The employer paid the P30,000 monthly rental of the residential house used by M, the Manager of the corporation for the current year. The total rental expenses of M for the year paid by the employer is P360,000. Compute the following: 1) Monetary Value of the fringe benefits; 2) Grossed Up Monetary Value 3) Fringe Benefits Tax Payable. Upload your solutions in Spreadsheet Format.
Q: Mr. Mani started his new job in Burlington, Ontario on 1st January 2021 with Mandy's Inc. and gets…
A: Mr. Mani's Annual salary package = $78000 Total employee withholdings taxes and employer's…
Q: B. F. Goodson employs Eduardo Gonzales at a salary of $48,000 a year. Goodson is subject to employer…
A: Total cost means the sum of all the expenditure. Total cost also means the sum of fixed cost and…
Q: Mianel, an employee of XYZ Corp. is receiving regular monthly compensation in the amount of…
A: Monthly Compensation = 100,000 Non taxable deductions: GSIS = 9,000 Philhealth = 687.50 HDMF =…
Q: Volpe Corporation has only five employees who are all paid $1,200 per week. Compute the total FICA…
A: FICA tax: FICA tax refers to the Federal Insurance Contribution Act tax which Country U law that…
Q: Mr. Santos received the following compensation and benefits for a year, working as an IT officer.…
A: Income that is taxed is the part of an individual's or a company's income that is used to figure out…
Q: J. B. Kenton employs Sharla Knox at a salary of $33,700 a year. Kenton is subject to employer Social…
A: Salary: Salary means Employer gives payment to employees for the work contribution. Total cost…
Q: A certain taxpayer paid the following bill from a VAT-registered supplier of office supplies. The…
A: A VAT registered tax payer shall be eligible to claim Input Tax Credit paid on purchases which is…
Q: Ralph Henwood was paid a salary of $83,600 during 20-- by Odesto Company. In addition, during the…
A: a.
Q: usan received £ 15,000 salaries and £ 10,000 bonuses during the tax year 2020-21. Her employer…
A: In United Kingdom an employee has to pay taxes on all the type of benefits or allowances claimed by…
Q: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date…
A: The FUTA payroll tax is based on employees' wages, it is levied only on employers, not their…
Q: Identify the amount, if any, that these individuals must include in gross income in the following…
A: Gross pay: Amount before taxes and deductions called Gross pay.
Q: Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20--…
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…
Q: EF Enterprises realized a profit of 240,000 for the year. Fajardo, the managing partner, is allowed…
A: Bonus is the term which is described as the payment that is generally made to the employees in…
Q: A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of…
A: Gross income refers to the aggregate amount earned through person before the taxes as well as any…
Q: From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June.…
A: A person who generated taxable income in the financial year and is taxed in the assessment year it…
Q: You are provided with the following amounts for Susan Kim for the current year: • Net employment…
A: Net property income is a metric that is used for determining the financial health of property. It…
Q: Supermercado Caridad offers its employees vacation benefits and contributes a 2% contribution to a…
A: (i) Employer contribution for the 401k = $125,000 x 2% = $2,500 (ii) Entries related to vacation…
Q: B. The following year, in addition to the compensation income and 13th month pay he received and…
A: Pure compensation Income For Calculating the taxable pure compensation income which also included…
Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…
A: The tax payer is not self employed. He will therefore be governed by the employee's tax rates.Income…
Q: Mr. Santos received the following compensation and benefits for a year, working as an It officer.…
A: Taxable income is income that is subject to a specified percentage tax and must be paid to the…
Q: Ted Carman worked for Rivertide Country Club and earned $28,500 during the year. He also worked part…
A: Compute FUTA and SUTA taxes on Carman’s earnings paid by River-tide country club on first $8,000 as…
Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…
A: The question is related to taxation. The slab of taxation in case of individual for compensation…
Q: Mr. A, a minimum wage earner sales agent, received the following from his employer for the year…
A: As per the provisions of BIR as well as amendment by TRAINs Law , 13th…
Q: The Cable TV Co., an accrual basis taxpayer, allows its customers to pay by the month ($10 each…
A: Lets understand the basics. In accruals basis, revenue is recorded when earned and not when it is…
Q: iving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS,…
A: The difference between income exempt from tax and non taxable income is that income exempt from tax…
Q: Timechex operates as a Nevada business. The employees annual earnings for the past calendar year are…
A: The Federal Unemployment Tax Act (FUTA) is legislation that imposes a payroll tax on any business…
Q: Susan works 32 hours per week and is paid $15 per hour and works 50 weeks per year. Calculate the…
A: Susan Working hours = 32 hours per week Payment = 32 hours * $15 per hour = $480 per week Susan…
Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…
A: Federal Insurance Contributions Act is a common tax deducted from income from taxpayers to meet the…
Q: Employees of Robert and Jesse Company are entitled to two weeks of paid vacation leave. In 2018, the…
A: It is pertinent to note that as per IAS 19 ( Employee benefits ) Employee benefits that fall due…
Q: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have…
A: Calculation of SUTA tax are as follows
Q: An employer in Cleveland, Ohio, employs two individuals, whose taxable earnings to date (prior to…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: In 2021, Archibald Corporation incurred the following expenses in connection with the product of its…
A: A special assessment expenses is an amount you pay for an assessment which is not allowed in Income…
Q: Donner Company began its operations in September of the current year. During September, the company…
A: Solution:- a)Is Donner Company liable for FUTA tax this year as follows:- The Federal Unemployment…
Q: Sue earned $56,000 working for an employer in the current year. The current rate for Social Security…
A: Note: FICA taxes include the social security tax and the Medicare tax. Social Security tax = Gross…
Q: G, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary…
A: Rate of FBT= 32% GMV= MV+ FBT so, GMV= MV/68% Expenses of the employee borne by the employer are…
Q: Mr. Santos received the following compensation and benefits for a year, working as an IT officer.…
A: Taxable income is that income on which a fixed percentage is levied that is to be paid to the…
Q: Total Cost of Empleyee R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is…
A: Payroll: It can be defined as the total payment made by an employer to its employee.
Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is…
A: Given, Taxpayer = Self-employed Earn = $167,000
Q: What is the total liability for bonus, vacation and pension?
A: Looking at the amounts in options, it appears that total liability for bonus, vacation and pension…
Q: Mang Carding is a minimum wage earner. To augment his earnings, he put up a mini store under his…
A: 1) The income received from 13th and 14th month will not be taken from taxable value , due to that…
Q: An employee has gross earnings of $1,600 and withholdings of $25 for income taxes, $5 for Social…
A: Given the following information: Employee Gross earnings: $1,600 Withholdings for income tax: $25…
Q: In 2020, Willow Corporation had three employees. Two of the employees worked full-time and earned…
A: Amount paid under State Unemployment Tax = [($7,000. x 2 employees) + $4,000] x state unemployment…
Q: Disregarding business and professional income, how much is the gross compensation income of ROSE for…
A: The calculation of the gross compensation income of ROSE for the taxable income 2019 is shown…
Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…
A:
Q: the current FUTA rate is 0.6% and the SUTA taxt rate is 5.4%. both taxes are applied to the first…
A: SUTA and FUTA are calculated on wages untill wages exceed $ 7000, Which means that if wages are less…
Q: Accounting As part of its employee benefits plan, Omega Corporation acquired a piece of residential…
A: Monetary value of fringe benefit = 60% x (P2000000 + P4000000) = P3600000 Since fringe benefit tax…
Q: The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the…
A: Formula to calculate total unemployment taxes (the empoyer must pay on this employee's wages):Total…
Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…
A:
Q: Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not…
A: When a company records the compensation of its employees, such type of accounting is known as…
Q: Rowena is employed as an architect throughout 2020/21 and received the following income during the…
A: pay 0% on earnings up to £12,500* for 2020-21. then you pay 20% on anything you earn between £12,501…
Step by step
Solved in 2 steps with 2 images
- Gross Income Compute how much will be included and excluded in the gross income given the following scenarios. 1. A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PhilHealth, and Pag-Ibig contributions. What will be the amount for his annual gross income?Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. salary of basic salary of P3 2. Cathy, a police officer, gets a basic P39,000 a month, monthly allowance of P2,000 and a hazard pay of P2,500. Find her annual gross income.Problem Solving Directions: 1. Compute for the gross taxable income and tax due of Ms. Myra dela Torre, supervisor of the telecommunication company. Basic salary of P1,401,148.83, 13th-month pay, and other benefits P90,000.00, de minimis benefits of P40,000.00, SSS/GSIS/, PHIC, and Pag-ibig contributions P16,570.60. 2. Explain the procedure of how you computed the gross taxable income and tax due of Ms. dela Torre.
- Give typing answer with explanation and conclusion Pierre works for a firm in Montreal. He gets paid twice a month with gross pay of $3200 per pay period. Calculate his deductions including income tax, QPP, QPIP, EI. Also calculate his employers contributions in each of the above. How much in total does his employer have to remit to Revenue Quebec/CRA?An excel spreadsheet must be use to complete the following activity: You work for a small business. The company offers employees a 401k plan. The company matches employee contributions to the plan up to 3 percent of the employee's gross pay. 1. Find each employee's contribution to a 401(k) account by multiplying the employee's gross pay by the contribution percentage. Find the employer's matching contribution and the total contribution amount for each employee. The employees are listed by employee number. 2. Find the employer's total contribution for all employees.Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?
- Supermercado Caridad offers its employees vacation benefits and contributes a 2% contribution to a 401K. Employees had total wages of $ 125,000 and vacation benefits of $ 28,460. Calculate how much the employer contributes for the 401k. Make the wage entries related to vacation pay. Make the wage entries related to the 401K contribution.Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week $ Earnings $ OASDI Tax HI Taxable Earnings $ HI TaxDirection: Solve the following problems and show your complete solution. 1. Mr. Gonzaga earned an annual income of 450,000, what is the a. Weekly salary? b. Biweekly salary? c. Semi-monthly salary? d. Monthly salary? CHARACTER SER 2. Ms. Lui earned an annual income of 775,000, what is the a. Weekly salary? b. Biweekly salary? mual income of 775,000. c. Semi-monthly salary? d. Monthly salary? UNI
- A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PhilHealth, and Pag-Ibig contributions. What will be the amount for his annual gross income?Formula is attached for the last question. Answer the questions below. USE the pay stub ALL the numbers are on there. What is Sylvia’s gross pay for this pay period? 2. Assuming Slyvia works for a full-year and works the same number of hours each week, what will her gross wages be at the end of the year? Show work and/or explain how you found your answer. 3.What are total tax deductions for this pay period? 4. What % of Sylvia’s gross pay are the total taxes withheld? (Round to the nearest whole %). Show all Work. (Hint: Use gross pay and total tax deductions from this pay period.)You are presented with a job offer from an audit firm. Assess each of the benefits, determine the tax implication of each item and discuss its nature and taxability on the individual and on the company.Dear Applicant,We welcome you to Sun Comp! Below is our job offer. Should you find this to your liking, sign below:Basic Salary P 30,000.00Group Life Insurance worth 10,000Rice Allowance 11,000Health Insurance worth 15,000Professional Fee 2,000You will be entitled to 13th to 15th month pay, and the above income is subject to deductions for employee's share of SSS, PHIC, and HDMF. You will be entitled to receive 15 days sick leave and 15 days' vacation leave.Should you become part of our technical team, you will be entitled to receive honorariums and additional allowances.01:28 PM