20. Which of the following is subject to tax?P6,000 representing his unused vacation ieave credits of ninë workingdays;b. Traveling expenses of P15,000 received by an employee who was senton a business trip to Davao City;C. Representation expenses of P5,000 a month which are not subject toliquidation;d. Tips received by waitresses which are remitted to their employer.а.С.CS Scanned with CamScanner

Travelling expenses reimbursement is not subject to tax.

Answered: 20. Which of the following is subject…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Black Company paid wages of $180,000 of which $40,000 was qualified for the work opportunity tax credit under the general rules. Black Company's deduction for wages for the year is: a.$180,000. b.$140,000. c.$166,000. d.$164,000.
Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
1: An employer in Cleveland, OH, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $5,000 and $12,000. During the current pay period, these employees earn $1,850 and $2,260, respectively.FUTA tax = $ 2: An employer in Nesconset, NY, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $6,900, $1,000, and $24,200. During the current pay period, these employees earn $2,200, $1,950, and $2,800, respectively.FUTA tax = $ 3: An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $8,500, and $3,400. During the current pay period, these employees earn $870 and $525, respectively.FUTA tax = $ 4: An employer in Cary, NC, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,900, $8,900, and $6,600. During the current pay period, these employees earn $960, $1,070, and $820,…
Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including overtime pay, of $131,600 prior to this pay. Round your answers to the nearest cent. a. The amount of OASDI taxes to withhold from Dee's pay is $ b. The amount of HI taxes to withhold from Dee's pay is $
A non-VAT business taxpayer was allowed a deduction of P12,566 for his regular income tax. This arose from services rendered by a VAT professional which was subject to 5% expanded withholding. How much is the cash paid to the professional?
verlay/Index 6. Use the figure below. George Clinton works for a company that uses a percentage method to compute the income tax withheld. Clinton is single and claims one allowance. The weekly withholding for each allowance is $61.54. He earns $421 a week. Find the amount of income tax withheld. SINGLE PERSONS-WEEKLY PAYROLL PERIOD If the amount of wages (after subtracting withholding allowances) is: withheld shall be Under $51- The amount of income tax to be Over - But not over - of excess over- $51 S188 10% $51 $188 $606 $13.70 plus 15% $188 $606 $1,341 Clarion University of Penneyvania $76.40 plus 25% $606 OA $25.72 B $39.42 OC $53.92 D $67.62
Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612, and his FICA total was $260. There were no state income taxes. What was Noll's net pay for the week? Net pay $
Hw.87.
An employer in the U.S. Virgin Islands, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $1,420 and $28,500. During the current pay period, these employees earn $3,350 and $1,700, respectively. The applicable SUTA tax rate is 3%, and the U.S. Virgin Islands SUTA threshold is $28,900. FUTA tax = $ SUTA tax =
jane Jackson resides in Edmonton, AB, and has been employed by Finlay Ltd. for a number of years as their accountant. Jane’s T4 slip for the current year indicates the following amounts were deducted from her gross salary of $80,000: Deductions Amounts CPP (maximum for the year*) EI (maximum for the year*) RPP contributions $4,500.00 Income tax deducted 20,000.00 Union dues 300.00 Charitable donations 1,200.00 * See the current year’s tax rate sheet to determine the CPP and EI reported on the T4 slip. The following amounts are paid by Finlay Ltd. and not included on Jane’s current year T4 slip: Paid by Findlay Ltd. Amounts Private health insurance plan premiums $1,800 Public health insurance plan premiums 1,500 Group term life insurance policy premiums 400 Allowance for incidental expenses ($400 per month) 4,800 Finlay Ltd. provided Jane with a motor vehicle for the entire year, and the company also…
3: Burger Bites Restaurant employs 51 workers who, for the current pay period, earn total taxable pay of $87,450. Of this amount, only $11,000 are subject to SUTA tax, as this is the portion of individual employee earnings that does not exceed the $8,500 threshold. Calculate SUTA tax based on these earnings. SUTA tax
16. An employee receives a monthly salary of P20,0000. The following items are withheld from the monthly salary: Income tax, P2,000; SSS contribution, P800; Philhealth contribution, P300 and Pag-ibig contribution, P200. The net monthly amount received by the employee is P16,700. The monthly taxable income is: a. P16,700 b. P17,000 c. P18,700 d. P20.000

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