Statement 1: Additional compensation allowance (ACA) of a government employee is a taxable supplemental compensation. Statement 2: The amount of non-taxable 13th month pay and other benefits is P82,000 under the TRAIN. Only statement 1 is true Only statement 2 is true Both statements are true Both statements are fal

Statement 1: Additional compensation allowance (ACA) of a government employee is a taxable supplemental compensation. Statement 2: The amount of non-taxable 13th month pay and other benefits is P82,000 under the TRAIN. Only statement 1 is true Only statement 2 is true Both statements are true Both statements are fal

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 9DQ

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True or False
Statement 1: The excess over the limit of de minimis benefits given to a rank and file is gross compensation subject to the rules on the non-taxable 13th month pay and other benefits. Statement 2: Profit-sharing bonus is included in the computation of 13th month pay and other benefits. A. Both statements are true B. Both statements are false C. Only statement 1 is true D. Only statement 2 is true
Answer if true or false, with explanation.
1. true or false
Statement 1: For a rank and file employee, excess de minimis benefits shall form part of his taxable regular compensation. Statement 2: For a managerial employee, excess de minimis benefits shall form part of his 13th month pay and other benefits. A. Both statements are true B. Both statements are false C. Only statement 1 is true D. Only statement 2 is true
1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9 Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer: A. New Jersey B. Alaska C. Pennsylvania D. Rhode Island
Thirteenth month pay is exempt from income taxation? Group of answer choices No, only the excess to P82,000.00 No, only the excess to P90,000.00 Yes, it is income received. Yes, compensation income does not allow deductions.
Exercise 5-4A (Static) Under which circumstances could the percentage method be used to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) @ 2 W ? When the employee's taxable income exceeds the maximum amount on the appropriate wage-bracket table ? When computational accuracy is critical ? When using a computerized accounting system to compute payroll deductions ? When using a manual accounting system for a small number of low-pay employees F2 # 3 JUL 7 E 80 F3 $ 4 a F4 R . % 5 U 8 DII F8 ZAO 1 ( DD 9 F9 ) 0 0 W F10 S D F G H J K L P X F11 >
Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90
TRUE OR FALSE Overtime pay is part of deductions. 7. Taxes are added in the deductions. 8. Other benefits and payment of loans are deducted from the gross earnings. 9. If the total deduction is 0, then it follows that gross earnings is non-taxable. _10. If the gross deductions is more than the net earnings, then the net earnings is more than half of the gross earnings. 11. If total earnings is thrice of the deduction, then the net pay is twice of the deduction. _12. The sum of the deduction to and net pay sometimes equal to the total earnings. _13. If the total earnings is total to the deduction, then the net pay is twice as much as the deduction. _14. All wage earners can avail all benefits of a wage earner. _15. The total earnings of any employee is not always equal to the basic pay. _16. An employer can give 14th month pay to all of his employees that is equivalent to the 13th month pay. _17. Living allowance is a must benefits given to all employees. 18. A pregnant…
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Question 5: How much Social Security tax would be owed by an employee who has taxable earnings for Social Security tax of $2,000, and who, prior to the current pay period, has earned $142,500 of taxable earnings for Social Security tax? Answer: A. В. O $18.60 С. O $105.40 D. O $124.00