11. The CNA (Collective Negotiation Agreement) is considered as a benefit for public employeesSuppose a certain government employee earns a CNA = P12,764.12, 13th Month Pay -B. Solve the following problems below.negerecomputed in one year.Given the formula below:CNA + 13th Month Pay + other benefits > P30,000 are taxable.P24,291.78, and he has no other benefits How much of his additional earnings will be taxed?12. In connection with the previous problem suppose a certain government employee eameCNA = P2,214.12/month, 13th Month Pay =P12 119.72, and he has other benefits amountingto P4,000.00. How much of the additional earnings will be taxed?%3D13. Suppose, in the previous problem, the other benefits include clothing allowance. Will therebe a change in the amount taxable? If yes, how much? If no, why?14. If an employee X has CNA = P18.291.09, 13th Month Pay = P27,891.00, other benefits =P10,000, and P3,000 of the other benefits is the clothing allowance. How much of his benefitsis taxable? How much is nontaxable?%3!15. Based on the previous problem, if his tax rate is 0.08, how much is his tax and what is his netamount from his benefits?C. Write a short write-up about the following scenario.16. Taxable and nontaxable benefits are definitely not easy to compute for reasons that answersdepends on situation and the implementing rules definition is not that perfectly definedand clarified due to variety of differences and preferences. With this idea in mind, what doyou think is the best way to solve such problem? Please provide a concrete solution to thisyouproblem.

We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Answered: P24,291.78, and he has no other…

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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1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following data: • Basic Pay- 259,000.00 50,000.00 Holiday & OT- Incentives - 50,000.00 TOTAL 359,000.00 Travel Allowance (to be liquidated) 100,000.00 MANDATORY BENEFITS: . SSS 10,000.00 • PHIC 1,200.00 • HDMI 1,000.00 Total 12,200.00 • COMPUTE THE GROSS COMPENSATION 2. Aside from being a manager Pepe also deposited in a Bank to earn an extra income through passive income. He deposited 4,000,000 in a 180-day time deposit. The deposit pays 5% interest. Compute the final tax on the maturity of the deposit. 3. Supposed that Pepe's investment is a Six year time deposit dated January 26, 2020. Assuming Pepe terminated the deposit today, how much is the final tax to be withheld by the Bank upon termination? 4. Explain who will pat the final tax and ow? 5. Explain the different between Income Tax and final tax.
K Ltd. paid an employee a tax-free travel allowance of $7, 700 based on 7,000 kilometres of out-of - town driving in 2023. What amount can K deduct for tax purposes? Please can you solve this based on the CRA thank you!
1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following data: • Basic Pay- 259,000.00 • Holiday & GT- 50,000.00 • Incentives - 50,000.00 TOTAL 359,000.00 Travel Allowance (to be liquidated) 100,000.00 MANDATORY BENEFITS: . SSS 10,000.00 • PHIC 1,200.00 • HDMI 1,000.00 Total 12,200.00 . COMPUTE THE GROSS COMPENSATION
Exercise 13-24 (Algorithmic) (LO. 6) In 2023, Miranda records net earnings from self-employment of $178,400. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ X and she has a $ deduction for AGI.
4
Please help me with e and f. Thanks!
Prove or disprove the statement below: The CNA (Collective Negotiation Agreement) is considered as a benefit for public employees. Given the formula below: CNA + 13th Month Pay + other benefits > Php30,000 are taxable. Suppose a certain government employee earns a CNA = php12,764.12, 13th Month Pay php24,291.78, and he has no other benefits. How much of his additional earning will be taxed?
am. 51.
Note:hand written solution should be avoided.
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
Hw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?
2. How much can you deduct for AGI for the following scenarios? Provide explanation for possible partial credit. (Remember that I only ask how much For AGI deduction can you claim in each scenario, I do not ask for the calculation of AGI) • Austin is a Graduate student. His gross income for 2020 is $25k from his Research assistant job. Austin pay $18k for his tuition in 2020 from his out-of-pocket money. • Anna is a non-active, non-managing, partner in AnnaBanana LLC. Her tax basis in the partnership is $10k. Her share of loss from the partnership is $12k. • Allison contribute $4k to her traditional IRA.

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