R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the year.Salary net of P80,000 withholding tax, P20,000 SS,P18,000 PhilHealth and P40,000 13th month payP 480,000Separation Pay1,000,000Compute the gross income to be reported in the annual income tax.

Gross Income While calculating the gross income there are number of items which are exemption from…

R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the year. Salary net of P80,000 withholding tax, P20,000 SSS, P18,000 PhilHealth and P40,000 13th month pay P 480,000 Separation Pay 1,000,000 Compute the gross income to be reported in the annual income tax.

R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the year. Salary net of P80,000 withholding tax, P20,000 SSS, P18,000 PhilHealth and P40,000 13th month pay P 480,000 Separation Pay 1,000,000 Compute the gross income to be reported in the annual income tax.

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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Since the SUTA rates changes are made at the end of each year, the available 2019 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-8 The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of: FUTA $215,600 × 0.006 = $1,293.60 SUTA $255,700 × 0.056 = 14,319.20 Total taxes $15,612.80 Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee’s earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week’s pay. The unemployment taxes that the company must pay for this week’s pay would be $48.FUTA tax (both over $7,000) = $0.00SUTA tax ($1,000 × 0.048) = $48.00($500 of each employee’s pay is under the state…
Jacob has $180,000 of self-employment earnings from a sole proprietorship. Jacob's self-employment tax for 2022 is (Round your intermediary and final answers to the nearest dollar.) a. $23,049. b. $25,433. c. $27,540. d. $23,448.
For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Sam Coleridge (married; 4 federal withholding allowances) earned weekly gross pay of $565.00 Federal income tax withholding = S 2 Michael Kolk (single, 2 federal withholding allowances) earned biweekly gross pay of $975. He participates in a flexible spending account, to which he contributed $100 during the period Federal income tax withholding = $ 3 Anita McLachlan (single, 0 federal withholding allowances) earned monthly gross pay of $2.440. For each period, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding = $ 4 Stacey Williamson (married; 3 federal withholding allowances) earned semimonthly gross pay of $1,250. She…
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Ms. Carol is the Head of Taxation of UniSA Limited. During the financial year 2020-21 she earned following income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided her with a car for official and her family use. She is entitled for two festival bonuses as well as year end festival bonus for 10% of her basic. The maintenance cost of the car is Taka 30,000. Besides the salary of the driver is Taka 15,000 which is directly paid by the UniSA to his account. She was also provided with a residential house against which the company incurred rental expense of Taka 3,10,000. The utilities for the accommodation are monthly Taka 20,000 of which UniSA contributes 70%. Though the company has a Recognized Provident Fund, Ms. Carol did not apply for becoming the member of that Fund. As per the Provident Fund Rules, the contribution…
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During 2020, Juan Gonzalez, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer the amount of FICA taxes that should be withheld from him. A. 9th paycheckB. 22nd paycheckC. 24th paycheckD. If Juan's year to date earnings as of his 24th paycheck are $146,400 and his year-end bonus is $100,00, how much is the additional HI tax withheld?
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