2.of his gross paymentrepresents his tax due. *78%O 18.37%19%O 17.38%3.of his gross paymentrepresents his total deductions.18%O 18.37%O 20.45%O 19.38% Employee DetailsEmployee Name: Miguel CabreraEmployee ID: 12345Hire Date: 11 October 2021Bank Account numben 12345678Department SalesTob Title: Sales ManagerPaymentsTaxable IncomeBasic SalaryCommissionOver time payGross Taxable IncomeDeductionsSSS ContributionPag-ibig ContributionPL125100770P1,995PhilHealthdeductionSSS DeductionP44,00037,50010,000P91,500PhalHealth ContributionTotalPag-ibigdeductionNon-Taxable IncomeBIR Withholding Tax ComputationGross Taxable IncomeLess: Total DeductionsTaxable IncomeTax DueP91,5001,995P89,50517,684.73Rice AllowanceLaundry AllowanceClothing AllowanceTransportation AllowanceTotal Non-Taxable Income2,000250502.000P4,750Net payTаx dueNET PAYTaxable IncomeMiguel Cabrera's Particulars ofSalaryNon-Taxable IncomeLess: Tax DueP09,50S4,75017,684.73SSS Deduction Pag-ibig deduction PhiHealth deduction Tax due Net payNet payP76,570.27

2. Percentage of the gross payment that represents his tax…

Employee Details Employee Name: Miguel Cabrera Employee ID: 12345 Hire Date: 11 Oetober 2021 Bank Account number 12345678 Department: Sales Job Title: Sales Manager Payments Taxable Income Basic Salary Commission Over time pay Gross Taable Income Deductions SSS Contribution Pag-hig Contribution 37.500 Phillealth Contribution PL125 200 770 P1.995 PhilHealth deduction SSS Deduction P44,000 10,000 Total Pag-ibig P91.500 deduction Non-Taxable Income BIR Withholding Tax Computation Gross Taxable Income P91.500 1.995 Rice Allowance Laundry Allowance Clothing Allowance Transportation Alwance Total Non-Taxable Income 2000 Less: Total Deductions Tacable Income 250 s00 Tax Due 2.000 P4,750 17.68473 Net pay Tax due Miguel Cabrera's Particulars of Salary SSS Deduction Pagibig deduction PhilHealth deduction Tax due Net pay NET PAY Taxable Income P09.SOS Non-Taable Income Less: Tax Due 4.750 17.68473 Net pay P76.570.27

Employee Details Employee Name: Miguel Cabrera Employee ID: 12345 Hire Date: 11 Oetober 2021 Bank Account number 12345678 Department: Sales Job Title: Sales Manager Payments Taxable Income Basic Salary Commission Over time pay Gross Taable Income Deductions SSS Contribution Pag-hig Contribution 37.500 Phillealth Contribution PL125 200 770 P1.995 PhilHealth deduction SSS Deduction P44,000 10,000 Total Pag-ibig P91.500 deduction Non-Taxable Income BIR Withholding Tax Computation Gross Taxable Income P91.500 1.995 Rice Allowance Laundry Allowance Clothing Allowance Transportation Alwance Total Non-Taxable Income 2000 Less: Total Deductions Tacable Income 250 s00 Tax Due 2.000 P4,750 17.68473 Net pay Tax due Miguel Cabrera's Particulars of Salary SSS Deduction Pagibig deduction PhilHealth deduction Tax due Net pay NET PAY Taxable Income P09.SOS Non-Taable Income Less: Tax Due 4.750 17.68473 Net pay P76.570.27

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Need help with this one question please.
Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below] Joseph Farmer earned $124,800 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-4A (Algo) Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places) Federal income tax withholding Social Security tax Medicare tax State income tax withholding Check ma
Compute commission and gross pay
Payroll Factory Sales Administrative Total Wages Due $126,000 40,000 38,000 $204,000 FICA $126,000 40,000 38,000 $204,000 Amount Subject to Payroll Taxes Unemployment Tax State Federal $43,000 5,000 $48,000 $43,000 5,000 $48,000 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. Of the $204,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $142,800. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $6,900 for sales, and $5,800 for administrative.
Answer fully and correctly u will get upvote
nework Gross Pay through Gross Pay for August 31 September $ 5,100 $ 2,200 2,700 8,600 BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 2,600 132,000 Assuming situation (e), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes Saved September earnings subiect to tax Tax < Prey 8 Tax Amount Help or 4 Next
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
Vishnu
Hello, can you help me with this question? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly $fill in the blank 1 $fill in the blank 2 Starr, P. MFJ N/A 1,929 weekly fill in the blank 3 fill in the blank 4 McNeil, S. S N/A 1,775 biweekly fill in the blank 5 fill in the blank 6 Harrison, W. HH N/A 2,580 semimonthly fill in the blank 7 fill in the blank 8 Smythe, M. HH N/A 5,380 monthly fill in the blank 9 fill in the blank 10
Filé Edit Förmat View Help COMPA RATIO AVERAGE SALARY OF EMPLOYEES/MIDPOINT OF RANGE Given: Pay grade 1 Midpoint range" $2,175 per month Salary of Employees in Pay Grade E1- $2,306 E2- $2,066 E3- $2,523 E4- $2,414 what is the average salary of employees? What is the compa-ratio?
Please don't give image format
Question 2 With the following data, compute the NET FUTA Tax. $6,750 Gross FUTA Tax DUE Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 $6,750 MacBook Air 80 F3 F2 F4 F5 F6 F7 FB F9 3 4. 5 7 8 9. E T Y D G < 6 F.