is not…

Q: Direct materials are placed into production at the beginning of the process. All spoilage is normal…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: ABC Co. is engaged in providing cable TV services. On November 1, 2021, the Company entered a cable…

A: As per IAS 115, Revenue recognition standard, The installation and subscription together considered…

Q: So why would we not use standard deduction?

A: Standard deduction is the term which is used in the accounting and it is the portion of income that…

Q: Which of the following is a legal person? Note that it could be several. A State A dog A Limited…

A: A company is a voluntary group of persons formed through the process of law. Types of company:…

Q: In preparing the 2021 Annual Income Tax Return of Nicanor, the following information were culled…

A: The business income is calculated below:- Particulars Amount Amount Income from Business…

Q: On January 1, 2023, the city government provided Swerte Company a zero interest, P6,000,000 loan…

A: In this Question, this is a zero-coupon bond having no interest. Therefore in this, we will…

Q: Which of the following problems can be most ea client's year-end sales cutoff?

A: Sales revenue represents the revenue of the company by selling the products produced by the company.…

Q: The adjusted trial balance data given below is from Cameron White Company's worksheet for the year…

A: Balance sheet is the financial statement which tells about the financial health of the entity.

Q: Juan Company purchased four convenience store buildings on January 1, 2015 for a total of…

A: Impairment loss = Carrying value of the assets - Recoverable value of the assets where, The…

Q: $40,000 6,000 Net income Depreciation 2,000 (800) 1,800 8,000 Increase in accounts receivable…

A: Net cash provided by Operating activities = Net Income + Depreciation expense - Increase in accounts…

Q: Which is FALSE? I. Adonis, a sari-sari store owner, opted commuted tax of 8%. He is allowed to…

A: Self employed individuals having gross sales and non-operating income not in excess of P3,000,000…

Q: /Quiz FIN 204/E2 Financial Management I. Recognize revenue when it is fully earned. II. Match…

A: The accounting is a process to classification the transactions, record the transactions and prepare…

Q: Compute the taxable income. A. Zero B. P4,000,000 C. P5,000,000 D. P29,000,000

A: The taxability of income of the nonstock nonprofit educational institutions depends upon whether the…

Q: Which is not a book reconciling items? A. Credit Memo B. NFS Checks C. Debit Memo D. Outstanding…

A: The bank reconciliation statement is prepared to to record and equate the book balance and bank…

Q: 2,032,000 1,890,000 1,440,000 180,000 80,000

A: . Outstanding Checks have been added because the entity has already credited Bank a/c in books but…

Q: Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of…

A: Notice of discrepancy refers to the written notice which is issued through BIR informing the…

Q: EM Co.'s budgeted sales and budgeted cost of sales for the coming year are P212,000,000 and…

A: Solution Concept Inventory turnover ratio means the frequency company replaces its inventory…

Q: Problem 9-2 (IAA) Hesay Company provided the following information for the current year: Sales…

A: Cost of goods sold- The cost of goods sold is the cost of producing the goods that a business sells.…

Q: 2012 $ 5,800 2013 $4,200 $1,700 • $3,000 2010- 2011e 2014e 2015ee Cashe $ 5,200 $ ???? « Accounts…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Concept explainers

Employer Pension Plan

An employer pension plan is a retirement benefit provided by an employer to employees before or after they retire. Over the course of the employees' working lives, the employer should invest a lump sum or make monthly contributions to investment schemes in employees' names. It is the employer's legal responsibility to provide employees with retirement plans that support them with guaranteed financial security in retirement.

Question

What is the amount of
fringe benefits subject to
the fringe benefit tax if a
supervisory employee
had the following
benefits for in 2019?
13h month pay and other benefits .P40,000
35,000
10,000
40,000
De minimis within their limits..
Excess de minimis benefits.
Other fringe benefits..

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

VIEW

Step 2

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

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 amount
In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has 800 in dividends income and 1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is 10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is 500, and her interest income is 125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.