Jennifer, the manager of Pharoah Company is given a bonus based on net income before taxes. The net income is $51300 for FIFO and $42200 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO? $9100 $18200 $2600 $13000
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- The manager of Wildhorse is given a bonus based on net income before taxes. The net income after taxes is $64430 for FIFO and $53300 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO? $22260 $11130 $3180 $15900The manager of Sheffield is given a bonus based on net income before taxes. The net income after taxes is $63300 for FIFO and $52100 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO? $16000 $22400 $3200 $11200The manager of Pharoah is given a bonus based on net income before taxes. The net income after taxes is $75980 for FIFO and $64500 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?
- Given the information below, what are the Assistant Project Manager's total wages and allowances? . . . . . . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . . .. . . (FUTA) Company can take the full 5.4% credit against the FUTA liability Company's compensation insurance rate is $2.04 per $100 in wages Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from . 4 employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan O $68,000 $73,000 $70,000 $65,0001.ABC Company has an incentive compensation plan that pays its president a bonus equal to 10% of the company's income in excess of P600,000 before income tax but after deduction of the bonus. If income before income tax and bonus is P1,920,000 and the tax rate is 32%, the amount of the bonus would be 2.ABC Company has an agreement to pay its sales manager a bonus of 5% of the income after bonus and after tax. The income for the current year before bonus and tax is P5,250,000. The income tax rate is 30% of income after bonus. What amount should be reported as bonus of the sales manager for the current year?SESAME-SEED Company has a bonus agreement that provides that the senior managers will receive an annual bonus of 12% of the net income after bonus and tax. The income tax rate is 30%. The senior managers received ₱250,000 for the current year as a bonus. What is the net income before bonus and tax? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)
- 7. SESAME-SEED Company has a bonus agreement which provides that the senior managers will receive an annual bonus of 12% of the net income after bonus and tax. The income tax rate is 30%. The senior managers received ₱250,000 for the current year as bonus. What is the net income before bonus and tax?37. The bonus agreement of Christian Company provides that the general manager shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30% The general manager received P350,000 for the current year as bonus. What is the income before bonus and tax? P4,280,000 P4,000,000 P3,700,000 P5,350,00010. MY MEDALS ARE SHOOKT ENTERPRISE distributes annual bonuses to its sales manager and two sales agents. The company reported P2,000,000 profit for 2019 before bonuses and taxes. Income taxes average 30%. How much is the total amount of bonus if bonus of each is computed at 15% of profit after taxes and bonuses? * a. P190,045 b. P397,476 О с. Р479,087 O d. Р570,135
- MY MEDALS ARE SHOOKT ENTERPRISE distributes annual bonuses to its sales manager and two sales agents. The company reported P2,000,000 profit for 2019 before bonuses and taxes. Income taxes average 30%. How much is the total amount of bonus if bonus of each is computed at 15% of profit after taxes and bonuses? a. P190,045 b. P397,476 c. P479,087 d. P570,135 Use the same information in MC 10. How much should the sales manager and each sales agent receive respectively, if the sales manager gets 15% and each sales agent gets 10% of profit after bonuses but before income taxes? a. P857,143 and P571,428 b. P518,519 and P518,518 c. P222,222 and P148,148 d. P195,000 and P130,000Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%. The general manager received P 280,000 for the current year as bonus. What is the income before bonus and tax? * A.4,280,000 B.3,720,000 C.4,000,000 D.2,800,000Tigers Co likes to award its manager with bonuses based on the company's performance. The following describes the various bonus plans, tax rates, and the amount of "Income Before the Bonus and Tax" (IBBT): Bonus determination Tax rate 40% 25% 20% 10% Plan A B с D IBBT $4,620,000 $2,280,000 $3,660,000 $1,290,000 REQUIREMENTS: Assuming that the bonus is tax-deductible in each case, determine the following amounts for each bonus plan: 1. Bonus 2. Tax 3. Net Income Bonus equals 10% of the amount of (income after the bonus, but before the tax) Bonus equals 20% of the amount of (income before the bonus, but after the tax) Bonus equals 25% of the amount of ("Net Income") Bonus equals 40% of the amount that ("Net Income" exceeds $600,000)
