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

See similar textbooks

Similar questions

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.
Suppose you made $70,390 of income from wages and $178 of taxable interest. You also made contributions of $6400 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 3900 and the exemption is 5900 per exemption. What is your Taxable Income? Answer to the nearest dollar.
An employee has year-to-date earnings of $143,500. The employee's gross pay for the next pay period is $6,300. If the FICA-OASDI is 6.2% and the wage base is $147,000, how much FICA OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.) A. $391 B. $265 C. $217 ○ D. $91
n each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a manner consistent with the income effect. a. Mr. Edwards earns $32,000 a year as an employee, and Mrs. Edwards doesn’t work.b. Mr. Frank earns $22,000 a year as an employee, and Mrs. Frank earns $10,000 a year as a self-employed worker.c. Mr. George earns $22,000 a year as an employee, and Mrs. George earns $10,000 a year as an employee.
The statutory marginal tax rate for income levels between $0 and $100,000 is 25%. The statutory marginal tax rate for income levels above $100,000 is 50%. A family with a child purchases 800 hours of childcare per year. The hourly rate for childcare was $10 in 2020. Families can deduct childcare expenditures up to $8,000. One spouse worked during the year while the other spouse did not earn income. The spouse that worked can claim a tax credit of $6,000. There is an inflation rate of 100% between 2020 and 2021. The family that earned $100,000 in 2020 earns $200,000 in 2021. The hourly wage of childcare also doubles to $20 in 2021. There is no change in income brackets used to calculate tax liabilities, tax credits, or deduction limits. What is the effective tax rate?
Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. 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 s X and she has a s X deduction for AGI.
1. The original Social Security tax rate was _____ of taxable earnings. Answer: A. 10% B. 1% C. 5% D. 7% 2. The 2021 Social Security wage base is _____. Answer: A. $100,000 B. $113,700 C. $125,000 D. $142,800 3. What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: A. $117,000 B. $125,000 C. $200,000 D. $250,000
Suppose there is a 10% tax on the first $20,000 of taxable income, a 20% tax on taxable income above $20,000 until $35,000, and a 30% tax on all taxable income above $35,000. There is a $10,000 exemption per person in a family. What is the marginal tax rate for a single mother making $45,000 who has three children? a)20% b)10% c)30% d)40%
By how much would total payroll (compensation plus tax) increase in the previous question if the government imposed a new minimum wage of $15/hour and the managers’ wages increased by the same proportion as the servers’ wages?
Your employer asks you to consult on the better approach to a decision. What should the corporation pay for an asset that will return them $150,000 at the end of year 1, then zero in year 2, then $400,000 in years 3 & 4, then zero in year 5, then $200,000 in years 6-10, assuming their discount rate is 3% (ignoring taxes) ?
Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not self-employed and earn $118,000, what are your FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 5.65% on first $110,000 7.65% on first $110,000 paid in of income 13.3% on first $110,000 of net profits wages 1.45% of income in excess of $110,000 1.45% of wages paid in excess of 2.9% of net profits in excess $110,000 of $110,000 FICA taxes are $: (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Emeril has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Emeril would have $13 more in his take home pay. How many withholding allowances does Emeril currently claim? a. 3 b. 4 c. 5 d. 6

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS