Items 2 and 3 are based on the following information:Ver Dray is employed by Dr. Oren as driver with a salary of P14,000 amonth. In addition, he is given free meals with a monthly value of P10,500and living quarters with a vaiue of P3,000 a month.2. The monthiy gross compensation income isP 24,50013,500d. 27,500a.C.b.14,0003. If the allowances are furnished to Ver Dray for and as a necessaryincident to the proper performance of his duties, the monthly grosscompensation income is -P 24,50013,500d. 27,500a.C.b.14,000CS Scanned with CamScanner

Gross compensation income refers to the amount which the employee gets before any deductions and it…

Answered: Ver Dray is employed by Dr. Oren as…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

QI. Mahesh is a Finance Executive at X Ltd. His Income details are as follows: Basic salary (per month) Rs. 3,00,000 Deamess allowance (forming part of salary) 30% of basic salary Transport allowance Rs. 3,600 pm (for commuting between place of residence and office) Motor car running and maintenance charges fully paid by employer Rs. 40,000 (The motor car is owned and driven by Mahesh. The engine cubic capacity of car is below 1.60 litres. The motor car is used both for official and personal purpose by Mahesh) Rent Free Furnished Accommodation provided by the employer in Delhi. Cost of furniture Rs. 1,00,000 Two Air conditioners taken on hire by the employer and installed in the accommodation. Hire Charges of each air conditioner is Rs. 2,000 p.a. Expenditure on accommodation in hotels while touring on official duties Rs. 30,000 met by employer Cost of Computer provided by the employer to Mahesh from 1.10.2019 Mahesh made the following payments: Rs. 50,000 Tuition fee paid for 2…
Essam works in the Arab bank with monthly base salary 400 $ and bonus addition high cost of living amounted 80% of base salary. Bonus addition for cash risk 3% of base salary monthly. His contribution of saving box with 5% of base salary, & social security contribution (pension) 27$. Mr. Jehad get 13 salaries yearly (banking system). Required: calculate the income tax according income tax law 17/2004 if you know that he is married + 4 (one of them study at IUG by himself, and his parents (father & mother) live with him. He has a new car a mounted 15000 $. It was bought by a loan from Arab bank with interest 3% per year for 5 years
Please answer it.Thank you!
Q- if Russell's annual earnings are $47500, what is his semi-monthly pay, rounded to the nearest dollar? Q- Danya is in grade 12 and works weekends and after school as a cashier at the dollar store, earing $17.00/h. She works an average of 27 hours per week. Her average bi-weekly pay, rounded to the nearst dollar is?
A Manager of MUUG Corporation received the following remunerations: Gross salaries, net of SSS, PHIC and HDMF sss maternity benefits P1,140,000 P20,000 Profit sharing bonus 13th month pay P155,000 P100,000 Compute the taxable compensation income.
CENU COC Marty and Dee have 2 qualifying children for the child and dependent care credit. They paid $5,200 for their eligible work-related expenses. Marty's W-2 shows $56,720 in wages box 1. Dee was a full-time student for 10 months. The dollar limit for their work-related childcare expenses is. Select one: O a $2,500 b. $3,000 c. $5,200 d. $8,000 - e. None of these 4 ~nd bör danskt- Pinde ---- to non Powered by TOPY 2008-2023 Interactyx Limited. All rights reserved. Statement of Rights and Responsibilities
G7. CALACULATE FREDDY S LABOUR RATE PER HOUR? IF HER MONTHLY SALARY IS 10 000.SHE GE R9000 BONUS.HER EMPLOYER CONTRIBUTE R9000 ON HER PENSION.SHE WORK FOR 9 HOURS PER DAY FROM MONDY TO FRIDAY EACH WEEK.SHE IS HAVING 28 DAYS VACATION LEAE .THERE ARE 12 PUBLIC HOLIDAY IN YEARS
2. David Herbert earns $2,475 a month as a security guard for Baldwin Enterprises. His group medical insurance costs $6,600 a year. The company pays 80% of the cost of group insurance. a. Find the percent paid by David. b. How much is deducted each month from his paycheck for medical insurance? All rights reserved.
Kk.257.
1.2 REQUIRED Calculate the net salary of H. Gordon for December. INFORMATION H. Gordon's basic annual salary is R240 000. He receives an annual bonus of 80% of his basic monthly salary, payable in December each year. His pension deduction is 8% of the basic salary and income tax is levied at 20% on his taxable income.
points Karl works at Moe's grocery. This year Karl was paid $43.000 in salary but he was allowed to purchase his groceries at 10% below Moe's cost. This year Karl spent $3.600 to purchase groceries costing Moe $4,000 and worth $6,000. What amount must Kart include in his gross income? A $46,600 B$47,000 OC $49,000 D. 543,400 E $45,500

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS

Ver Dray is employed by Dr. Oren as driver with a salary of P14,000 a th. In addition, he is given free meals with a monthly value of P10,500 living quarters with a value of P3,000 a month. he monthly gross compensation income is a. P 24,500 13,500 d. 27,500 С. b. 14,000 f the