General Motors offers thhis employee group term amount of $100,000. General Motors paidS100 per S10.000 of face amount per year (e s1000) for the GTLL What will be the vearly personal income tax liability for this employee? A. B. so $150 $300 D. $15,000 S30,000 E
Q: Mianel, an employee of XYZ Corp. is receiving regular monthly compensation in the amount of…
A: Monthly Compensation = 100,000 Non taxable deductions: GSIS = 9,000 Philhealth = 687.50 HDMF =…
Q: Suppose you made $98,296 of income from wages and $567 of taxable interest. You also made…
A: Income from Wages= $98296 Taxable Interest= $567 Contribution to tax-deferred retirement account=$…
Q: ual to $320,000. Tiptop had interest expenses of $80,000 and depreciation expenses of $75,000 durin…
A: Explanation of concept Tax:- A tax is the compulsory payment which is imposed by the government on…
Q: Vergo Company acquired a motor vehicle for P1,000,000 for the use of one of its on-call employees.…
A: If the Employer owns and maintains a motor vehicle for the use by employee for the business…
Q: 1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following…
A: In the context of the given question, we are going to compute the final tax to be withheld by the…
Q: An employer is required to withhold 7.65 percent of the first $62,700 of an employee's income for…
A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…
Q: 40 year old Taxpayer: Salary 100,000 Bonus 20,000 ER Paid Health Insurance 10,000 ER Paid Parking…
A: Taxable Compensation or Taxable Income = Gross Salary ( Basic Pay + Dearness Allowance + HRA +…
Q: Mary Gonzalez had total cumulative gross earnings of $5,800 as of 1/31/20X1. Her gross earnings for…
A: State unemployment and Federal unemployment taxes are employer payroll taxes. These taxes are not…
Q: 4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: In the taxable year 2020, the following data pertain to a corporate business organization: • 90,000…
A: Fringe benefits are the additional benefits and compensation, that is being provided to employee by…
Q: Hobby Hut has three employees. Find the amount subject FUTA and the amount of the FUTA for this pay…
A: >FUTA stands for Federal Unemployment Tax Act. It is an act that imposes a payroll tax on…
Q: a) A (45 years), a salaried private sector employee, wants to know the amount of tax liability in…
A: Since, nothing is mentioned regarding Tax Regime. It is assumed that Mr. A has not opted for New tax…
Q: Calculate the tax liability for Andre, a single tax resident, receiving $1,000 dividend (80%…
A: Tax is a liability for an individual or a company that has to be paid on the income earned and it is…
Q: d. f. Pre-tax financial profit is P10,000,000 and income tax rate is 30% for the current and future…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: .Pedro earned and incurred the following income and expenses: |Compensation (exclusive of mandatory…
A: Taxable income: Taxable income refers to the sum of gross income from all the sources that indicate…
Q: Harold is a resident Citizen,vat tax payer. taxable period:2020 Gross sales php 5,000,000 other…
A: Optimal Tax - It is a tax amount calculated on the income without considering any deduction out of…
Q: 1 Jacqueline Cruz generated annual compensation income of 455,000 net of statutory payments Tax…
A: Disclaimer: Since this is a multiple question, we can answer only to the first question. If you want…
Q: (b) Mr. Suntan Ahmed has filed his Income Tax Return for the year ending on 30-06-2020 showing the…
A: The taxable income is calculated by combining income from all the sources and deducting exempted…
Q: Ms. Cumacaliua is concurrently employed at Cumanan Corporation an Paatras Company. She received the…
A: Business tax in the Philippines has to be paid by the corporates and also by those individuals who…
Q: 1. General Motors offers this employee group term life insurance (GTLI) with a face amount of…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: A private employee had the following remuneration in 2019: Gross salaries, net of P11,000 mandatory…
A: Payroll- Payroll is the procedure for paying a company's employees. This procedure entails…
Q: In the taxable year 2020, the following data pertain to a corporate business organization: De…
A: In taxable year 2020, Date pertains to a corporate business organization are : 1. De minimis…
Q: Mark resigned in 2021 after 12 years of service. He had the following income during the year:…
A: The separation pay is included in the gross income together with the salary because the separation…
Q: A taxpayer registered in 2020 made available the following financial information for TY2021 :…
A: As per CREATE law, if income of domestic corporation is less than 5 million, then tax rate will be…
Q: Atty. Diokno owns 30% of the capital and profits of his law office. The law office reported…
A: IAtty. Diokono holds 30% of the capital and profits of his law office
Q: Eduard Montes generated annual compensation income of ₱ 455,000, net of statutory payments. Tax…
A: Tax obligation seems to be the sum of money owed to tax authorities with in manner of a tax debt.…
Q: Mang Panday, a resident citizen taxpayer approached you and presented the following- * Description…
A:
Q: Balance Sheet: Asset – Php 500,000 Liability – Php 100,000 Stockholders' Equity – Php 400,000…
A: Income tax is a tax that is paid on the income of a company, individual, AJP, BOI (i.e.on person)…
Q: Mr. Raya earns purely compensation income for the year 2021 with an annual basic salary of…
A: Given, Government Mandatory Contributions – Php21,900.00, Holiday, OT and Night Differential Pay –…
Q: Ms. V is currently employed in VVV Company. She has the following income and withheld income tax in…
A: Compensation is the cash or non-cash revenue received by the employee from the employer over and…
Q: Sparrow Corporation (a calendar year, accrual basis taxpayer) had the follow ing transactions in…
A: Answer - Particulars Amount Taxable income $330,000 330000 Less :Federal income tax…
Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…
A: FICA--OASDI Tax: FICA--OASDI stands for Federal Insurance Contributions Act for Old Age, Survivor…
Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…
A: In the United States of America, the taxable income is all gross income of the entity that includes…
Q: In the following problems, use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.…
A: FUTA tax for the year = (Total payroll for the year - wages paid in excess of $7,000) x FUTA tax…
Q: Layla has $200,000 of QBI from her neighborhood clothing store (a sole proprietorship). Her…
A: 1. Calculation of Taxable Income Note: W2 wages and Investment in property do not exceed thier…
Q: 1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following…
A: The gross compensation for Pepe would be the amount received from the employer including mandatory…
Q: Z Corporation paid P 136, 000 cash fringe benefit for the year 2019 representing 80 % of the car…
A: Fringe benefit refers to those extra or additional benefits provided to employees from their…
Q: Suppose you made $70,390 of income from wages and $178 of taxable interest. You also made…
A: Taxable Income is income on which tax is calculated o be paid to government for a particular after…
Q: Finthe olanks Mr. Pluto had the following income during the year: Gross compensation income…
A: Gross income is the one in which the deductions and expenses are yet to be adjusted.
Q: Pedro has the following income in 2020. Compensation income including 65,000 for SSS-365,000…
A: Answer: As per Q/A guidelines, only first question is to be answered. Please repost remaining…
Q: You are an employee in the private sector. For the year 20x1, you received a 13th month pay of…
A: Taxable income is the amount on which the income tax needs to be paid as per slab applicable for…
Q: Arndt, Ic., reported the following for 2018 and 2019 ($ in millions): 2018 2019 $ 995 $1,073 840 $…
A: Solutoin 6: Tax schedule showing reconciliation between pre tax financial income, taxable income,…
Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…
A:
Q: A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s…
A: Flexible Spending Account : It is a type of account which is like savings account for keeping aside…
Q: Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his…
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…
Q: monthly compensation in the amount of ₱100,000. The monthly nontaxable deductions would be GSIS (₱…
A: Given Monthly Compensation = 100,000 Non taxable deductions: GSIS = 9,000 Philhealth = 687.50…
Q: -4) Mrs. Reena earns a salary of $58,500 in a year. P.AY.E deducted at source was $2100.00.…
A: Tax payable/(Refund) = Total Tax Due - P.A.Y.E deducted at source
Step by step
Solved in 2 steps with 1 images
- Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 Current service cost P26,000.00 P 19,000.00 16,000.00 Discount rate 10% 10% 10% Actual return on plan 24,000.00 22,000.00 20,000.00 assets Contributions to the plan 48,000.00 40,000.00 16,000.00 Benefits paid to retiree 21,000.00 16,400.00 14,000.00 Other information: The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00 Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the balances and the activities of the pension. Indicate in the…An insurance policy pays $50,000 immediately or $4,000 every 6 months for 10 years beginning now. What interest rate / is being used? You are given: a 19/06 11.1581 a- 11.24% 10.59% 9.93% 11.77% 19 055 11.6077 a- = 12.4622 20/05 201045 = 13.0079An insurance contract has a straight deductible worth 100BD, additionally it also has a coinsurance agreement which specifies that a 21% coinsurance clause exists on a car valued at 30,107 BD. Based on this, if a loss worth 14,713 happens, how much will the insurer pay?
- Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 Current service cost P26,000.00 P 19,000.00 P 16,000.00 Discount rate 10% 10% 10% Actual return on plan assets Contributions to the plan 24,000.00 48,000.00 22,000.00 40,000.00 20,000.00 16,000.00 14,000.00 Benefits paid to retiree 21,000.00 16,400.00 Other information: 1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 2. On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00. Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the balances and the activities of the pension. Indicate…During the 2023 FBT year, Bulkhead Shipping (Bulkhead) provided the following fringe benefits to Christina, the CEO: Child-care expense payment benefit $10,000 taxable value Domestic holiday expense payment benefit $10,000 taxable value All figures are GST inclusive where applicable. Calculate the 2023 FBT liability of Bulkhead on these benefits. Question 15Select one: $18, 644.90 $ 9,400.00 $19, 553.88 $17, 735.92 (answer required according to Australian Taxation)The insured has divided the insurance on its building as follows: $200,000 with insurer M and $300,000 with insurer R. The If there is a $100,000 loss, insurer M will pay: OA $40,000 OB. $60,000 C $66,666 $100,000 D.
- Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400Hw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?Happy Woolly Inc. provides the following information about its postretirement benefit plan for the year 2019. (In Euros) Service cost €90,000 Contribution to the plan €56,000 Actual return on plan assets €2,000 Benefits paid € 40,000 Plan assets at January 1, 2019 €710,000 Defined postretirement benefit obligation at January 1, 2019 €760,000 Accumulated OCI (Loss) at January 1, 2019 100 (Dr-Loss) Discount (interest) rate 9% Required: Compute the postretirement benefit expense for 2019 and give your explanation!
- A man borrows S195,500 from a bank with interest at 7% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yearh. Find the annual payments. S60,203 b. S60,354 4. $60,487 d. S60,589 e. $60,758Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 P26,000.00 P 19,000.00 P 16,000.00 Current service cost Discount rate Actual return on plan assets Contributions to the plan Benefits paid to retiree 10% 10% 10% 24,000.00 48,000.00 21,000.00 22,000.00 20,000.00 40,000.00 16,400.00 16,000.00 14,000.00 Other information: 1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 2. On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00. Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the halances and the activities of the pensio.A life insurance company issues a 10-year term insurance policyto a life aged 50, with sum insured $100 000. Level premiums are payablemonthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurredat the premium payment times) and 5% of all premiums after the firstyear. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the dateof death. (v) Mortality follows the Standard Select Life Table, with UDD betweeninteger ages.(vi) i = 5%. Calculate the gross monthly premium.