8) In 2022, Ava, an employee, who files single, has AGI of $20,000 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $1,080 Home office expenses: $3,240 • Unreimbursed employee expenses: $1,512 Gambling losses to the extent of gambling winnings: $2,700. What is Ava's total itemized deduction related to these items?
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- Exercise 9-20 (Algorithmic In 2022, Ava, an employee, who files single, has AGI of $26,600 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $1,020 Home office expenses: $3,060 Unreimbursed employee expenses: $1,428 Gambling losses to the extent of gambling winnings: $1,625, What is Ava's total itemized deduction related to these items?Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000d. 400,0001: An employee works 42 hours (42 - 40 were overtime hours) during a workweek in December of 2021. He earns $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $142,200 during the year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 403(b) plan. Taxable income for federal income tax withholding = $ 1,619.59 Taxable income for social security tax = $ 600.00 Taxable income for medicare tax = $ 1,741.50 2: An employee works 37 regular hours during a workweek in August of 2021. He was hired four years ago, earns a salary of $140,200/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ 2,370.20 Taxable income for social security tax = $ 2,590.38…
- Fil in the blanks Mr. Pluto had the following income during the year: Gross compensation income including P25,000 13th month pay P325,000 Less tardiness or absences 10.000 Net compensation income P315,000 SSS deductions 12,000 Philhealth deductions 9,000 Pag-ibig deductions 10,000 Union dues 5,000 Withholding tax 40,000 Net pay P239.000 Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT > 1000 INCORRECT --> 1,000 INCORRECT ---> 1,000.00 INCORRECT ---> 1000.00 1). Total exclusion from gross income is 2). Taxable net income is 3). Income tax due is 4). Total inclusion to gross income is6. An employee, who had been with the company for 6 years, passed away on August 31, 2021. She had been earning a monthly salary of $5,900 and had regular CPP and El deductions taken off this salary on every cheque up to and including her August 31 payment. Calculate: a) Her maximum CPP contribution for the year. b) How much should be refunded to her estate, if any? cpp rate 5.45% cpp annual basic exemption $3,500 maximum insurable earnings $56,300 premium rate 1.58% Maximum annual employee premium $889.54PART A: Ms. Sonia Nexus is a computer specialist with net employment income of $96,000 in 2019. She had a pension adjustment of $5,000. During the year ending December 31, 2019 she has: interest income of $10,250, rental losses of $6,750, and a loss from her unincorporated business of $8,000 In addition, she makes spousal support payments of $14,000. She had unused RRSP contribution room from prior years of $4,500. Required: Calculate Ms. Nexus’s earned income for RRSP purposes and her maximum contribution possible. Show all calculations.
- Z was an employee with the following information from her employment in 2021. Salaries and wages - $57,500 RRSP contribution in the final months of 2021 - $5,500 Membership dues paid by Ms. Z’s employer on her behalf - $500 What is Ms. Z’s net employment income for 2021? _$52,000__________The following items are related to RED's payroll as of December 31, 2021: Accrued Salaries and Wages 776,000 Payroll deductions for: Income taxes withheld 56,000 SSS Contributions 64,000 Phil health Contributions 16,000 Advances to Employees 80,000 Required: How much is to be recognized as current liability?1 An employee works 42 hours (42-40 were overtime hours) during a workweek in December of 2021. He earns $40.50/hour, with his employer paying 15 times the regular rate of pay for overtime hours. To date, he has earned $142,200 during the year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 403(b) plan Taxable income for federal income tax withholding S Taxable income for social security tax = $ Taxable income for medicare tax=5
- During the current income year, George received: salary and wages of $35,000 A bonus of $2500 from his employer paid into his bank account on 2 July 2021. Tips as a part-time waiter of $1500 Entertainment Allowance $4000 interest of $3000 Reimbursement of meals while travelling for working $5000 a lump sum compensation payment for loss of mobility in fingers due to a work injury of $23,000 What is George's assessable income for the current year ended 30 June 2021.Colyong, a government employee, receives a full 13rth month pay of 20,000 exclusive of 14,000 other benefits. He was deducted 18,000 during the year for premium for his SSS, PHIC, and HDMF contributions. Compute Colyong's taxable compensation income * 222,000 226,000 240,000 254,0003: An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2021, He ears $9.500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $114,500 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan. Taxable income for federal income tax withholding-5 Taxable income for social security tax-$ Taxable income for medicare tax-S
