Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is the Fringe benefit tax?
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Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000
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- .Problem Information Use the following tax rates, celling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-haif to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourty wage of $7.25 in solving these problems and all that follow. Jax Company's (a monthly depositor) tax lability (amount withheld from…4. Mahmood buys a commodity from the wholesaler at OMR 1,200 and was charged by VAT at the rate prescribed of 10%. He fixes the price of this commodity at OMR 1,500 for the customer and in turn he charges VAT at the same rate. Calculate the amount of Value Added tax (VAT) paid by Mahmood to the government. A. OMR 120 B. OMR 270 C. OMR 150 D. OMR 30
- In step 2 how did you get the excess income tax of 19,520.00?2c . Under the current tax treatment of employer-sponsored healthinsurance, how much is $100 of insurance worth for a worker whoseeffective tax rate is 25%? How much is $100 of insurance worth for aworker whose effective tax rate is 35%? -- show your calculationsand discuss the implications.Sale of personal clothing for P10,000 by a foreign non-business seller to a resident non-business buyerWhat is the type of consumption tax?
- Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000. The tax law is change so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%,Tax Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. FUTA SUTA b) Tax Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) b. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August $ 6,700 18,500 112,500 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare Gross Pay for September $ 400 2,400 8,300 September Earnings Subject to Tax 400.00 400.00 S September Earnings Subject to Tax September Earnings Subject to Tax Tax Rate Tax Amount 6.20% $ 1.45% 0.60% 2.90% Tax Rate Tax Rate 24.80 5.80 Tax…In this question the income tax calculated how was it found? what is the transactions? help please