Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax P 3,933.84 Ericka Bilango P40,300.00 P581.30 P550.00 P100.00 Alani Ching 37,600.00 581.30 517.00 100.00 3,267.09 Audrey Tan 35,500.00 581.30 488.13 100.00 2,749.31 1. How much is the total Salaries Expense? 2. How much is the total payroll deductions? 3. How much is the total credit to Cash upon payment of salaries? Is this the same as the take-home pay? Pag-IBIG

Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax P 3,933.84 Ericka Bilango P40,300.00 P581.30 P550.00 P100.00 Alani Ching 37,600.00 581.30 517.00 100.00 3,267.09 Audrey Tan 35,500.00 581.30 488.13 100.00 2,749.31 1. How much is the total Salaries Expense? 2. How much is the total payroll deductions? 3. How much is the total credit to Cash upon payment of salaries? Is this the same as the take-home pay? Pag-IBIG

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes b. SUTA taxes c. FICA taxes d. all are correct
What steps must an employer follow in sequential form to calculate an employee's income tax deduction: a. First calculate CPP & E.I b. First complete the TD1 form then calculate CPP & E.I C. First establish the 'claims code' using TD1 then use the tax tables d. Complete the tax credits form then go straight to tax tables
To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.
The account that should be credited for the total income tax withheld from employee's earnings is ○ a. FICA Tax Expense. ○ b. Employee Income Tax Expense. ○ . FICA Tax Payable ○ d. Employee Income Tax Payable.
Data: Gross salary 900,000; SSS/Philhealth/PAG-IBIG contributions 45,000. How much is the gross compensation? How much is the exclusions from gross income? How much is the taxable compensation?
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.
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In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA taxes b.FICA taxes c.Medicare taxes d.Federal income taxes 9
If I receive a return to work payment of $20,000 and it is classified under statory income. What difference would it make if this was classified under ordinary income?
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The account that should be credited for the total income tax withheld from employee's earnings is o a. FICA Tax Expense. o b. Employee Income Tax Expense. . FICA Tax Payable o d. Employee Income Tax Payable.