*************LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (tosave the environment) by providing them with transit passes at a cost of $283 per month.a. If LaMont receives one pass (worth $283) each month, how much of this benefit must he include in his gross income each year?Transit pass benefit to be included in gross incomeShow Transcribed Textb. If the company provides each employee with $283 per month in parking benefits, how much of the parking benefit must LaMontinclude in his gross income each year?Parking benefit to be included in gross income

Transit pass benefits refer to a type of employee benefit where employers provide their employees…

Answered: ************* LaMont works for a…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 2BCRQ

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LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $270 per month. a. If LaMont receives one pass (worth $270) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $270 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $284 per month. If LaMont receives one pass (worth $284) each month, how much of this benefit must he include in his gross income each year? If the company provides each employee with $284 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
[The following information applies to the questions displayed below.] LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $290 per month. Problem 12-47 Part a a. If LaMont receives one pass (worth $290) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income
LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $285 per month. Required: If LaMont receives one pass (worth $285) each month, how much of this benefit must he include in his gross income each year? If the company provides each employee with $285 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
C-D. Use the following information for the next two questions:Mr A, employed in the private sector, received the following benefits during the year: Rice subsidy of one 50 kg sack of rice per month worth P2,500 Uniform and clothing allowance, P8,000 for the year Medical benefits for hospitalization during the year, P38,000 Laundry allowance, PI,000 per month Omega wristwatch worth P230,000 received as a loyalty award for having worked for the company in the last 25 years. 13 month pay, P40,000 Christmas bonus, P6,000Question: C. How much is Mr. X's taxable "13" month pay and Other Benefits?Answer: Question: D. If Mr X's total "take-home pay (excluding the benefits above) for the year was 480,000, how much is Mr X's tax due for the year?Answer:
Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. salary of basic salary of P3 2. Cathy, a police officer, gets a basic P39,000 a month, monthly allowance of P2,000 and a hazard pay of P2,500. Find her annual gross income.
Employee Rick Smith Employee Address 456 1st Ave Yuma, AZ 85364 Number of Hours Worked and Hourly Rate SSN 123-45-6789 Pay Type- Gross Pay Rick's Paycheck Deductions Federal Withholding State Withholding Fed Social Security/EE Fed Medicare/EE Medical 401K Totals Pay Period Check # 108 Current Check Amount(Net Pay) Year-to-Date $168.00 $76.00 $119.04 $27.84 $50.00 $80.00 $
Direction: Read and understand the problems below. Write your solutions and answers at the back of this page or in a separate sheet of paper. 1. Jessa is a government employee with an annual gross income of P476,164 which includes her basic monthly salary of P36,628 and 13th month pay. She is a widow and has no dependents. She has an annual mandatory contribution of P 47,351 (GSIS, PhilHealth, and Pag-Ibig). What are the important information that you need to consider in computing for the tax due? How much is her annual income tax due?
Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care credit
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Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,000 monthly for the rice subsidy, P 2,000 overtime pay, and P 500 for laundry allowance. Solve for the following : A.Suppose Mr. Bean is working in the GOVERNMENT SECTOR : GSIS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY A.Suppose Mr. Bean is working in the PRIVATE SECTOR: SSS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY
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