Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,0O00 monthly for the rice subsidy, P 2.000 overtime pay, and P 500 for laundry allowance. Solve for the following : A.Suppose Mr. Bean is working in the GOVERNMENT SECTOR: GSIS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY A.Suppose Mr. Bean is working in the PRIVATE SECTOR : SSS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY

Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,0O00 monthly for the rice subsidy, P 2.000 overtime pay, and P 500 for laundry allowance. Solve for the following : A.Suppose Mr. Bean is working in the GOVERNMENT SECTOR: GSIS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY A.Suppose Mr. Bean is working in the PRIVATE SECTOR : SSS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY

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

Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $137,500?
The Extra Mile ✰ Joyce Meyer was quoted as saying Excellence is going the ex Let's get in some extra practice and go that extra mile Federal income tax withholding using the Wage Bracket Method. Keegan Jordan earns $1,661 semimonthly and files separately from her husband. Employee: Jordan, Keegan Semimonthly Earnings Federal Income Tax Withholding: Melek Okapi earns $1,385 weekly and files as Head of Household. $1,661.00
D1.
Answer number 1 and 2.
G, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary of his driver and other personal expenses in the amount of P20,000 per month for the current year. Compute the following: 1) Grossed Up Monetary of the Fringe Benefits 2) Fringe Benefits Tax Payable 3) If G is employed in an Offshore Banking unit, compute the fringe Benefits Tax. Upload your solutions in Spreadsheet Format.
Suppose that Thomas Lee is enrolled in a defined contribution plan in which the employer contributes $8,000 each year. Thomas is earning $80,000 this year and his tax rate is 30 percent (which is not expected to change). Assume that the before- tax rate of return is 8 percent. (a) What is the additional amount of funds that Thomas will have when he reaches retirement in 10 years as a result of this year's service? (b) Suppose that Thomas's employer is planning to reduce half of their contribution to the defined contribution plan. Assume that Thomas would like to keep his retirement funds the same as they would have been with the defined contribution plan. If Thomas's only opportunity to save for retirement is in a nonqualified savings plan (no tax benefits), how much would Thomas need to receive in additional salary (which he would then save) to achieve his objective?
Aa .14.
Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.
A28
Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month:Compute for the VAT to be paid a. ₱0 b. ₱7,440 c. ₱9,643 d. ₱10,800
Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,000 monthly for the rice subsidy, P 2,000 overtime pay, and P 500 for laundry allowance. Solve for the following : A.Suppose Mr. Bean is working in the GOVERNMENT SECTOR : GSIS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY A.Suppose Mr. Bean is working in the PRIVATE SECTOR: SSS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Year-to-Date Employee Earnings Current Month Social Security Graham, C. $14,300 $1,780 Medicare