Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Revenue collected?
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Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Revenue collected?
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- Agency DEF collected the following income during the month: Income Taxes – Individual, P1,500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P1,400,000, Processing Fee 108,000, Rent Income 115,000 and Import Duties 1,400,000. The salary of the employees collecting these income amounts to P48,000How much is the Total Tax Revenue collected?5. Agency XYZ collected the following income during the month: Income Taxes - Individual, P510,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Revenue collected6. Agency XYZ collected the following income during the month: Income Taxes - Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Service and Business Income collected
- In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050. Record the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountSheffield Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,300 plus GST of $265 and PST of $424. 1. 2. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. (1) During the month of March, Martinez Corporation's employees earned gross salaries of $65,100. Withholdings deducted from employee earnings related to these salaries were $2.750 for CPP, $964 for El, $7,300 for income taxes. (ii) Martinez's 3. employer portions were $2,750 for CPP and $1,350 for El for the month. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. 2. 3 (i). 3 (ii).In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050. Calculate net pay for January. Net pay for January $enter Net pay for January in dollars
- In January, gross earnings in Swifty Company were $42,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $8,800, and state income tax withheld was $1,120. Calculate net pay for January. Net pay for January $enter Net pay for January in dollars Record the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…Serbesa Company is a manufacturer of local beer. During a particular quarter, it had the following transactions (net of VAT): Jan. 2: Consigned beer to a retailer in Quezon City amounting to P200,000 Feb. 14: Exported PI,000,000 worth of beer to UK. Feb. 27: President of Serbesa Company celebrated his birthday, consuming P50,000 worth of beer given to him by the company as a birthday gift. Mar. 20: Declared property dividend of one case of beer for every 10 shares amounting to P150,000. Additional Information: From January to March, domestic sales to wholesalers amounted to P600,000. No beer was returned by the consignee until the end of the quarter. The output tax for the quarter is:Anthony Noll’s gross earnings for the week were $3,000, his federal income tax withholding was $540, and his FICA total was $230. There were no state income taxes. (a) What was Noll’s net pay for the week? Net pay $enter Net pay in dollars
- Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $325,000 Income tax withheld $116,200 Warehouse salaries 192,000 U.S. savings bonds 14,388 Office salaries 137,000 Group insurance 11,772 You are in Column Salaries: $654,000 You are in Column Deductions: Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% You are in Column Tax rates assumed:Medicare You are in Column Tax rates assumed:1.5% You are in Column Tax rates assumed:Federal unemployment (employer only) You are in Column Tax rates assumed:0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer’s payroll…[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 5,700 $ 1,800 b. 3,200 3,300 c. 132,600 9,200 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places.