Magdalene made the following computations of her annual financial savings fr employment, her sole source of income: Salaries, net of P59,000 withholding tax and P12,000 mandatory payroll deductions Expenses: Load expenses Medical expenses Transportation expenses Food, rent & utilities Bank loan repayments Miscellaneous expenses - Net savings for 2020 tisniles P 321,000 c. P 380,000 d. P 392,000 P 10,000 8,000 25,000 100,000 20,000 15,000 P 143,000 What is Magdalene's taxable compensation income in 2021? a. P 280,000 b. P 321,000

Magdalene made the following computations of her annual financial savings fr employment, her sole source of income: Salaries, net of P59,000 withholding tax and P12,000 mandatory payroll deductions Expenses: Load expenses Medical expenses Transportation expenses Food, rent & utilities Bank loan repayments Miscellaneous expenses - Net savings for 2020 tisniles P 321,000 c. P 380,000 d. P 392,000 P 10,000 8,000 25,000 100,000 20,000 15,000 P 143,000 What is Magdalene's taxable compensation income in 2021? a. P 280,000 b. P 321,000

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

A mother borrowed 180,378 with 0.09 compounded monthly and promised to pay the amount by 20 equal monthly installments which will start at the beginning of each period. Determine the monthly payment.
A taxpayer pays $2,400 in points when taking out a 15-year loan to buy a vacation home. If the purchase of the home takes place on September 1, 2020, the taxpayer deducts $ his 2020 Schedule A. Round your answer to the nearest dollar. as points on
PLEASE TYPE IT AND NOT HANDWRITTEN A couple purchased a house and lot and signed a mortgage contract with a bank for P8,000,000 to be paid in equal monthly payments over 25 years with interest at 5.25%. Find the monthly payment and make out a partial amortization schedule showing the distribution of the first 6 payments as to interest and repayment of principal.
Mani
The monthly mortgage payment on Flynn‘s home is 690,084. Additionally they pay 1,598.57 in annual Real estate taxes and $627 per year in homeowners insurance what is the total amount of their entire monthly payment
Louise Mclntyre's monthly gross income is $3,100. Her employer withholds $780 in federal, state, and local income taxes and $330 in Social Security taxes per month. Louise contributes $180 each month for her IRA. Her monthly credit payments for VISA and MasterCard are $105 and $100, respectively. Her monthly payment on an automobile loan is $335. a. What is Louise's debt payments-to-income ratio?
1. Miguel provided the following data on the sale of her personal property sold in 2019 held by her for 15 months. COST P225,000 Mortgage assumed by buyer 270,000 Installment Collection: 2019 67,500 2020 67,500 2021 45,000 REQUIREMENT: Compute for the below: a. Selling Price b. Contract Price c. Initial Payments d. Income subject to income tax in 2019, 2020, 2021
Jerry and Ann paid the following amounts during the current year: Interest on automobile loan $1,500 Interest on bank loan (proceeds were used to purchase municipal bonds) $5,000 Qualified home mortgage interest $3,150 What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year? a.$6,500 b.$3,150 c.$8,150 d.$4,650 e.None of these choices are correct.
Sarah had been contributing $300 pre-tax per month to a retirement account that pays 2.16% interest compounded monthly. After 10 years, she needs to withdraw 25% of the money from her account. If the early withdrawal penalty is 10% of the amount withdrawn, how much will she have to pay? a. $1,003.59 b. $40,143.57 c. $4,014.36 d. $10,035.89
Elaine borrows $1,000.00 from a credit card company at 19% annually for two years. Determine Elaine’s monthly payment. $50.41 $52.49 $100 $49.93
Assume that the prescribed rate for each quarter last year was 4%. Gerry received a loan from his employer of $60,000 at 2%, which he put towards a rental property he purchased for $120,000. He paid the balance in cash. What was his taxable benefit last year as a result of the loan that he obtained from his employer? a) $0 b) $600 c) $1,200 d) $2,400 Alan Peterson made a $2,000 RRSP contribution this year, and his marginal tax rate is 29%. Next year, Alan expects to get a significant raise, such that his marginal tax rate will increase to 43%. The Income Tax Act allows him to deduct his RRSP contribution this year, or to carry the deduction forward to future years. When should he claim the deduction to optimize the tax benefits? a) He should claim the deduction this year. b) He should claim the deduction next year. c) It does not matter when he claims the deduction because it will result in the same tax reduction in either year. d) He should split the deduction between his tax returns…
You make the following monthly payments. Your total net income (net of taxes) is $4,000. Calculate your savings ratio. Rent $600 Entertainment $300 Car payment $253 $500 Credit card payment $100 $450 Utilities $200 Gasoline $185 Groceries $250 Retirement savings $150 Student loan payment $300 O 17.80%. O 16.18%. O 29.05%. O 29.48%. You spend Save for Later Health insurance Taxes Submit An: