The net income for 2007 of A Company before any deduction for bonus and income tax amounted to 2,500,000. Under an incentive compensation plan, the general manager is entitled to a year-end bonus of 10% of the net income before deducting the bonus but after deducting the income tax. Income tax rate is 35% The manager's bonus for 2007 was - Group of answer choices 164, 729 168, 394 157,620 162,500
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- Tigers Co likes to award its manager with bonuses based on the company's performance. The following describes the various bonus plans, tax rates, and the amount of "Income Before the Bonus and Tax" (IBBT): Bonus determination Tax rate 40% 25% 20% 10% Plan A B с D IBBT $4,620,000 $2,280,000 $3,660,000 $1,290,000 REQUIREMENTS: Assuming that the bonus is tax-deductible in each case, determine the following amounts for each bonus plan: 1. Bonus 2. Tax 3. Net Income Bonus equals 10% of the amount of (income after the bonus, but before the tax) Bonus equals 20% of the amount of (income before the bonus, but after the tax) Bonus equals 25% of the amount of ("Net Income") Bonus equals 40% of the amount that ("Net Income" exceeds $600,000)PP Company has an incentive compensation plan under which a branch manager receives 10% of the branch income after deduction of the bonus but before deduction of income tax. Branch income for the current year before the bonus and income tax was P1,650,000. The tax rate was 30%. What is the bonus for the current year?The manager of Sheffield is given a bonus based on net income before taxes. The net income after taxes is $63300 for FIFO and $52100 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO? $16000 $22400 $3200 $11200
- The profit for 2019 of Dwight Company before any doduction for bonus and income tax amounted to P2,500,000. Under an incentive compensation plan, the general manager is entitled to year-end bonus of 10% of the profit belore decucting the bonus but after deducting the income tax. Income tax rate is 30%. The manager's bonus for 2019 was A. 169,903 B. 180,412 C. 227,273 D. 163,551Wed Company has an incentive compensation plan under which a branch manager received 10% of the branch’s incomeafter deduction of the bonus but before tax. Branch income for the year before the bonus and income tax was P2,475,000.Tax rate is 35%. What is the amount of bonus for the current year?a. P189,000 c. P247,500b. P270,000 d. P225,00035. a) Ronald Company has an incentive compensation plan under which a branch manager received 10% of the branch income after deduction of the bonus but before deduction of income tax. Branch income for the current year before the bonus and income tax was P1,650,000. The tax rate is 30%. What is the bonus for the current year? P150,000 P180,000 P165,000 P126,000
- SESAME-SEED Company has a bonus agreement that provides that the senior managers will receive an annual bonus of 12% of the net income after bonus and tax. The income tax rate is 30%. The senior managers received ₱250,000 for the current year as a bonus. What is the net income before bonus and tax? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)37. The bonus agreement of Christian Company provides that the general manager shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30% The general manager received P350,000 for the current year as bonus. What is the income before bonus and tax? P4,280,000 P4,000,000 P3,700,000 P5,350,000Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%. The general manager received P 280,000 for the current year as bonus. What is the income before bonus and tax? * A.4,280,000 B.3,720,000 C.4,000,000 D.2,800,000
- Love Company has an incentive compensation plan under which a branch manager received 10% of the branch’s income afterdeduction of the bonus and tax. Branch income for the year before the bonus and income tax was P3,300,000. Tax rate is 30%.What is the amount of bonus for the current year?Italy company has an incentive compensation plan under which a branch manager received 10% of the branch income after deduction of the bonus but before deduction of income tax. Branch income for the current year before the bonus and income tax was P2,475,000. The tax rate was 30%. What is the bonus for the current year? Belarus company decided to offer a bonus to the branch manager of 25% of income over P1,500,000 earned by the branch during the current year. The income for the branch was 2,400,000 before tax and before bonus for the current year. The bonus is computed on income in excess P1,500,000 after deducting the bonus but before deducting tax. What is the bonus for the current year? Vilnius company has an agreement to pay the sales director a bonus of 5% of the entity’s earnings. The income for the year before bonus and tax is P2,625,000. The income tax rate is 30% of income after bonus. What is the amount of bonus if it is based on a percent of income after bonus and after…7. SESAME-SEED Company has a bonus agreement which provides that the senior managers will receive an annual bonus of 12% of the net income after bonus and tax. The income tax rate is 30%. The senior managers received ₱250,000 for the current year as bonus. What is the net income before bonus and tax?