Calculate Mr. X's the net employment income for 2020? Question 7 options: a) $21,500 b) $27,500 c) $21,000 d) $27,000
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Mr. X was an employee with the following information from his employment in 2020.
Salaries and wages - $27,000
RRSP contribution in 2020 - $5,500
Membership dues paid by Mr. X - $500
Calculate Mr. X's the net employment income for 2020?
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- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountZ was an employee with the following information from her employment in 2021. Salaries and wages - $57,500 RRSP contribution in the final months of 2021 - $5,500 Membership dues paid by Ms. Z’s employer on her behalf - $500 What is Ms. Z’s net employment income for 2021? _$52,000__________b) Below is the details of payroll for Ms Amirah as at 31st March 2021. Employee's Category Conveyer Belt Operator RM 1,500 Basic rate Marriage status Single Allowance RM 543 Overtime RM 505 Monthly tax deduction 0 For year of assessment 2021 REQUIRED: Express calculation on following: i. ii. iii. Gross pay. Contribution (Employee Provident Fund and SOCSO) Net pay
- expected to retire on December 31, 2044. The employee's An employee was hired by the entity on January 1, 2000 and 2. -What is the projected benefit obligation after amendment 3. What is the past service cost for 2020 as a result of the Problem 17-13 (IAA) a end of each year. retirement is expected to span 21 years. The employee's final salary at retirement is expected to be P800,000 and the appropriate discount rate is 8%. On January 1, 2020, the plan formula was amended by increasing the percentage from 2% to 3%. The amendment was made retroactive to consider past service years. The present value of an ordinary annuity of 1 at 8% for 21 periods is 10.02 and the present value of 1 at 8% for 25 periods is 0.15. 1. What is the projected benefit obligation before amendment on January 1, 2020? a. 480,960 b. 320,000 c. 160,000 d. 400,000 2. -What is the projected benefit obligation after amendment on January 1, 2020? a. 480,000 b. 721,440 c. 240,000 d. 320,640 amendment? 160,000 b. 120,240…Mr Tan was paid a salary of $250,000 for 2019 and a non-contractual bonus of $50,000 to be paid in January 2020. He was also provided with a fully furnished accommodation. The total rent (inclusive of rent for furniture and fittings) paid by the employer in the year was $60,000.What is Mr Tan’s employment income for the Year of Assessment 2020? Question 14 options: 1) $360,000 2) $300,000 3) $310,000 4) $250,000A private employee had the following remuneration in 2019: Gross salaries, net of P11,000 mandatory contribution P314,000 12,000 24,000 28,000 5,000 8,000 Fixed RATA COLA 13th month pay Christmas gift Laundry allowance (P500/month) What is the taxable compensation income?
- An employee had the following details of compensation income in 2021: Regular compensation income 780,000 Overtime pay 43,000 13th month pay 65,000 De minimis benefits: Medical assistance to employee 22,000 Total of other de minimis beenfits 32,000 Compute the taxable compensation if the employee is a rank and file 842,000 836,000 823,000 780,000RRSP Marsha had the following income in 2020and 2021 Employment income Business income Interest Income Dividends Rental Income 2020 $140,000 20,000 20,000 2000 10,000 Calculate Marsha's maximum RRSP deduction for 2021 Earned Income Employment income Business income Rental Income Total Earned Income 18% of earned income Maximum RRSP deduction for 2021 Marsha's maximum RRSP contribution for 2021 before adjustments At the end of 2020, she had unused RRSP contribution room of $10,000. Her pension adjustment from 2020 was $5,000. She anticipates a pension adjustment of $7,000 in 2021. Required: 2021 160,000 $ 5,000 8,000 7,000 6,000 0Question 15: Under the wage-bracket method for an employee who completed the 2021 Form W-4, what would the federal income tax withholding be if he/she is single, works one job, and has a weekly adjusted wage amount of $315? Answer: A. $0 В. $8 С. $14 D. $22
- An employer maintains pension trust for its employees. The following information are made: Description 2018 2019 2020 Current service costs 1,500,000 1,700,000 2,000,000 Past service costs 800,000 600,000 How much is the deductible pension contributions for the year 2020?K Andy Palermo is a commission salesperson with a base salary of $98,000. In 2023, he earns commissions of $16,900. Of this amount he rece travel. He incurs the following expenses: Meals and Entertainment with clients 22,700 11,900 Hotel and airline tickets What is the amount of Andy's maximum deduction for these expenses in determining his 2023 employment income? A. $9,400 B. $11,900 OC. $34,600 D. $16,900 E. $23,250 $Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident FundShe has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanationswherever required, If Ms. Sangeeta is a Government employee. A) please first tell the formula and understanding of the question B) second what are the steps to be followed to get the answer C) please write the answer in c option and what can we clarify from this