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…

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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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All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one? Question 4 options: a) Tuition fees for training that relates to employer's work b) Medical expenses of an employee c) Forgiveness of employee debt d) Cost of life insurance
6
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with annual salary of P500,000, annual allowable deductions of P28,000 and bonus of P100,000 for the year.
Question text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM: During 2019, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. OASDI HI (a) The amount of FICA taxes to withhold from her 9th pay is ______ ______ (b) The amount of FICA taxes to withhold from her 19th pay is ______ ______ (c) The amount of FICA taxes to withhold from her 24th pay is ______ ______
An employer in Nesconset, NY, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $6,900, $1,000, and $24,200. During the current pay period, these employees earn $2,200, $1,950, and $2,800, respectively.FUTA tax = $ What is the FUTA tax? The FUTA rate is for year 2022 The FUTA rate for this problem is 0.9%
Reimbursement of costs covered by employees on behalf of the employer such as travel expenses and meal allowances Multiple Choice Must be reported on a T4 to the Caneda Revenue Agency Increase the employee's taxable income Are reported as part of gross wages Typically are paid through Accounts Payoble and do not impact deductions Must be below $300 per person per calendar year
Julie's gross salary is 950,000; mandatory contributions is 50,000. Compute for the following: a. gross compensation? b. exclusions from gross income c.taxable compensation
PURELY COMPENSATION INCOME EARNER Instructions: 1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph. Compute the income tax payable, if any. Relevant information: YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following…
can you help with C & D? thanks :)
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
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