Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. USTI

The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it may be negative or positive). Assume that amounts shown for salaries and wages are after taxes and that 1 month= 4 weeks. Income Part-time job: $1100/month Student loans: $7800/year Scholarship: $7000/year The net monthly cash flow is $ (Round to the nearest dollar as needed.) ... Expenses Rent: $400/month Groceries: $40/week Tuition and fees: $6500/year Health insurance: $25/month Entertainment: $150/month Phone: $55/month

Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also put the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for can fare. what amount of these costs can Melissa deduct as business expenses. Explain the answer

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LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $270 per month. a. If LaMont receives one pass (worth $270) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $270 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?

G, 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.

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 $9,945.00

1. 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?

How is income defined by the IRC? For example, suppose you decided to hold a garage sale one fine summer weekend. The proceeds of such came out to $40. Do you report this? Why or why not?

Nellie has paid $3358.46 in CPP this year. She makes $2800.00 per pay and is paid bi-weekly How much will she have to pay in CPP contributions this pay? O $141.34- O $107.99 $69.97 O $78.56