The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld)of Nicanor, a purely compensation income earner:Gross compensation incomePhp 400,000.0013th month pay and other benefits40,000.00Amount of taxes withheld (by the employer)30,000.00Commission50,000.00Pagibig contributions10,000.00Philhealth contributions10,000.00SS10,000.00Union dues10,000.00Question: The total non-taxable portion to be deducted from gross compensation income of Nicanor is:ChoicesPhp 110,000Php 70,000Php 80,000Php 60,000 GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)OverBut not over The Tax shall bePlusOf Excess Over250,000250,000400,00020%250,000400,000800,00030,00025%400,000800,0002,000,000130,00030%800,0002,000,000 8,000,000490,00032%2,000,0008,000,0002,410,00035%8,000,000

Mr. Nicanor a purely compensation Income earner has following values for Tax year 2020 (a) Pag-ibig…

Answered: The following information appeared in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Vishu
Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earnings
The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Angelou, a purely compensation income earner: Gross compensation income - Php 400,000.00 13th month pay and other benefits 40,000.00 Amount of taxes withheld (by the employer) 30,000.00 Commission 50,000.00 Pagibig contributions 10,000.00 Philhealth contributions 10,000.00 SSS 10,000.00 Union dues…
Reyes earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows: Holiday, OT and Night Differential Pay – Php56,091.95 Sick leave conversion (3 leave credits) – Php5,517.24 Government Mandatory Contributions – Php21,900.00 How much is the total non-taxable income for the year 2021? How much is the total taxable income for the year 2021? How much is the income tax due for the year 2021?
Justin received all of the following compensation for the year 2021: Basic Salary Php 258,000 Mandatory deductions 21,600 Withholding Taxes 14,000 Position Allowance 36,000 Overtime Pay 27,000 De minimis benefits 22,000 13th month pay 10,000 Total non-taxable benefits Php 70,600 How much is the Taxable compensation tax: a. 258,000 b. 388,600 c. 318,000 d. None of the Choices e. 328,000
You [The following information applies to the questions displayed below.] The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay $ 100,000 FICA tax withholdings ?question mark Income tax withholdings 15,150 Group hospitalization insurance 1,580 Employee contributions to pension plan ?question mark Total deductions 26,673 Net pay ?question mark Additional information: For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee’s annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee’s annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee’s annual earnings. Only $15,700 of the gross…
Analis has the following information and reported the for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions 35,000; Rice allowance 30,000; Uniform allowance 10,000; 13th month pay 85,000. Compute for: a. total taxable compensation? 1,060,000; 1,025,000; 1,015,000 b.non-taxable de minimis benefit? 45,000; 30,000; 0 c.regular compensation 900,000; 1,050,000; 1,135,000
vd subject-Accounting
An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? Tax Due is: If Taxable Income is: Not over P 250,000 250,000 but not over P 400,000 but not over P Over P Over P 400.000 20% of the excess over P 250,000 800.000 P 30.000+25% of the excess over P 400.000 Over P 800,000 but not over P 2,000,000 P 130,000+30% of the excess over P 800,000 Over P 2,000,000 but not over P 8.000.000 P 480,000 + 32% of the excess over P 2,000,000 Over P 8,000,000 |P 2.410.000 + 35% of the excess over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)
16. An employee receives a monthly salary of P20,0000. The following items are withheld from the monthly salary: Income tax, P2,000; SSS contribution, P800; Philhealth contribution, P300 and Pag-ibig contribution, P200. The net monthly amount received by the employee is P16,700. The monthly taxable income is: a. P16,700 b. P17,000 c. P18,700 d. P20.000
Dog
Which of the following is not an essential feature of FBT for the FBT year ended 31 March 2020? a. The FBT tax is paid by employers regardless of the type of entity. b. FBT is a broad-based consumption tax. c. The FBT tax is levied at 47% of the grossed-up value for the current FBT year. d. FBT is available as a deduction to the employer in respect of benefits provided.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS