68. Goyo is a purely compensation income earner receiving minimum wage. He made available thefollowing information:Basic salaryPhp135,000.00SS, hilhealth, and HDMF13th month pay5,000.0011,000.00Overtime payNight shift differentialHazard payHoliday payCommission from the same company80,000.0030,000.0015.000.0015,000.00100,000.00Which is FALSE?a. Goyo is NOT allowed to claim deductions (both itemized and OSD)b. Goyo is NOT liable to pay business taxc. Goyo is NOT qualified to avail 8% optional income taxd. Goyo is required to pay income tax

Minimum wages are the minimum amount of money that an employer is required to pay wage laborers for…

68. Goyo is a purely compensation income earner receiving minimum wage. He made available the following information: Basic salary Php 135,000.00 SS, Philhealth, and HDMF 13th month pay 5,000.00 11,000.00 Overtime pay 80,000.00 Night shift differential Hazard pay Holiday pay Commission from the same company 30,000.00 15.000.00 15,000.00 100,000.00 Which is FALSE? a. Goyo is NOT allowed to claim deductions (both itemized and OSD) b. Goyo is NOT liable to pay business tax c. Goyo is NOT qualified to avail 8% optional income tax d. Goyo is required to pay income tax

68. Goyo is a purely compensation income earner receiving minimum wage. He made available the following information: Basic salary Php 135,000.00 SS, Philhealth, and HDMF 13th month pay 5,000.00 11,000.00 Overtime pay 80,000.00 Night shift differential Hazard pay Holiday pay Commission from the same company 30,000.00 15.000.00 15,000.00 100,000.00 Which is FALSE? a. Goyo is NOT allowed to claim deductions (both itemized and OSD) b. Goyo is NOT liable to pay business tax c. Goyo is NOT qualified to avail 8% optional income tax d. Goyo is required to pay income tax

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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68. Goyo is a purely compensation income earner receiving minimum wage. He made available the following information: Basic salary Php 135,000.00 SS, Philhealth, and HDMF 5,000.00 13th month pay 11,000.00 Overtime pay Night shift differential Hazard pay 80,000.00 30,000.00 15.000.00 Holiday pay Commission from the same company 15,000.00 100,000.00 Which is FALSE? a. Goyo is NOT allowed to claim deductions (both itemized and OSD) b. Goyo is NOT liable to pay business tax c. Goyo is NOT qualified to avail 8% optional income tax d. Goyo is required to pay income tax
How to get the gross taxable income
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9
2. Calculate the EI and CPP for the following employees. Find the employer portion as well. a. Biweekly salary of 2000 b. Weekly salary of 1100
Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4, to solve. Marital Status Withholding Allowances Gross Earnings Combined Withholding Employee Pay Period Reese, 5. Weekly $1,161 Need Help? Read i
Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480
Your friend shows you a summary of her compensation for the year as follows: Basic salary Overtime and Holiday Pay 13th month pay and other bonuses Total: Less: Deductions for- SSS, Philhealth, Pag-ibig Union dues Advances from employer Absences and tardiness Net Pay P985,000 60,000 190,000 P1,235,000 75,000 6.000 40,000 25,000 P1,089,000 She wants to know, how much is the total exclusions from her gross income?
1. Mr. Dacanay is a minimum wage earner (MWE) with a following date in a year: Compensation income (salary) ……………………. P 144,000.00 Mandatory contribution to govt (SSS Philhealth And HDF) 6,000.00 13th Month pay ------------------------------- 12,000.00 Compute the income tax present computation properly. 2. Mr. Malabag is not a minimum wage earner. He had the following data for the year. Taxable Compensation income--------------- P 280,000.00 13th month pay and other benefit exempt from Income tax ---------------------------------- 105,000.00 SSS 5,000.00 Compute the Income tax and present computation properly. 3. Mr. Cho had the following data in a calendar year. Gross sales from self-employment P 2,000,000.00 Interest on Philippine…
Can you help with this question, please? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly Starr, P. MFJ N/A 1,929 weekly McNeil, S. S N/A 1,775 biweekly Harrison, W. HH N/A 2,580 semimonthly Smythe, M. HH N/A 5,380 monthly
What is the taxable compensation income of an employee who received the following: Gross compensation income, before P44,000 Contribution to SSS, PHIC and HDMF... Additional compensation income.. 13h month pay and other benefits. ..P1,068,000 45,000 89,000
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(16) Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the blank 2