How much is the total exclusion from gross income?
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- Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and other benefits 50,000 De minimis benefits within the ceiling amounts 20,000 De minimis benefits in excess of the ceiling amounts 6,000 45,000 Fixed transportation and communication allowance How much is the taxable compensation income? O 300,000 O 335,000 380,000 386,000Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and ôther benefits 50,000 De minimis benefits within the ceiling amounts 20,000 De minimis benefits in excess of the ceiling amounts 6,000 Fixed transportation and communication allowance 45,000 How much is the taxable compensation income?Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and other benefits 50,000 De minimis benefits within the ceiling amounts 20,000 De minimis benefits in excess of the ceiling amounts 6,000 Fixed transportation and communication allowance 45,000 How much is the total exclusion from gross income?
- 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?A 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?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!
- In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.A government employee received the following in 2021: Gross salaries 1,044,000 RATA 12,000 PERA 24,000 Additional Compensation Allowance (ADCOM) 24,000 Christmas bonus 87,000 Christmas gift 5,000 Laundry allowance 400/month 4,800 62,000 Mandatory contributions 280,000 Income tax withheld Compute the taxable compensation income. O 1,071,200 O 1,068,000 O 1,044,000 O 1,009,2001. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following data: • Basic Pay- 259,000.00 50,000.00 Holiday & OT- Incentives - 50,000.00 TOTAL 359,000.00 Travel Allowance (to be liquidated) 100,000.00 MANDATORY BENEFITS: . SSS 10,000.00 • PHIC 1,200.00 • HDMI 1,000.00 Total 12,200.00 • COMPUTE THE GROSS COMPENSATION 2. Aside from being a manager Pepe also deposited in a Bank to earn an extra income through passive income. He deposited 4,000,000 in a 180-day time deposit. The deposit pays 5% interest. Compute the final tax on the maturity of the deposit. 3. Supposed that Pepe's investment is a Six year time deposit dated January 26, 2020. Assuming Pepe terminated the deposit today, how much is the final tax to be withheld by the Bank upon termination? 4. Explain who will pat the final tax and ow? 5. Explain the different between Income Tax and final tax.
- The following date relate to the defined benefit plan of Bronson Company for the year ended December 31, 2018: Present value of benefit obligation January 1, 2018 15,000,000 Current service cost 800,000 Benefits paid during the year 1,500,000 Discount rate 6% Present value of benefit obligation, December 31, 2018 17,410,000 Ignore income tax, what amount of remeasurement gain or loss that should be included in the other comprehensive income?Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions (SSS, etc) 35,000; Rice allowance 35,000; Uniform allowance 10,000; 13th month pay 85,000. How much is the total REGULAR COMPENSATION? 900,000 1,050,000 1,135,000 How much is the total NON-TAXABLE DE MINIMIS benefits (within the ceiling amount)? 45,000 30,000 zero How much is the total TAXABLE COMPENSATION? 1,060,000 1,025,000 1,015,000 Please provide just basic computation. Thank youuu!5. You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is Group of answer choices P250 million P280 million P200 million P120 million