Mary Jane earns $4,000,000.00 per annum for her salary. How much would be her taxable income for 2024 as an employee? Assuming that her monthly salary is an equal amount each month and 5% pension contribution.
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Mary Jane earns $4,000,000.00 per annum for her salary. How much would be her taxable income for 2024 as an employee? Assuming that her monthly salary is an equal amount each month and 5% pension contribution.
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- How much could Ramzi contribute to his RRSP in 2020 if he belonged to a defined-benefit pension plan instead of a defined-contribution pension plan? Assume that his earned income is still 92000 and his DBPP accrual rate is 1.5 percent. He has a defined-contribution pension plan to which he and his employer both contributed 4800 in 2019. Ramzi can make an RRSP contribution of $ enter your response here in 2020. (Round to the nearest dollar)At the end of 2020, Elizabeth Regina retired after 19 years of participation in her employer's defined benefit pension plan. The pension plan provides a benefit based on 1.5% of her best earnings over three consecutive years. Elizabeth's earnings during the past seven years are the highest throughout her career. If Elizabeth earned $59,000 in 2014, $65,000 in 2015, $70,000 in 2016, $74,000 in 2017, $68,000 in 2018, $73,000 in 2019 and $71,000 in 2020, what will be Elizabeth's annual pension? $18430 $20140 $19855 $20435B is a newly hired employee (November 2021) and has a monthly compensation package of a basic pay amounting to P20,000. How much will be deducted from his gross salary for his monthly SSS premium contribution? PhP2,630.00 PhP900.00 Php800.00 PhP2,430.00
- You were employed by ML Co. for 20 years and retired on 30 September 2020 at the age of 57. This income year you will receive an annual pension of $20,000 from the ML Co. superannuation fund for the rest of your life. You and your spouse have private health cover. What amount of pension will be assessable? Show working and give reasons for your answer.Pendulum Enterprises has a defined benefit plan. Employees receive a pension equal to 2% of the average of the highest 5 years of salary and based on years of service. On December 31 2020, the fair value of the pension assets in the plan is $10.7 M, although pension contributions were in excess of $12.5 M, and the estimated pension obligation is $12.3M. Mary-Lou is considering retirement but wants to know how much she is entitled to receive under this defined benefit plan. Her 5 years highest average earnings are $67,500 and she has 30 years of service. What is her annual pension benefit? (place value without a $ sign in the space below) AWil started his career on his present job exactly on his 22nd birthday. He is being deducted an amount of P900 every month as his SSS contributions his employer contributes also the same amount for the employee. If retirement age is 65 years old and money is worth 3.5% compounded monthly, find the amount of pension he will be getting every month upon his retirement.
- Rachel Company has established a defined benefit pension plan for its employees. Annual payments under the pension plan are equal to 3% of an employee’s highest lifetime salary multiplied by the number of years with the entity. An employee’s salary in 2021 was P300,000. The employee is expected to retire in 10 years and the salary increases are expected to average 4% per year during that period. On December 31, 2021, the employee has worked for 12 years. The appropriate discount rate is 10% and the employee is expected to live for 5 years after retirement. 1. What is the interest cost for 2023? 2. What is the projected benefit obligation on December 31, 2024?Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.6%x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $84,000 at the end of 2024 and the company's actuary projects her salary to be $250,000 at retirement. The actuary's discount rate is 6%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) At the beginning of 2025, the pension formula was amended to: 1.75% * Service years x Final year's salary x The amendment was made retroactive to apply the increased benefits to prior service years. Required: 1. What is the company's prior service cost at the beginning of 2025 with respect to Davenport after the amendment described above? 2. Since the amendment occurred at…Three employees of the Horizon Distributing Company will receive annual pension payments from the company when they retire. The employees will receive their annual payments for as long as they live. Life expectancy for each employee is 15 years beyond retirement. Their names, the amount of their annual pension payments, and the date they will receive their first payment are shown below: Annual Employee Payment Tinkers $ 33,000 Evers Chance 38,000 43,000 Date of First Payment 12/31/2027 12/31/2028 12/31/2029 Required: 1. Compute the present value of the pension obligation to these three employees as of December 31, 2024. Assume a 9% interest rate. 2. The company wants to have enough cash invested at December 31, 2027, to provide for all three employees. To accumulate enough cash, they will make three equal annual contributions to a fund that will earn 9% interest compounded annually. The first contribution will be made on December 31, 2024. Compute the amount of this required annual…
- During 2022, Sarah received a salary of $150,000. How much payroll tax should have been withheld from Sarah's salary for 2022?achs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.4% × service years × final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2007 and is expected to retire at the end of 2041 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $97,000 at the end of 2021 and the company's actuary projects her salary to be $315,000 at retirement. The actuary's discount rate is 7%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Estimate by the projected benefits approach the portion of Davenport's annual retirement payments attributable to 2021 service.3. What is the company's service cost for 2021 with respect to Davenport? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.)4. What is the company's interest cost for 2021 with respect to Davenport?…A. William’s basic annual salary is R240 000. He receives an annual bonus of 80% of his basic monthly salary, payable in March each year. His pension deduction is 8% of the basic salary and income tax is levied at 20% on his taxable income. Calculate the net salary of A. William for March.