The total amount subject to business tax is?
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Mr. Reyes is both employed and self-employed. He had the following income receipts during the month:
|
Gross compensation income |
P |
120,000.00 |
|
Director's fees |
|
80,000.00 |
|
Professional fees |
|
200,000.00 |
|
Total gross income |
P |
400,000.00 |
The total amount subject to business tax is?
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- During FEB, HCorp.'s employees earned wages of $74,000. Withholding (taxes) were ... $5,661 for FICA; $7,100 for federal income tax, and $1,900 for state income tax. Costs incurred (not yet paid) for unemployment taxes were $110 for federal and $160 for state. FYI: if "self-employed” you pay govt all FICA taxes (both employer + employee portions). Prepare the Feb28 entries for: (a) salaries and wages expense and salaries and wages payable assuming that all FEB wages (and withholdings) will be paid in MAR. (b) the company's payroll tax expense (which will also be paid in MAR). Feb 28 (a) Feb 28 (b)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.Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages: Tax on employer: HI Amount of HI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages is: Tax on employer: 39,500 Employer's OASDI Tax Employer's HI Tax 46,000 161,280 40,800 39,600 106,800 76,800 52,000 68,960 $673,890.00 $32.57 $3,257.00 $3,256.55 Haggerty Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31: If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Wages OASDI Tax Employee Stern, Myra Annual Salary $42,150 Lundy, Hal Franks, Rob Haggerty, Alan Ward, Randy Hoskin, Al Wee, Pam Prince, Harry Maven, Mary Harley, David Totals $7.62 $762.00 $761.61 (6.2% x $525.25) ($32.57 x 100) [6.2% x…
- Donler Tax Service performed services on account for $10,200 and paid expenses totaling $5,400. What is Donler's Net Income or Net Loss?please answerKenneth Noll’s gross earnings for the week were $2,600, his federal income tax withholding was $468, and his FICA total was $199. There were no state income taxes. What was Noll’s net pay for the week? Net pay $enter Net pay in dollars eTextbook and Media List of Accounts Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable, not Cash.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts…
- 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?Determine the self-employment tax for an individual who has $111,700 in wages, $4,000 in interest income, and $20,000 in self-employment income. The self employment tax is________?An employee has gross earnings of $1,600 and withholdings of $25 for income taxes, $5 for Social Security taxes, and $3 for Medicare taxes. The employer also pays a total of $5 for Social Security and $3 for Medicare taxes, $12 for FUTA, and $2 for SUI. What is the total cost of this employee to the employer?
- During the first week of February, Gabe Hopen earned earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is .8 percent of wages up to $13,000. Assume that Gabe has voluntary with holdings of $27.40 (in addition to taxes) and that federal and state income tax with holdings are $18 and $6, respectively. Using the information above, what amount is the check, netof all deductions, that Gabe received for the week's pay? Group of answer choices $259.60 $274.60 $277.00 $225.65Could really use some help with thisJuan dela Cruz, a newly hired operations manager of ABC Company, wondered how much would be his withholding tax on compensation per month. Due to lack of technical knowledge on taxation, he consulted you and presented the following information:Basic monthly pay, P45,500.00Monthly gas allowance, P1,000.00Monthly rice subsidy, P2,500.00Mobile load and internet allowance, P1,200.00Monthly contributions:SSS Contribution, P1,125.00Pag-IBIG Contribution, P300.00Philhealth Contribution, P1,800.00Compute the withholding tax on compensation income of Juan dela Cruz using this formula: 2,500 + (Excess of 33,333 * 25%)
