The following items of income are reported by Cute, a CPA Salary as an accountant P150, 000 Overtime pay 30,000 13th month pay and other bonuses 15,000 Audit retainers fee 60,000 Capital gains from sale of car 25,000 How much is the tax due?

The following items of income are reported by Cute, a CPA Salary as an accountant P150, 000 Overtime pay 30,000 13th month pay and other bonuses 15,000 Audit retainers fee 60,000 Capital gains from sale of car 25,000 How much is the tax due?

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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

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Definition Definition Increase in the value of a capital asset and the amount that is realized when the asset is sold off. A capital gain may be short-term or long-term depending on the tenure for which the asset is held.

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