Tax Payable
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A: Please see the next step for the solution
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Calculate Tax Payable of Mr Sami for the year 2019. He is also a teacher
Basic Salary (105,000 - 5,000 - 120,000) 110,000 pm Bonus 2,600 Accommodation Facility in Mufasal Area 88,000 Contribution in Recognized Provident Fund by employee and same amount by employer 232,000 Interest @ 18% 35,000 Educational Exp of 4 Children 326,000 Conveyance facility provided by employer for official use 1,150,000 Contribution in Pension Fund 110,000 Contribution in Pension Fund 110,000
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- Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000 REQUIRED: 1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee 2.Compute the table compensation income subject to regular income tax during the year assuming that Mr.ABC is a managerial employee 3.Compute the taxable income subject to regular tax during the year assuming that Mr.ABC is an rank-and-file employee 4.Compute the total…Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000 REQUIRED: 1.Compute the taxable income subject to regular tax during the year assuming that Mr.ABC is an rank-and-file employee
- Following emoluments are received by Ms Sangeeta during the previous year ended on31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident Fund. She has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanations wherever required, If Ms. Sangeeta is a Government employee.D. benefit ENT OF EDUG ABM BM11SW-lld-2 5. Ms. Ana, a private employee, gets a monthly salary of P25,000.00, rice subsidy of P2,000.00, and a clothing allowance of P1,000.00 per month. How much will be her monthly gross income?Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. ZMW Salary 240 000 Bonus 52 000 Cost of living allowance 16 000 Refund from medical aid society 6 000 Cell phone allowance 8 000 Cash in lieu of leave 4 000 Expenses Doctor's consultation fees 18 000 Contribution to retirement annuity fund 30 000 Contribution to medical aid 36 000 Contribution to medical pension fund 39 000 Additional information provided by the employer 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer. 2.…
- . A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000d. 400,0001. Jonas Brown is employed as a mechanic in Country A. His emoluments is $40,000 per week . He receives a tax-free travelling allowance of $5,000 per week. Calculate his annual deductions assuming the following:a. The annual income tax threshold is $1,000,000 per year. b. Housing Contribution Rate 3% for the employer 2% for the employee. c. John contributes 10% per month to an approved pension scheme and his employer provides a matching contribution.d. National Insurance is 3% for the employer and 3% for the employee.e. The income tax rate is 25%. f. Number of weeks is 52
- Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 REQUIRED: 1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000Page 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 PAYFollowing emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident FundShe has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanationswherever required, If Ms. Sangeeta is a Government employee. A) please first tell the formula and understanding of the question B) second what are the steps to be followed to get the answer C) please write the answer in c option and what can we clarify from this