A Manager of MUUG Corporation received the following remunerations:Gross salaries, net of SSS, PHIC and HDMFsss maternity benefitsP1,140,000P20,000Profit sharing bonus13th month payP155,000P100,000Compute the taxable compensation income.

Manager of MUUG Corporation received following Compensation Gross Salaries, Net of SSS, PHIC…

A Manager of MUUG Corporation received the following remunerat Gross salaries, net of SSS, PHIC and HDMF SSS maternity benefits Profit sharing bonus 3th month pay P1,140,000 P20,000 P155,000 P100,000 Compute the taxable compensation income

A Manager of MUUG Corporation received the following remunerat Gross salaries, net of SSS, PHIC and HDMF SSS maternity benefits Profit sharing bonus 3th month pay P1,140,000 P20,000 P155,000 P100,000 Compute the taxable compensation income

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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If the employee benefits remain unpaid, how much liability shall Entity A accrue at the end of the year? A. 400,000 B. 200,000 C. 0 D. 300,000
he following relate to the compensation income of a private rank andfile employee during the year: Annual compensation income P 540,000 13th month pay 45,000 14thmonth pay 45,000 Total of monthly rice allowances during the year 26,000 Commission from employer 12,000 Christmas gift 8,000 SSS, Philhealth and HDMF contributions 21,000 Compute the total non-taxable compensation income
Mr. Carlo had the following income during the year:Gross compensation income (including 13th month pay of P25,000), P325,0000;Less: Tardiness or absences, (P10,0000)Net compensation income, P315,000Deduction: SSS deductions, P12,000Philhealth deductions, P9,000Pag-ibig deductions, P10,000Union dues, P5,000Withholding tax, P40,000Net pay, P239,000Compute the total exclusion from gross income.
An entity provided the following information for the current year: Current service cost 500,000 Interest on projected benefit obligation 600,000 Interest income on plan assets 350,000 Loss on plan settlement 250,000 Past service cost during the year 300,000 Actual return on plan assets 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year? O 1.100.000 O 1.300.000 O1050.000 O1500.000
Shilpa tinot a director) receives a monthly salary of £3,500 from her employer, Larimar Ltd, where she is employed as a tax adviser. In addition, she received the following bonuses: Received: 31 May 2020 31 May 2021 Relates to: Larimar's profits for y/e 30 November 2019 Larimar's profits for y/e 30 November 2020 Bonus: £3,750 £4,375 Shilpa made the following payments in respect of her employment for the tax year 2020/21: Subscription to golf club solely for the use of entertaining clients Fees to CIOT (Chartered Institute of Tax) £ 1,200 450 Train ticket from home to normal place of work New suit for office Home telephone bill ti£40 business calls; £140 private; £20 line rental) 200 Calculate Shilpa's employment income for tax year 2020/21. 20 250
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Jeff Irvin Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year? O 1,300,000 O 1,050,000 O 1,500,000 O 1,100,000
Subject : Accounting
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $43,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $600,000 during the period. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave blank. b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.
Mr. Raya earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows:Holiday, OT and Night Differential Pay – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?
Subject:
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