Based on the withholding tax table above solve the following problems: I am receiving monthly compensation in the amount of P65,000. From my paycheck, ABC Inc., deducted the following : SSS contribution P1,500; Philhealth Contribution P500.00 and Pag-ibig Contribution P1,000.00. My voluntary deduction on my loan is P3,500.00; and a deduction of P800.00 for my tardiness. 1. What is my gross paycheck for the month? 2. Calculate my total mandatory deductions. 3. How much would be my taxable income

Q: You purchase a REIT for $50. It distributes $3 consisting of $1 in income, $0.50 in long-term…

A: Short-term capital gain tax and long-term capital gain tax are two types of direct tax which is…

Q: Use the following information and the flow chart from the module to calculate: Adjusted gross income…

A: Ajusted gross income helps to assess the liability of income tax. It is estimated by subtracting…

Q: Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total…

A: Income tax penalty:   Every taxpayer is liable to pay the payable amount of income tax on time. When…

Q: What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT…

A: Self-Employment Tax: Taxes for Social Security and Medicare are combined into a single payment…

Q: If CPP and OAS will pay an income of $24,000 per year for your client, what lump sum would be…

A: Step 1: Calculate the real Income needed after adjusting for inflation as follows:Real Income needed…

Q: An individual has taxable general income of £70,000 (before deducting the personal allowance). He…

A: Tax is the payment made to the applicable authority by those parties who have generated some sort of…

Q: How much will be the total business taxes if: (a) He opts not to be VAT registered? (b) He opts to…

A: Value Added Tax (VAT) is a consumption tax imposed on the incremental value added at every stage of…

Q: A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR in event when a person fails to file…

Q: "Your company will generate $470,000 in taxable income for 2020. Assume that your state tax rate is…

A: The tax amount refers to the liability of the corporation towards the government. It is calculated…

Q: Based on the following data, calculate the items requested: Rental Costs Annual rent Buying Costs…

A: Capital budgeting involves the evaluation of various options available for investments or projects.…

Q: 2. In this pay, Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the…

A: Moss company’s portion of the social security taxes includes the taxes of OASDI (old age, survivors…

Q: for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725…

A: Deductible expenses in respect of gifts = $ 400.

Q: Your adjusted gross income (line 11 of the form 1040) is $150,000. Your filing status is Single.…

A: 10%Up to $9,87512%$9,876 to $40,12522%$40,126 to $85,52524%$85,526 to $163,300

Q: Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash…

A: Taxable income is the portion of an individual or business's income that is subject to taxation by…

Q: Michelle pays £280 every year for subscriptions to professional bodies. Her employer does not…

A: Michelle pays £280 every year for subscriptions to professional bodies. Her employer does not…

Q: Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28%…

A: Tax savings is the reduction in the amount of income tax that an individual or entity is required to…

Q: A person who owes total federal income taxes of $4,420 but had total withholdings of $3,980 would:…

A: Total Federal Taxes = $4420 Total withholdings = $3980

Q: Please check if the information is correct

A: Information given in the question : Your RRSP contributions are tax deductible. That means you can…

Q: Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28%…

A: A drop in the level of tax paid by a citizen, corporation, or other taxpayer is alluded to as a tax…

Q: Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28%…

A: (a) How much tax do you save (in $) each year by making the retirement fund contributions?The tax…

Q: The requirement of a constant annual tax payment of SR 1500 means that as his or her annual income…

A: Hi annual income is SR 30000 So hence his tax was SR 1500   Tax rate was = 1500/30000            =5%…

Q: Consider gross earnings of $84,000. The standard deduction is $12,000 and itemized deduction is…

A: Taxable income is the income on which the tax rate is imposed. It is the income net off of the…

Q: is asking you for 30% of your realized income--I do not think you can add that to the deductions…

A: Emergency fund refers to the amount of cash that is kept aside as a reserve for the expenses that…

Q: A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how…

A: Taxes are levied on taxable supply. In the question the given details areTaxable purchase =…

Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA…

A: Formula: Net FUTA tax = Gross FUTA tax due - Credit against FUTA

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.