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.
Q: Problem 13-3A The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income…
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…
Q: do all charts have to have live item that state Total Revenue?
A: Live charts are those charts that automatically updates the data at pre-established time intervals.
Q: Lacourse Incorporated's inspection costs are listed below January February March April May June…
A: Cost is the amount incurred in producing or performing an activity. There are mainly three types of…
Q: On november 10 if the curret year, Flores Mills sold carpet to a customer for $7,700 with credit…
A: The journal entries are prepared to record the transactions of the business on regular basis. Using…
Q: In 2022, Jack, age 12 ,
A: As per IRS rules 2022 first $ 1,150 of child's unearned income qualifies…
Q: Porter Company's most recent contribution format income statement is shown below. 3. Sales (30,000…
A: The income statement tells about the profitability of the business for the current period. The…
Q: What are the two main assurance level or engagements that auditors can perform for their clients…
A: When an auditor gives an assurance it means that the auditor is offering its opinion with regards to…
Q: tal par value of $100,00
A: In the given problem as company is unable to pay interest and repayment of bond…
Q: 1) David and Dana file a joint return. David earned $35,000 during the year before losing his job.…
A: INTRODUCTION: Social Security benefits offer a portion of the income for qualifying retired adults…
Q: 1 repar
A: Solution 3: Journal entry to record transferring Job M1 to finished goods involve increase of…
Q: Calculate Earning Per Share You remember that the New York Bakery retired 224,812 shares in 2021.…
A: Return on stockholder's equity (ROE) is a financial measure that shows percentage of return owners…
Q: Defined benefit obligation, January 1 200,000 Fair value of plan assets, January 1 180,000 Current…
A: Defined Benefit Obligation: It is a post employment benefit plan wherein an employee is guaranteed…
Q: Changes in Shareholders' Equity The shareholders' equity section of Flores Design Company's…
A: Shareholder equity (SE) is the phrase used to describe a company's net worth, or the entire amount…
Q: Received on July 27, 2020 the electrical bill for $3,100. The bill will be paid on August 2. What…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Based on the following information, determine the true balance in your checking account. Balance in…
A: BANK RECONCILIATION Bank Reconciliation is the Statement which provides the Balance as per…
Q: k-$10 par value, outstanding 21,800 shares 100 par value, outstanding 32,300 shares $218,000…
A: Answer : a) Cumulative preferred stock and dividend in arrear is paid in preference to current year…
Q: [The following information applies to the questions displayed below.] The Township of Thomasville’s…
A: The non-spendable funds are part of funds that are not in spendable form or cannot be spent because…
Q: Logan Products has two production departments-assembly and finishing. These are supported by two…
A:
Q: Crane Designs has fixed costs of $229,600 and produces one graphic arts product with a selling price…
A: Degree of operating leverage is the difference between contribution margin and operating income and…
Q: Question 6- Non-Liquidating Distributions. At the beginning of the year SKYNT, Inc has a deficit…
A: Non-liquidating distribution: When an entity decides to distribute cash and property to its owners…
Q: The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: 6 List 4 types of management assertions presented in the financial statements that an auditor needs…
A: While performing the review engagement or audit procedure, preparing for an audit report, or forming…
Q: What factors should Beth take into account when considering the appointment of an executor of a…
A: Executor of will is the term which is defined as the person who would be nominated through the…
Q: a. What are Jessica's taxes due in year 1 assuming her marginal tax rate is 35 percent and her…
A: Today, company compensates their employees in different way who perform well for the company. The…
Q: Salmone Company reported the following purchases and sales for its only product. Salmone uses a…
A: Cost assigned to cost of goods sold under LIFO method is the purchase price of goods which was…
Q: a) Assuming that Y's net income in the first year following the acquisition was $950,000, prepare…
A: In order to comply with IFRS 3's principles and criteria, an acquisition must: recognizes and…
Q: Electronic Component Company (ECC) is a producer of high-end video and music equipment. ECC…
A: Target costing is a method of costing that is different from the traditional costing systems wherein…
Q: Alfredo's Pizza Cafe acquires an oven on January 1 of Year 1 for $10,000. Alfredo's capitalizes this…
A: From the given Question: Cost of Asset on January 1 - Year 1 = $10,000 Use full Life…
Q: On January 1, 2021, Ameen Company purchased major pieces of manufacturing equipment for a total of…
A: The deferred tax liability decreases the current liability for the tax, which means deferred tax…
Q: What factors will the courts take into account when deciding whether a person is an employee or an…
A: In determining whether a person is an employee or an independent contractor, the courts will…
Q: The revenue cycle requires regular review. Identify at least two types of misstatements found in the…
A: The revenue cycle is the process of providing customers with goods and services and obtaining…
Q: Calculate the total remittance due to Revenu Québec for this remitting period, if a Québec…
A: A payment made to the Quebec government in Canada to settle an unpaid tax debt is referred to as a…
Q: If you invest $10,000 at 7.125% interest compounded daily, how long will it take for you to…
A: 1. From the Given Question; Principal Amount = $10,000 Interest = 7.125% compounded…
Q: 2. Assume the company uses variable costing and a LIFO inventory flow assumption (LIFO means last-in…
A: Variable Costing When determining the cost of a unit of a product, the variable costing approach…
Q: profile-image 1. Budgeting is an important part of a manager's planning and control…
A: 1) True. Budgeting is an important part of manager's planning and control responsibilities in both…
Q: On June 1, 2023, Novak Company and Splish Company merged to form Blossom inc. A total of 877,000…
A: Earnings per share commonly referred to as EPS is the measure of computation of earnings per share.…
Q: Palo Alto Company earned net income of $43,800 during 2019. At the beginning of 2019, it had 10,000…
A: Answer:- Diluted earnings per share:- When all convertible securities are converted, a company's…
Q: omerset received $16,800 from a customer for 12 months rent in advance of the rental period. How…
A: According to the principle of revenue recognition , the revenue is recognized when services are…
Q: Sheffield Inc. factors $312,000 of accounts receivable with Bramble Corporation, without recourse.…
A: Factoring is a process of selling account receivable to other party to raise money from debtors in…
Q: On January 1, 2023, Weddings-R-Us Inc. raised $5.5 million by issuing $5 million of 4%, eight-year…
A: For accounting purposes, journal entries are a necessary requirement for recording transactions as…
Q: EXERCISE 5 Xi sells fruit and vegetables from his market stall for cash. His budgeted sales for…
A: Cash flow statement is one of financial statements. Cash flow statement includes three activities…
Q: Journal entry worksheet Record the lease payment received by ComputerWorld…
A:
Q: A company's manufacturing overhead is 60% of its total conversion costs. If direct labor is $41,000…
A: The direct costs such as direct materials and direct labor are included in the prime cost. The…
Q: BE11.2 (LO 1), AP Tang Company accumulates the following data concerning raw materials in making its…
A: Standard costing is one of the costing technique in business, under which standard or budgeted costs…
Q: Given the following entries in the cash account, prepare the statement of cash flows for Smith…
A: Cash flow statement is the one which is prepared to know the change in cash position of the entity…
Q: Journalize the following transactions for Flores' Benches. Explanations are not required. i (Click…
A: Journal entries are used to record accounting transactions in chronological order under double entry…
Q: Daniel is considering selling two stocks that have not fared well over recent years. A friend…
A: Capital loss: A capital loss is a loss incurred by the taxpayer on the sale of capital assets like…
Q: Who will be a user of financial statements, and what will they be used for? Question 17 options:…
A: Financial statements are written documents that outline an organization's operations and financial…
Q: CASE ACCOUNTING Empire Ltd had a cash balance per book of $ 40,690.50 on Jun 30, 2022. The bank…
A: Ideally cash balance as per cashbook must reconcile with bank balance. In case of any difference,…
Q: The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued…
A: Assets: The resources reported in the balance sheet, provide future income to the organization and…
Step by step
Solved in 3 steps
- A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…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?1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9 Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer: A. New Jersey B. Alaska C. Pennsylvania D. Rhode Island
- K You are provided with the following amounts for Diane Welsey for the current year: View the amounts. Based on the amounts, what is the net income reported by Diane Welsey pursuant to ITA 3 for the current year? A. $49,660 OB. $65,460 OC. $57,560 OD. $51,560 Ask my instructor Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) $ 54,000 8,700 1,460 6,000 7,900 12,600 $ IWhat is the taxable compensation income of an employee who received the following: Gross compensation income, before P44,000 Contribution to SSS, PHIC and HDMF... Additional compensation income.. 13h month pay and other benefits. ..P1,068,000 45,000 89,000Gross 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?
- FACTS / DATA / GIVEN: . Тахрауer: • Taxable period: Receipts/earnings/balances during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings-1st quarter Uncollected billings-2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using CASH basis A. 50,000 В. 60,000 О С. 80,000 D. 100,000INVOICE issued date 05/05/2020 as below: You have received an invoice from one of our suppliers and you are required to prepare: (i) Double entry for the invoice you have received base on the account and supplier number provided. (ii) Base on tax point of view, specify each item whether it is Capital or Revenue expenditure.Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.
- Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax Ericka Bilango 40,300.00 581.30 550.00 100.00 P 3,933.84 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-IBIGWage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in the following year, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5% on salary. Data on dates of employment, salary rates, and…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.