12% tax ratePhilippines The following are the employees of MICROSOFT CORPORATIONNameMonthly SalaryPositionTax StatusDENISE JOHNSON$ 330,000ManagerMarried, 3 dependentsTaxGrossWHNetName ofPositionStatusPayАХАINGBERKSТаxPayROBERT WILLIAMS$ 200,000ClerkSingle, 1 dependentEmployeeHIRESELENA WAYNE$ 270,000AccountantMarried, 1 dependentBEAVER JONES$ 160,000DriverSingleRequired:a) Fill up the payroll sheets provided for the monththe appropriate tables.b) Make the entries to record the payroll for March.c) Compute for the employers' contribution liabilities.d) Make the entry to record the employer's contribution liabilities.e) Make the entry to record payment of liabilities to the appropriate agencies.f) NOTE: AXA ISNURANCE & ING Contributions are deducted on the 1st half of the monthand BERKSHIRE INSURANCE and Withholding Taxes are deducted on the 2nd half of themonth.March for the current year usingТаxGrossWHNetName ofPositionStatusPayАХАINGBERKSHIREТаxPayEmployeeSchedule of Employers' ContributionsINGBERKSHIREName of EmployeeAXA & ECComputations for withholding tax base:MonthlySalaryINGWHName of EmployeeАХАBERKSHIRETax Base

Payroll taxes: Payroll taxes can be defined as the amount of tax collected from the employer and…

Required: a) Fill up the payroll sheets provided for the month of March for the current year using the appropriate tables. b) Make the entries to record the payroll for March. c) Compute for the employers' contribution liabilities.

Required: a) Fill up the payroll sheets provided for the month of March for the current year using the appropriate tables. b) Make the entries to record the payroll for March. c) Compute for the employers' contribution liabilities.

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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43. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…
2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 .........10% 2$ $ $ 14,100 .........10% 2$ 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $ 1,410.00 + 12% 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 85,500 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- 2$ $ 19,750 .........10% $ $ $ 9,875…
What percentage do employers pay for state unemployment taxes? 35% 25% 45% it depends on the state
[Item #7] Multiple Choice
Use the 2016 marginal tax rates to compute the tax owed by the following person. A married woman filing separately with a taxable income of $198,000. i Click the icon to view the 2016 marginal tax rates. THE The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Find the tax owed on a purchase of $183.11 if the state sales tax rate is 6%.
Individual Taxpayers Income Tax Bracket ($) 0 - 9,700 9,701 - 39,475 39,476- 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - 10% within bracket $970+ 12% within bracket $4,543 + 22% within bracket |$14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket Taxes Owed $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 3: Your income is $2,500,000 (2.5 million dollars) a) Compute your federal income tax b) Compute your effective tax rate
Paul makes $75,000. 0% on income from $0 - $12,000 10% on income from $12,000 - $24,000 25% on income from $24,000 - $65,000 35% on income from $65,000 + What is Paul's effective tax rate? $14,950 19.9% 35% 25%
42. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…
Simplified Marginal Tax Rates Tax up to Beginning of range End of Marginal start of range rate range 12,000 20,000 48,000 95,000 to 0% 12,000 20,000 48,000 to 15% 1,200 7,360 21,460 42,660 to 22% to 30% 40% 148,000 210,000 95,000 to 148,000 210,000 to 45% and above 70,560 50% Sasha has annual gross income of $76,000 and works as a lawyer. What is the maximum disability insurance coverage she can get, if she can qualify for 90% of her after tax income? (Use the tax table above and input the number only, to the nearest dollar.) Answer: Next page
人 Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a taxable income of $22,700. Tax rate 10% 2020 Federal Tax Rates for Individuals Taxable Income Bracket $0 to $9875 12% $9876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37 % $518,401 or more
47. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…