An employee received the following benefits:regular compensation income, net of P25,000SSS, PHIC & HDMF employee share - P850,000;13th month pay - P120,000; De minimisbenefits within their limits - P90,000; Excess deminimis benefits - P70,000; Other de minimisbenefits - P30,000; Other fringe benefits -P60,000. Using the tax table below, how muchis income tax due of this employee?Tax Due is:If Taxable Income is:Not over P 250,000250,000 but not over P400,000 but not over POver POver P400.00020% of the excess over P 250,000800.000 P 30.000+25% of the excess over P 400.000Over P 800,000 but not over P 2,000,000 P 130,000+30% of the excess over P 800,000Over P 2,000,000 but not over P 8.000.000 P 480,000 + 32% of the excess over P 2,000,000Over P 8,000,000|P 2.410.000 + 35% of the excess over P 8,000,000(Answer must have no peso sign, no decimals &no extra spaces in between. Follow this format:X,XXX,XXX)

Answered: Image /qna-images/answer/e8553733-e74a-4717-8525-134d5618176a.jpg

An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? Tax Due is: 20% of the excess over P 250,000 30.000 + 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000+32% of the excess over P 2,000,000 |P 2,410,000 + 35% of the excess over P 8,000,000 Over P If Taxable Income is: Not over P 250,000 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2.000.000 P Over P 2,000,000 but not over P 8.000.000 P Over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)

An employee received the following benefits: regular compensation income, net of P25,000 SSS, PHIC & HDMF employee share - P850,000; 13th month pay - P120,000; De minimis benefits within their limits - P90,000; Excess de minimis benefits - P70,000; Other de minimis benefits - P30,000; Other fringe benefits - P60,000. Using the tax table below, how much is income tax due of this employee? Tax Due is: 20% of the excess over P 250,000 30.000 + 25% of the excess over P 400.000 130,000+30% of the excess over P 800,000 490,000+32% of the excess over P 2,000,000 |P 2,410,000 + 35% of the excess over P 8,000,000 Over P If Taxable Income is: Not over P 250,000 250,000 but not over P 400.000 Over P 400,000 but not over P 800.000 P Over P 800,000 but not over P 2.000.000 P Over P 2,000,000 but not over P 8.000.000 P Over P 8,000,000 (Answer must have no peso sign, no decimals & no extra spaces in between. Follow this format: X,XXX,XXX)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with monthly salary of P25,000, monthly allowable deductionsof P1,300, bonus of P25,000 for the year.
Mianel, an employee of XYZ Corp. is receiving regular monthly compensation in the amount of ₱100,000. The monthly nontaxable deductions would be GSIS (₱ 9,000.00), Philhealth (₱ 687.50), and HDMF (₱ 100.00). Compute for the withholding tax due. Compute for the amount to be withheld.
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? 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
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with annual salary of P150,000, annual total contributions of P1,000 and bonus of P12,000 for the year.
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? How much is the total REGULAR COMPENSATION? How much is the total NON-TAXABLE DE MINIMIS benefits (within the ceiling amount)? How much is the total TAXABLE COMPENSATION?
suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891 has other group from benefits amounting to 10,000, how much of his benefit s is taxable? How much is non taxable? If his tax is 0.08. How much is his tax and what is his net amount for his benefit?
Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first $7,000 of anemployee’s pay. What is the total unemployment tax anemployer must pay on an employee’s annual wages of$40,000? a. $2,400 b. $420 c. $42 d. $378 e. $0; employee’s wages exceed the $7,000 maximum.
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!
Problem Solving. 1. Ms. Beta earned an annual compensation income of P1,140,000, net of statutory payments. Tax exempt 13th month pay and other bonuses – P95,000. How much is the taxable compensation income? 2. Assuming that Ms. Beta's employer already withheld half of her income tax due, how much is the remaining income tax due and payable? 3. How much is Ms. Beta's income tax due?
Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.
Taxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @ 15.30% How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?