Samsam, single status and without dependent, is the Manager in Walter Mart Company. He is earning PhP45,000.00 per month. The following are his contributions being an employee of the company: SSS Contribution: Php 581.30; Philhealth Contributio
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Samsam, single status and without dependent, is the Manager in Walter Mart Company. He is earning PhP45,000.00 per month.
The following are his contributions being an employee of the company: SSS Contribution: Php 581.30; Philhealth Contribution: Php 437.50; Pag-Ibig Contribution: Php 100.00; Cooperative Contribution PhP 1,500.00. He was charged PhP 347.50 of his tardiness.
1. Find the Net Pay of Samsam.
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- Rodger Santos, a 35-year-old computer programmer, earns ₱3,600,000.00 a year. His monthly take-home pay is ₱187,500.00. His wife, Maria, works part-time at their city SUC but receives no benefits. Under the law, Rodger’s employer contributes to a worker’s compensation insurance fund that would provide ₱112,500.00 for 6 months if Rodger were disabled and unable to work. Use a worksheet to calculate Rodger’s disability insurance needs assuming that he won’t qualify for Medicare under his social security (SSS) benefits. Based on your answer in letter a, what would you advise Rodger about his need for additional disability income insurance? Discuss the type and size of disability income insurance coverage he should consider, including possible provisions he might want to include. What other factors should he take into account if he decides to purchase a policy?Betty, a manager at Rustan’s department store receives the following from her employer on a monthly basis: Rice subsidy – Php3,000 Transportation allowance – Php1,000 Medical cash allowance – Php500 Laundry allowance – Php300 Wellness allowance – Php3,000 Entertainment allowance – Php800 Compute for the fringe (i) benefit exempt from FBT and (ii) subject to FBT. (i)Php2,550; (ii)Php3,800 C. (i)Php2,550; (ii)Php6,050 (i)Php3,800; (ii)Php4,800 D. (i)Php2,550; (ii)Php4,800Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry’s monthly statutory income is: a. $812,500 b. $820,000 c. $730,500 d. $737,250
- Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%.Yoona, married with 3 qualified dependent children, a regular employee of SM Town Company, receives on July 06, 2022, PHP 30,000 as a regular monthly salary and half of her 13th month pay amounting to PHP 15,000 plus other benefits such as rice allowance or July of PHP 2,500, productivity incentive pay of PHP 30,000, hazard pay of PHP 1,000 overtime pay of PHP 4,000 and night shift differential of PHP 2,000. The income subject to withholding tax in July is: 57,000 37,000 30,000 34,000Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: a.$162,748 b. $153,061 c.$164,923 d.$189,748
- Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry's monthly statutory income is: а.$730,500 b.$737,250 c.$820,000 d.$812,500Mang Carding is a minimum wage earner. To augment his earnings, he put up a mini store under his name and managed by his wife. Records show the following relating to his compensation and store operations for the taxable year: Basic salary P85,000 Overtime and holiday pay 10,000 13th month pay 8,000 14th month pay 8,000 Allowances 25,000 De minimis – limit 20,000 De minimis – excess over limit 10,000 Store gross income 100,000 Compute the taxable income of Mang Carding.Dimitri operates Downtown Discount Pharmacy, a sole proprietorship. Downtown Discount Pharmacy sponsors a profit sharing plan. Dimitri had net income of $205,000 and paid self-employment taxes of $21,263 for the year. If Dimitri makes a 15% of salary contribution on behalf of all of his employees to the profit sharing plan, how much is the contribution to the profit sharing plan on behalf of Dimitri? $22,642 $25,352 $26,732 $30,750
- Markie is employed by Holy Cross as an ambulance driver with a salary of Php. 20,000 a month. In addition, he is given free meals with a monthly value of Php. 4,500 and living quarters within the hospital compound with an equivalent value of Php. 2,000 a month. The monthly taxable compensation income of Markie is: A. Php. 20,000 B. Php. 24,500 C. Php. 26,500 D. Php. 22,500. AsapMr. Santos received the following compensation and benefits for a year, working as an It officer. Annual basic Salary 13th month pay and bonuses Php300,000 75,000 Uniform allowance 5,000 4,000 Laundry allowance Rice subsidy 27,600 Determine how much of Mr.Santos' total compensation is taxable and how much of it is non-taxable.Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally has invested $200,000 in the business and Andy invested $100,000. THe net income of the business is $168,000 for the year. Income is distributed based on the investment of each partner after allocation for salary. How much net income is allocated to Sally?