9. Galante Company provides free driver and a housemaid to its generalmanager, Alfredo Lobo. The driver is being paid a salary of P15,000 amonth, while the housemaid is receiving P6,000 a month as salary.The company has also shouldered the annual membership fees anddues of the manager in a golf club which amount to P75,00. The monthlyfringe benefit tax is -P 38,11712,82414,6735,765a.с.b.d.CS Scanned with CamScanner

This question deals with the fringe benefit tax in Philippines. In Philippines, fringe benefit…

Answered: Galante Company provides free driver…

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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John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA taxes are 7.65% of gross earnings (all earnings are subject to), federal income taxes amount to $675 for the month, state income taxes are 3% of gross earnings, and Jansen authorized voluntary deductions of $5 per month to the United Way. What is the net pay for John Jansen? O $2,899 O $3,205 O $3,694 O $2,894
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