The taxable income of Jenny for first week of January 2021 was R3 220. She did not earn overtime pay or any other remuneration. Her weekly pension deduction was R280. Her other deductions amounted to R800. Which one of the following statements is true? Select one: O A. Her contribution to the pension fund was 8% of her normal pay. B. Her net wage was R2 140. O C. Her gross wage was R4 300. D. Her gross wage for January 2021 was higher than her basic wage.
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- The taxable income of Jenny for first week of January 2021 was R3 220. She did not earn overtime pay or any other remuneration. Her weekly pension deduction was R280. Her other deductions amounted to R800. Which one of the following statements is true? Select one: O A. Her contribution to the pension fund was 8% of her normal pay. O B. Her net wage was R2 140. O C. Her gross wage was R4 300. O D. Her gross wage for January 2021 was higher than her basic wage.Mr. Raya 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 – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?1. For 2021, Mary has earned net employment income of $50,000. From this income, Canada Pension Plan (CPP) that had been withheld totaled $2,530. What is the amount reported as an Other Deduction for 2021 relating to the "CPP Contribution Enhancement Deduction"? A. $291 B. $233 С. S35 D. $345 E. $431 2. Bob's only source of income is from his consulting business operated as a sole proprietorship. Assuming that Bob only qualifies for the Basic Personal Credit for 2021. what is the maximum amount of net income for tax purposes (NIFTP) that Bob can carn in 2021 without having any federal taxes payable for 2021? A. $2,071 B. $1.257 C. $49,020 D. $O E. $13,808 Joe has Taxable Income of $219,000 for 2021. Joe made a $5,000 donation in 2021 to the United Way (charitable organization). What is the Charitable Donations Tax Credit that Joe can claim for 2021? 4. A. $3,750 В. $1,422 С. $750 D. $1,521 E. $1,614 5. Kelly is a sole proprietor and during 2021 she attended three business related…
- Mr. Ramos 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 – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?If Marissa's yearly salary was $65,900 and she received taxable benefits in the amount of $1127.99 per year what amount would go into Box 26 on her T4?Mr. A, a minimum wage earner sales agent, received the following from his employer for the year 2021: Compensation Income P150,000; Overtime pay P10,000; 13th month pay P12,000; Commission from sales P300,000. What is the amount of taxable Income? Answer please!
- Sue's 2022 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholding totaled $4,500. What was the amount of her gross wages for the year? 。 $30,000 o $25,127 o $29,480 o None of the aboveFrancine has a taxable income of $54989. Calculate her El Contribution for 2023. Federal El premium rates and maximums Maximum annual Maximum annual Maximum annual insurable earnings Rate (%) employee premium employer premium Year definition definition? definition> definition? 2024 $63,200 1.66 $1,049.12 $1,468.77 2023 $61,500 1.63 $1,002.45 $1,403.43 2022 $60,300 1.58 $952.74 $1,333.84 2021 $56,300 1.58 $889.54 $1,245.36 2020 $54,200 1.58 $856.36 $1,198.90 Your Answer:1) Nancy has cumulative earnings of $104,500 and earns $7,800 during the current pay period.If the FICA rate is 4.2 percent for Social Security, with a limit of $106,800, and 1.45 percent forMedicare, applied to all earnings, calculate the total FICA tax to be withheld for this pay period.a. $440.70.b. $209.70.c. $113.10.d. $96.60.e. $231.00. 2) Ernie White has $6,800 cumulative earnings during the calendar year and earned $950 duringthe current pay period. If the state unemployment tax is 5.4 percent of the first $7,000, the federalunemployment tax is 0.6 percent of the first $7,000, the FICA Social Security tax is 6.2 percent ofthe first $106,800, and FICA Medicare tax is 1.45 percent on all earnings, the amounts placed inthe Taxable Earnings columns of the payroll register are: a. state unemployment, $0; federal unemployment, $0; Social Security, $850; Medicare,$850.b. state unemployment, $950; federal unemployment, $950; Social Security, $950; Medicare,$950.c. state unemployment,…
- tes Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $46,100 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary and $7,290 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary. Note: Do not round phase-out percentage. Round other intermediate values to the nearest whole dollar amount. IRA deduction $ 3,000Har.6 Loral is 28 years old. During the current year of assessment, he earned a salary R500 000. Hecontributed R60 000 to his retirement fund. His employer contributed R65 000 to his retirement fund.He contributed R6 000 per month to a medical aid fund for the full tax year. His employer made anequal amount of contributions to his medical aid for the for the full tax year. YOU ARE REQUIRED tocalculate the retirement fund contribution deduction which Loral will be allowed to deduct from histaxable income for the current year of assessment.Select one:a. R125 000O b. R197 000C.R175 175O d. R60 0001. For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2020. How much of these premiums may Jean deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct ( ) % of their medical insurance premiums as a deduction for AGI in 2020. Thus, Jean may deduct $( ) as a deduction for AGI and she may deduct $ ( )as an itemized deduction (subject to the AGI floor). 2. In December of each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the following alternatives for satisfying the contribution. Fair Market Value (1) Cash donation $23,000 (2) Unimproved land held for six years ($3,000 basis) $23,000 (3) Blue Corporation stock held for eight months ($3,000…