Multiple In 2019, Mr. Pacino was employed as account officer in a non-life insurance company. account totaled P4.2 million. He is likewise entitled to representation allowance of He received P8,000 basic monthly salary. In addition, he gets 5% of gross premium as commission on policies issued under his account. In 2019, gross premiums under his P1,000 a month. . How much is to be included as gross income in 2019? a. P96,000 b. Р306,000 с. Р318,000 d. exempt
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- 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?Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month as a gross salary. the company has an approval pension scheme to which he contributes 5 % of his salary. He also has a car loan payment of $25,000 per month. Calaulate Fredrick Grant income tax computation and net pay for the month April 2019A.For the previous year ending March 31,2021, A has submitted following details: Basic salary: *1,50,000; dearness allowance: ' 50,000 (40 percent is for retirement benefits); commission: *20,000; and children education allowance of Rs.7200. His employer contributes 20,000 p.m. to provident fund, matching contribution is made by A as well. His employer has also provided him rent free accommodation in Mumbai, lease rent of the property being 50,000. Assuming A is not a government employee. Determine his income chargeable under the head salary for the assessment year 2021-22. B.Perquisite is monetary or non-monetary payments made to an employee, discuss the provisions of section 17(2) in respect of perquisite. Discuss the valuation of following perquisites: Assets provided by employer; vehicle facility.
- In 2014, Mr. Pacino was employed as account officer in a non-life insurance company. He received P8,000 basic monthly salary. In addition, he gets 5% of gross premium a commission on policies issued under his account. In 2014, gross premiums under hie account totaled P4.2 million. He is likewise entitled to representation allowance of P1,000 a month. 1. How much is to be included as gross income in 2014? ь. Рзо6,000 c. P318,000 d. exempt a. P96,000Fully furnished accommodation with monthly rent of $5,000. Ms Tan contributed a total rent of $6,000 in the year 2019, with the rest paid for by the company. Calculate the accommodation benefit.Jewel Lyman is an employee in the office of Salvaggio & Wheelers, Attorneys at Law. She received the following benefits during 2018: Medical insurance: $250 per month . Commuter pass: $500 per year Employer-paid membership to Anytime Gym: $75 per year Dependent care assistance: $3,600 per year Required: What is the total taxable amount for Jewel's 2018 benefits? Answer is complete but not entirely correct. Total taxable amount $6750
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- Jim Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients. At December 31, 2020, Dr. Young had accounts receivable of P50,000. At December 31, 2021, Dr. Young had accounts receivable of P70,000 and unearned revenue of P10,000. On the accrual basis, how much was Dr. Young's patient service revenue for 2021? a. P 410,000. b. P 470,000. c. P 480,000. d. P 490,000.C-D. Use the following information for the next two questions:Mr A, employed in the private sector, received the following benefits during the year: Rice subsidy of one 50 kg sack of rice per month worth P2,500 Uniform and clothing allowance, P8,000 for the year Medical benefits for hospitalization during the year, P38,000 Laundry allowance, PI,000 per month Omega wristwatch worth P230,000 received as a loyalty award for having worked for the company in the last 25 years. 13 month pay, P40,000 Christmas bonus, P6,000Question: C. How much is Mr. X's taxable "13" month pay and Other Benefits?Answer: Question: D. If Mr X's total "take-home pay (excluding the benefits above) for the year was 480,000, how much is Mr X's tax due for the year?Answer:Patrick's monthly take-home pay is $5,000. His net worth is $125,000. He estimated that he would receive monthly Social Security benefits worth $1,000 and monthly company disability benefits $2,000 if he becomes disabled. The additional disability benefits that he needs to arrange for equals about O a. $7,000 O b. $2,000 O c. $6,000 O d. $5.000 Qe $3.000