"Stone Corporation has 25 employees and incurs total wages and salaries expense of P9,000,000 per year. The following table shows various payroll amounts as a percentage of this annual wage and salaries expense:Social Security System (SSS) (employer's share)7%Pag-IBIG and PhilHealth (employer's share)7.65%15%Pension and other postretirement costs expense (paid byemployer)Salaries tax withheld10%In addition, Stone provides group health insurance for its entire workforce. The cost of this insurance is P550 per month for each employee and being shouldered by the employer. The company's annual payroll-related expenses amount to approximately: "O A. P10,085,600O B, P10,250,700.OC. P9,000,000O D. P10,933,500

Given data, Number of employees=25 Total wages and salaries expense=P9,000,000 per year Cost of…

"Stone Corporation has 25 employees and incurs total wages and salaries expense of P9,000,000 per year. The following table shows various payroll amounts as a percentage of this annual wage and salaries expense: Social Security System (SSS) (employer's share) 7% Pag-IBIG and PhilHealth (employer's share) 7.65% Pension and other postretirement costs expense (paid by employer) 5% Salaries tax withheld 10% In addition, Stone provides group health insurance for its entire workforce. The cost of this insurance is P550 per month for each employee and being shouldered by the employer. The company's annual payroll-related expenses amount to approximately: " OA P10,085,600 O B, P10,250,700. OC. P9,000,000 O D. P10,933,500

"Stone Corporation has 25 employees and incurs total wages and salaries expense of P9,000,000 per year. The following table shows various payroll amounts as a percentage of this annual wage and salaries expense: Social Security System (SSS) (employer's share) 7% Pag-IBIG and PhilHealth (employer's share) 7.65% Pension and other postretirement costs expense (paid by employer) 5% Salaries tax withheld 10% In addition, Stone provides group health insurance for its entire workforce. The cost of this insurance is P550 per month for each employee and being shouldered by the employer. The company's annual payroll-related expenses amount to approximately: " OA P10,085,600 O B, P10,250,700. OC. P9,000,000 O D. P10,933,500

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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