During the 2023 FBT year, Bulkhead Shipping (Bulkhead) provided the following fringe benefits to Christina, the CEO: Child-care expense payment benefit $10,000 taxable value Domestic holiday expense payment benefit $10,000 taxable value All figures are GST inclusive where applicable. Calculate the 2023 FBT liability of Bulkhead on these benefits. Question 15Select one: $18,644.90 $ 9,400.00 $19,553.88 $17,735.92 (answer required according to Australian Taxation)

During the 2023 FBT year, Bulkhead Shipping (Bulkhead) provided the following fringe benefits to Christina, the CEO: Child-care expense payment benefit $10,000 taxable value Domestic holiday expense payment benefit $10,000 taxable value All figures are GST inclusive where applicable. Calculate the 2023 FBT liability of Bulkhead on these benefits. Question 15Select one: $18,644.90 $ 9,400.00 $19,553.88 $17,735.92 (answer required according to Australian Taxation)

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 14CE

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1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following data: • Basic Pay- 259,000.00 50,000.00 Holiday & OT- Incentives - 50,000.00 TOTAL 359,000.00 Travel Allowance (to be liquidated) 100,000.00 MANDATORY BENEFITS: . SSS 10,000.00 • PHIC 1,200.00 • HDMI 1,000.00 Total 12,200.00 • COMPUTE THE GROSS COMPENSATION 2. Aside from being a manager Pepe also deposited in a Bank to earn an extra income through passive income. He deposited 4,000,000 in a 180-day time deposit. The deposit pays 5% interest. Compute the final tax on the maturity of the deposit. 3. Supposed that Pepe's investment is a Six year time deposit dated January 26, 2020. Assuming Pepe terminated the deposit today, how much is the final tax to be withheld by the Bank upon termination? 4. Explain who will pat the final tax and ow? 5. Explain the different between Income Tax and final tax.
1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following data: • Basic Pay- 259,000.00 • Holiday & GT- 50,000.00 • Incentives - 50,000.00 TOTAL 359,000.00 Travel Allowance (to be liquidated) 100,000.00 MANDATORY BENEFITS: . SSS 10,000.00 • PHIC 1,200.00 • HDMI 1,000.00 Total 12,200.00 . COMPUTE THE GROSS COMPENSATION
1. General Motors offers this employee group term life insurance (GTLI) with a face amount of $100,000, General Motors paid $100 per $10,000 of face amount per year (i.e., $1000) for the GTLI. What will be the yearly personal income tax liability for this employee? a. $0 b. $150 c. $300 d. $15,000 e. $30,000 2. General Motors provides long term disability insurance for this employee. The contract states that this employee will earn $3000 per month ($36,000 per year) if they become disabled. General Motors paid the entire premium cost of $1000 per year. If this employee should become disabled, what would be their yearly personal income tax liability? A. $0 B. $300 C. $900 D. $3600 E. $10,800
Answer number 1 and 2.
D. benefit ENT OF EDUG ABM BM11SW-lld-2 5. Ms. Ana, a private employee, gets a monthly salary of P25,000.00, rice subsidy of P2,000.00, and a clothing allowance of P1,000.00 per month. How much will be her monthly gross income?
Please answer no. 3 only
19 Export-Import Corporation paid the amount of P13,000.00 to Hernando’s Hideaway Resort Corporation for the vacation expenses of Mr. Leandro Lopez, its warehouse manager, in April 2020. The journal entry to record the fringe benefit expense and fringe benefit tax expense is: Group of answer choices Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credit: Cash, P20,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Fringe benefit expense payable, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P20,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P20,000.00; Fringe benefit tax payable, P7,000.00.
Happy Woolly Inc. provides the following information about its postretirement benefit plan for the year 2019. (In Euros) Service cost €90,000 Contribution to the plan €56,000 Actual return on plan assets €2,000 Benefits paid € 40,000 Plan assets at January 1, 2019 €710,000 Defined postretirement benefit obligation at January 1, 2019 €760,000 Accumulated OCI (Loss) at January 1, 2019 100 (Dr-Loss) Discount (interest) rate 9% Required: Compute the postretirement benefit expense for 2019 and give your explanation!
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4 You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is Group of answer choices P200 million P250 million P280 million P120 million
02.
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