28. Yvonne i s an employee of Goldfish Company which closed its business during the year Yvonne's last paycheck shows the following details: Unpaid salary in the last two months P 30,000 Current month salary Separation pay Total pay 15,000 100,000 P 145,000 Which of the following will be included in the gross income subject to regular income tax a. P 145,000 О Б.Р45,000 О с.Р 100,000 О d.Р30,000

28. Yvonne i s an employee of Goldfish Company which closed its business during the year Yvonne's last paycheck shows the following details: Unpaid salary in the last two months P 30,000 Current month salary Separation pay Total pay 15,000 100,000 P 145,000 Which of the following will be included in the gross income subject to regular income tax a. P 145,000 О Б.Р45,000 О с.Р 100,000 О d.Р30,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...

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17. The following deductions are made from the salary of an employee. DEDUCTIONS Income tax 35%National housing 2%Education tax 1% What is the total amount which should be deducted from her employee’s salary $1 800 per month? A. $486B. $648C. $684D. $846
11. During the month. the company paid for the monthly renta! of a dormitory. which is being occupied by the supervisor in the amount of P10,000. It also provided fringe benefit to a clerk amounting to P3,000. The deductible expense of the company is - P 15,692 12,692 а. C. 13,000 b. d. 7.200 CS Scanned with CamScanner
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
Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes t Note: Rachael's tax return status is single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 20th paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld for the year? Feedback OASDI HI 609.15 142.46 609.15 X 0
What is the monthly net take home pay? * A. P25,000 B. P24,486.67 C. P23,385 D. P22,871.67
Fil in the blanks Mr. Pluto had the following income during the year: Gross compensation income including P25,000 13th month pay P325,000 Less tardiness or absences 10.000 Net compensation income P315,000 SSS deductions 12,000 Philhealth deductions 9,000 Pag-ibig deductions 10,000 Union dues 5,000 Withholding tax 40,000 Net pay P239.000 Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT > 1000 INCORRECT --> 1,000 INCORRECT ---> 1,000.00 INCORRECT ---> 1000.00 1). Total exclusion from gross income is 2). Taxable net income is 3). Income tax due is 4). Total inclusion to gross income is
An employee has year-to-date earnings of $143,500. The employee's gross pay for the next pay period is $6,300. If the FICA-OASDI is 6.2% and the wage base is $147,000, how much FICA OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.) A. $391 B. $265 C. $217 ○ D. $91
Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status s single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 22nd paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $216,000, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be deducted for the year? $ $ OASDI 558 186 ✓ 0 ✓ $ HI 1,044 ✔
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Employee earned gross pay of $920 during a recent pay period. She contributes 2% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. INFO: $875.00 is incorrect
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