X, a minimum wage earner. In 2018, his salary and overtime pay totaled 200,000 and his hazard pay is 40,000. He received a 13th month pay of 80,000. At the same year, his business has net income of 700,000. He also noticed that his bank account in BDO was increased by 1,000 due to interest (from cr balance of 90,000; his bank account has credit balance of 91,000). What is the taxable income of X in 2018 subject to graduated tax rate?

X, a minimum wage earner. In 2018, his salary and overtime pay totaled 200,000 and his hazard pay is 40,000. He received a 13th month pay of 80,000. At the same year, his business has net income of 700,000. He also noticed that his bank account in BDO was increased by 1,000 due to interest (from cr balance of 90,000; his bank account has credit balance of 91,000). What is the taxable income of X in 2018 subject to graduated tax rate?

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 4SSQ: Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus...

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