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- 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?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?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.
- Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with monthly salary of P25,000, monthly allowable deductionsof P1,300, bonus of P25,000 for the year.1. Darna, employed, derived the following income during the year: P 400,000 40,000 20,000 50,000 Gross Salaries 13 Month pay and other benefits SSS, PhilHealth and Pag-Ibig Contributions Deductions for loans repayments Deductions for withholding tax 60,000 Compute the compensation income to be reported in the annual income tax return.Complete the net salary for Mr. Ama given that he worked in an organization for 5000hrs. With an agreed hourly wage of Ghc5.00. Given that he did extra works in the form of allowances. Overtime allowance = 0.02% of gross. Maintenance 2% Safety 1%. Given also that there some deductions in the computation of his net i.e tax 1 = Ghc50.00 tax 2 = 0.2% of gross tax 3 = 1.1% of gross tax 4= 2% of gross
- Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with annual salary of P150,000, annual total contributions of P1,000 and bonus of P12,000 for the year.Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with monthly salary of P65,000, monthly allowable deduction of P4,300, bonus of P40,000 for the year.Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of Household
- Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Aaron Norman earned $24,900 for the year from Marcus Company. The company is subject to a SUTA tax of 4.7% on the first $9,900 of earnings. Determine: (Round your answers to two decimal places, if necessary.) a. the employer's FUTA tax on Norman's earnings $fill in the blank 1. b. the employer's SUTA tax on Norman's earnings $fill in the blank 2.Problem Solving. 1. Ms. Beta earned an annual compensation income of P1,140,000, net of statutory payments. Tax exempt 13th month pay and other bonuses – P95,000. How much is the taxable compensation income? 2. Assuming that Ms. Beta's employer already withheld half of her income tax due, how much is the remaining income tax due and payable? 3. How much is Ms. Beta's income tax due?Bryan is a salaried worker whose salary is $48,000 per year. The $2,000 he receives twice a month represents Bryan's. O A. net pay O B. gross earnings C. pay category O D. withholdings SUBMIT