Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and đther benefits 50,000 De minimis benefits within the ceiling amounts 20,000 De minimis benefits in excess of the ceiling amounts 6,000 Fixed transportation and communication allowance 45,000 How much is the taxable compensation income?
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- Sarasota Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2020 $2,219,000 Fair value of pension plan assets, December 31, 2020 2,547,000 Contributions to the plan in 2020 287,000 Benefits paid retirees in 2020 361,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…Justin received all of the following compensation for the year 2021: Basic Salary Php 258,000 Mandatory deductions 21,600 Withholding Taxes 14,000 Position Allowance 36,000 Overtime Pay 27,000 De minimis benefits 22,000 13th month pay 10,000 Total non-taxable benefits Php 70,600 How much is the Taxable compensation tax: a. 258,000 b. 388,600 c. 318,000 d. None of the Choices e. 328,000
- Analis has the following information and reported the for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions 35,000; Rice allowance 30,000; Uniform allowance 10,000; 13th month pay 85,000. Compute for: a. total taxable compensation? 1,060,000; 1,025,000; 1,015,000 b.non-taxable de minimis benefit? 45,000; 30,000; 0 c.regular compensation 900,000; 1,050,000; 1,135,0001) The following information is related to the pension plan of Smeylie, Inc. for 2021. Actual return on plan assets $ 430,000 Amortization of net gain 90,500 Amortization of prior service cost due to increase in benefits 150,000 Expected return on plan assets 375,000 Interest on projected benefit obligation 565,500 Service cost 1,400,000 Contributions/Funding 1,250,000 Required: A.) Calculate the pension expense for 2021. B.) Prepare the journal entry to record the pension expense and the funding. C.) Calculate the actuarial gain or loss related to return on assets for 2021, and prepare the entry for other comprehensive income for the unrecognized gain or loss. D.) Prepare the entry to record the adjustment to other comprehensive income because of the amortization of prior service costs.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)
- On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3550000 Benefits paid Actual return on plan assets Amortization of net gain 3050000 Amortization of prior service costs due to increase in benefits Contributions O $3987500. O $3940500. O $4241500. O $4015500. $301000 101000 501000 226000 The balance of the projected benefit obligation at December 31, 2021 is 396000 30100Citroen Company provides the following information about its defined benefit pension plan for the year 2021. Service cost $79,000 Contribution to the plan 92,000 Prior service cost amortization 9,500 Actual and expected return on plan assets 61,000 Benefits paid 50,000 Plan assets at January 1, 2021 720,000 Projected benefit obligation on January 1, 2021 770,000 Accumulated OCI (PSC) on January 1, 2021 120,000 Interest/discount (settlement) rate 9% Prepare a pension worksheet. Prepare the journal entry recording pension expense.Eq Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2021. Fair value of plan assets (1 July 2020) $94 356 000 Fair value of plan assets (30 June 2021) $95 832 000 Present value of defined benefit obligation (1 July 2020) $98 586 000 Present value of defined benefit obligation (30 June 2021) $103 392 000 Benefits paid $15 552 000 Contributions received $8 640 000 Current service cost $12 096 000 Rate of return on plan assets for the period…
- Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 100 Service cost 29 Interest cost 10 Benefits paid (12 ) Balance, December 31 $ 127 Plan Assets Balance, January 1 $ 100 Actual return on plan assets 13 Contributions 2021 29 Benefits paid (12 ) Balance, December 31 $ 130 The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss—AOCI on January 1, 2021. Required:1. Determine Abbott and Abbott’s pension expense for 2021.2. Prepare the journal entries to record Abbott and Abbott’s (a) pension expense, (b) funding, and (c) payment for 2021.Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2025 632,300 Projected benefit obligation at January 1, 2025 686,100 Accumulated OCI (PSC) at January 1, 2025 147,300 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025. Pension expense for 2025 :$__?__Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORT