The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Nicanor, a purely compensation income earner: Gross compensation income Php 400,000.00 13th month pay and other benefits 40,000.00 Amount of taxes withheld (by the employer) 30,000.00 Commission 50,000.00 Pagibig contributions 10,000.00 Philhealth contributions 10,000.00 10,000.00 Union dues 10,000.00 Question: The total non-taxable portion to be deducted from gross compensation income of Nicanor is:
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: 3: An employer in Cincinnatti, Ohio employs two individuals, whose taxable earnings to date (prior…
A: Tax refers to the amount charged on the income earned by the individual and the companies by the…
Q: Osprey Corporation, an accrual basis taxpayer, reported taxable income for 2021 and paid $15,000 on…
A:
Q: In December 2018, GrabCo withholds from an employee’s pay: $100 Medicare; $200 FITW; $50 SIT, and a…
A: According to IRS form 941, the employer should include the information regarding the FIT, Medicare…
Q: uan, an employee of SSS, received his 13th month pay of P30,000 last December 14, 2020. His total…
A: Answer: We have 13th month pay = P 30,000 : It is not included in taxable compensation Total…
Q: The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation…
A: Answer: Total non taxable portion to be deducted from gross compensation income of Nicanor is:…
Q: Gilpin, Inc.'s payroll for November 2020 is summarized as follows: Amount of Wages Subject…
A: Payroll Taxes of Employer The employer is liable to pay for FICA taxes ( social security &…
Q: On January 31, 2022, RUBY Company agreed to pay the former president P300,000 under a deferre…
A: In the given question the company has not recorded compensation expense of P 300,000. Had this been…
Q: Taxable Earnings The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States…
A: KIPLEY COMPANY, INC. Taxable Earnings…
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: A government employee received the following in 2021: Gross salaries RATA PERA Additional…
A: Taxable compensation income includes all type of compensation whether they are in cash or…
Q: Net FUTA tax for the partnership for this year $fill in the blank 1 b. SUTA tax for this year…
A: Tax is the expense for the business entity which is the mandatory payment charged over the net…
Q: Henry, who earned $124,200 during 2020, is paid on a monthly basis, is married, (spouse does not…
A: Given, Earnings during 2020=$124,200 Monthly earnings=$124,20012 months=$10,350
Q: code is 1 and Provincial claim code is 1. How much is the total Employee withholdings taxes (CPP, El…
A: The withholding tax can be defined as the portion of income to be paid directly to the government…
Q: During 2019, Alpha Corporation gave the following fringe benefits to its employees Salaries to rank…
A: Deductions from total business income are the credits and allowances that are being allowed from…
Q: Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation…
A: Basic salary. 900,000 Add: supplemental compensation. 150,000…
Q: Question: How much is the total creditable input tax for 1st Quarter?
A: Capital goods are those goods which the business purchases for its own use in order to manufacture…
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: For each employee listed, use the percentage method to calculate federal income tax withholding for…
A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…
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' and Employer's OASDI—6.2% both on $137,700; HI—1.45% for employees and employers on the…
A: FICA tax is the short form of Federal insurance contribution act tax. It is the contribution taken…
Q: Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9…
A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only…
Q: Select the best answer. What is the maximum amount of tax credits available to employers for paid…
A: FFCRA is an act related to essential protections during the Covid-19 Pandemic. It's full name is…
Q: 1. For the recent tax table, all individual tax payers are granted a personal exemption of 50,000…
A: As per our protocol we provide solution to the one question only but you have asked multiple…
Q: GIVEN: • Taxpayer is a PEZA-registered enterprise Taxable year is 2021 • Financial data Related…
A: hilippine Economic Zone Authority (PEZA) registered entities are given tax incentives such as in the…
Q: The employees of Portonegra company earn wages of $15600 for the two weeks ending April 12. Fit…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: For each employee listed, use both the wage-bracket method and the percentage method to calculate…
A: Tax is the means by which a government or taxing authority imposes or levies a tax on its citizens…
Q: Which of the following forms is typically given to employees at the end of the calendar year so that…
A: Given: The form provided for the employees to file the form for income tax.
Q: Ms. V is currently employed in VVV Company. She has the following income and withheld income tax in…
A: Compensation is the cash or non-cash revenue received by the employee from the employer over and…
Q: What tax is to be paid by Stacy on this benefit for the year of assessment 2021?
A: Benefits are actually the perquisites which the employee receives from the employer during the year…
Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…
A: In the United States of America, the taxable income is all gross income of the entity that includes…
Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…
A:
Q: On January 31, 2022, RUBY Company agreed to pay the former president $300,000 under a deferred…
A: A change in accounting principle is the change in accounting from one accounting principle to…
Q: On January 31, 2022, RUBY Company agreed to pay the former president $300,000 under a deferred…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Minette's Québec payroll totals for the 2022 taxation year were as follows: salary of $51,900.00,…
A: Payroll: Payroll refers to the amount earned by an employee in the form of salary and other…
Q: 2:Mrs. Fix-It Corp. employs two workers who, as of the beginning of the current pay period, have…
A: Assumption: business has no history of laying off employees, therefore SUTA tax rate for Mrs.…
Q: For each employee listed, use both the wage-bracket method and the percentage method to calculate…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: he following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax…
A: Answer: 13th month pay and other benefits - Non taxable-…
Q: Rogue and Gambit filed jointly in 2020. Their AGÍ is $195,000. They reporteda $5,000 qualified…
A:
Q: Compute the Federal income tax withholding for each employee using the percentage method in Appendix…
A: Employee Status No. of Exemptions Pay Frequency Pay amount Amount of withholding allowances Total…
Q: Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation…
A: How much is the total REGULAR COMPENSATION? Particulars Amount $ Amount $ Basic salary…
Q: Margaret received the total compensation of P750,000 with details as follows: Basic salary including…
A: Given data: Basic salary including non taxable contributions = P 500,000 Additional compensation = P…
Q: n employer in Cincinnatti, Ohio employs two individuals, whose taxable earnings to date (prior to…
A: calculation of SUTA and FUTA tax are as follows
Q: During 201A, Alpha Corporation gave the following fringe benefits to its employees: Salaries to…
A: Income tax is the liability of the business which is paid to the government for using its resources.…
Q: Purple Company has $200,000 in net income for 2020 before deducting any compensation or other…
A: Taxable Income: when the assessee is earned the income of any source of income then its add on all…
Q: Carding reported the following for the taxable year 2021: Gross compensation, net of 50,000…
A: Total taxable income includes all type of income and compensation, whether they are in form of cash…
Q: An employer in Newark, New Jersey employs three individuals, whose taxable earnings to date (prior…
A:
Q: monthly compensation in the amount of ₱100,000. The monthly nontaxable deductions would be GSIS (₱…
A: Given Monthly Compensation = 100,000 Non taxable deductions: GSIS = 9,000 Philhealth = 687.50…
Q: Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation…
A: The rules governing the pay scales and the taxability of the compensation given to the employees…
Q: For each employee listed, use the percentage method to calculate federal income tax withholding for…
A: Income earned during a year is subject to the federal tax withholding which is deducted by the…
Step by step
Solved in 3 steps
- GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…
- GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000Use the graduated tax table if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor is a professional Architect and at the same time an employee of ABC Corp. He made available the following information: Gross receipts Php 2,000,000 Cost of service Php 1,000,000 Other valid expenses 200,000 Gross compensation Php 1,000,000 Non-taxable compensation Php 200,000 Compute the annual income tax due if Nicanor will opt for graduated tax rate. Group of answer choices Php 370,000 Php 430,000 Php 350,000 Php 290,000
- 14. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000 How much is the 13th month pay? Group of answer…13. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 8,000,000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation? Group of answer choices Php 300,000 Php 600,000 Php 200,000…18. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductible representation expense? Group of answer choices Php 125,000 Php 105,000 Php 150,000 Php 25,000
- INCOME TAXATION - TAX DUE TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022) If taxable income is: Tax due is: Not over P250,000 Over P250,000 but not over P400,000 Over P100,000 but not over PS00,000 Over P800,000 but not over P2,000,000 Over P2,000,000 but not over PS,000.000 Over P8,000,000 * 0% * 20% of the excess over P250,000 * P30,000 + 25% of the excess over P100,000 * P130,000 + 30% of the excess over P800,000 * P190,000 + 32% of the excess over P2,000,000 * P2,410,000 + 35% of the excess over PS,000,000 1. How much is the tax due on a taxable income of P 250 000? 2. How much is the tax due on a taxable income of P 890 000? 3. Ms. Z is single with no qualified dependent, earns compensation income of P3 230 000 during a taxable year. How much is the tax due of Ms Z? 4. Mrs. Z, married and a mother of two qualified dependent children, eams compensation income of P 460 000 during 2020. How much is the tax due of Mrs.. Z? 5. The pay slip of Mr. B for the month shows the following: 472,000…12. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation? Group of answer choices Php 2,500,000 Php 3,000,000 Php…16. Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies…