FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
1. Jonas Brown is employed as a mechanic in Country A. His emoluments is $40,000
per week . He receives a tax-free travelling allowance of $5,000 per week.
Calculate his annual deductions assuming the following:
a. The annual income tax threshold is $1,000,000 per year.
b. Housing Contribution Rate 3% for the employer 2% for the employee.
c. John contributes 10% per month to an approved pension scheme and his
employer provides a matching contribution.
d. National Insurance is 3% for the employer and 3% for the employee.
e. The income tax rate is 25%.
f. Number of weeks is 52
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 1 steps
Knowledge Booster
Similar questions
- Help me with this part please, thank you.arrow_forwardArmand Giroux (single; 0 federal withholding allowances) earned weekly gross pay of $1,445. For each period, he makes a 401(k) retirement plan contribution of 6.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.15% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.75% of an employee's taxable pay on nonresidents.Federal income tax withholding = $ State income tax withholding = $arrow_forwardG, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary of his driver and other personal expenses in the amount of P20,000 per month for the current year. Compute the following: 1) Grossed Up Monetary of the Fringe Benefits 2) Fringe Benefits Tax Payable 3) If G is employed in an Offshore Banking unit, compute the fringe Benefits Tax. Upload your solutions in Spreadsheet Format.arrow_forward
- Using the TRAIN ACT TAX CODE below how much annual tax will be paid by Juan who earns Php. 45,000 a month and had a monthly contributions of the following: GSISarrow_forwardA woman is in the 15% tax bucket and itemizes her deductions. How much will her tax bill be reduced if she makes a$200 tax deductible contribution to charity A. $30 B. $200 C. $0 D. $170arrow_forwardMr. Limon is a service holder. His sources of income for the 30th June were: monthly basic salary (BS) Tk. 25,000; house rent allowance 70% of year ended BS; medical allowance Tk. 1,250 per month; conveyance allowance 7.5% of BS; performance bonus equal to 5 months BS; and dearness allowance 10% of BS. He has been provided with a car both for personal use and office purposes. He received two festival bonuses each equal to a month's BS. He contributed 10% of basic salary to a recognized provident fund (RPF) and his employer also contributed the same amount. He received interest @ 15% Tk. 15,000 on the accumulated balance of RPF. Calculate Mr. Limon's income under the head income from salary.arrow_forward
- Hansabenarrow_forwardJohn Moyer (married; 6 federal withholding allowances) earned monthly gross pay of $3,150. He participates in a flexible spending account, to which he contributes $265 during the period.Using wage-bracket method: Federal income tax withholding = $Using percentage method: Federal income tax withholding = $arrow_forwardEe.64.arrow_forward
- Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes for the year? $4,030.00 O $4,972.50 O $8,060.00 O $9,945.00arrow_forwardTotal Cost of Empleyee R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Lopez's salary. In addition, Kegen must pey SUTA tax et a rate of 5.4% and FUTA tax at a rate of 0.0% on the first $7,000 uf Lopez's salary. Compute the total cost to Kagen of emplaying Lopez for the year.arrow_forward1. Ms. Evelyn is tax compliance officer at the Bureau of internal revenue earning a monthly salary P35,196.00. How much is Ms. Evelyn's take home pay? 2. Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00. Over his monthly salary of P24,300.00. How much is his monthly net pay?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education