An employee received the following benefits:regular compensation income, net of P25,000SSS, PHIC & HDMF employee share - P850,000;13th month pay - P120,000; De minimisbenefits within their limits - P90,000; Excess deminimis benefits - P70,000; Other de minimisbenefits - P30,000; Other fringe benefits -P60,000. Using the tax table below, how muchis income tax due of this employee?Tax Due is:If Taxable Income is:Not over P 250,000250,000 but not over P400,000 but not over POver POver P400.00020% of the excess over P 250,000800.000 P 30.000+25% of the excess over P 400.000Over P 800,000 but not over P 2,000,000 P 130,000+30% of the excess over P 800,000Over P 2,000,000 but not over P 8.000.000 P 480,000 + 32% of the excess over P 2,000,000Over P 8,000,000|P 2.410.000 + 35% of the excess over P 8,000,000(Answer must have no peso sign, no decimals &no extra spaces in between. Follow this format:X,XXX,XXX)

Answered: Image /qna-images/answer/e8553733-e74a-4717-8525-134d5618176a.jpg

An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? Tax Due is: 20% of the excess over P 250,000 30.000 + 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000+32% of the excess over P 2,000,000 |P 2,410,000 + 35% of the excess over P 8,000,000 Over P If Taxable Income is: Not over P 250,000 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2.000.000 P Over P 2,000,000 but not over P 8.000.000 P Over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)

An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? Tax Due is: 20% of the excess over P 250,000 30.000 + 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000+32% of the excess over P 2,000,000 |P 2,410,000 + 35% of the excess over P 8,000,000 Over P If Taxable Income is: Not over P 250,000 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2.000.000 P Over P 2,000,000 but not over P 8.000.000 P Over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)

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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Ms. V is currently employed in VVV Company. She has the following income and withheld income tax in 2020. Compute for Ms. V's Income Tax from Compensation Income. * Gross Basic Salary 1,000,000 De Minimis Benefits and Mandatory contributions 13th Month Pay and Other benefits Withheld Tax in Previous Quarters by WV Co. 200,000 100,000 150,000 43,000 70,000 193,000 220,000 ZERO
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In connection with the previous problem, suppose a certain governmentemployee earns a performance benefit = ₱2,340/month, 13 th Month Pay =₱15,780.43, and he has other benefits amounting to ₱6,000. How much of theadditional earnings will be taxed?
Find the gross income, the adjusted gross income, and the taxable income. A taxpayer earned wages of $61,300, received $880 in interest from a savings account, and contributed $2,200 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and had deductions totaling $6,930. OA. $62,180; $59,980; $55,930 OB. $64,380; $60,330; $53,400 OC. $62,180; $59,980; $49,000 D. $64,380; $60,330; $55,930 H
Suppose you made $63,245 of income from wages and $784 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 3 dependents and file as single. The standard deduction is 3500 and the exemption amount is 5500 per exemption. What is your Taxable Income? Answer to the nearest dollar. 70 hp * M اشت
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with annual salary of P500,000, annual allowable deductions of P28,000 and bonus of P100,000 for the year.
ROSE, a mixed income earner provided the following date for taxable year 2019: Compensation Income Salaries – (net of SSS, PHIC and HDMF contribution of Php25,000 and withholding tax of Php120,500) Php 795,500 13th month pay 65,000 Clothing allowance 10,000 Rice subsidy 24,000 Christmas bonus 5,000 Other compensation income 8,000 Overtime pay 90,000 Business and professional Income Sales Php 1,500,000 Cost of sales 800,000 Business expenses 200,000 Professional Fees – (net of Php100,000 w/tax, P900,000 Expenses-practice of profession, P300,000 Disregarding business and professional income, how much is the gross compensation income of ROSE for taxable year 2019:
Question text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM: During 2019, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. OASDI HI (a) The amount of FICA taxes to withhold from her 9th pay is ______ ______ (b) The amount of FICA taxes to withhold from her 19th pay is ______ ______ (c) The amount of FICA taxes to withhold from her 24th pay is ______ ______
If an employee has received over one million dollars in supplemental earnings for the year, any further supplemental earnings should be withheld a.at a 22% withholding rate. b.using the wage bracket method. c.at a 37% withholding rate. d.using the aggregate method.
Problem Information Use the following tax rates, celling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-haif to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourty wage of $7.25 in solving these problems and all that follow. Jax Company's (a monthly depositor) tax lability (amount withheld from…
1. Alfred Morneau earned gross pay of $640. Each period he makes a 401(k) contribution of 7% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $58,300.Total Social Security tax = $ 3. Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $158,900.Total Social Security tax = $
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