5. A. Luna is a sales agent. His official working hours is 8 hours a day, with a monthly salary of P33,000 (22 working days). In addition, he also receives the following allowances: Rice allowance- P300; Clothing allowance-P500; Laundry allowance-P200 For the month of August 2021, he made a total sale of P1,500,000 and is entitled for 3% commission rate. Also he has the following over time: a. 10 hours REGOT b. 5 hours SHOT; c. 8 hours SHRDOT; d. 5 hours LHOT; e 7 hours LHRDOT. How much is his net pay if he receives his compensation on a monthly basis? *

5. A. Luna is a sales agent. His official working hours is 8 hours a day, with a monthly salary of P33,000 (22 working days). In addition, he also receives the following allowances: Rice allowance- P300; Clothing allowance-P500; Laundry allowance-P200 For the month of August 2021, he made a total sale of P1,500,000 and is entitled for 3% commission rate. Also he has the following over time: a. 10 hours REGOT b. 5 hours SHOT; c. 8 hours SHRDOT; d. 5 hours LHOT; e 7 hours LHRDOT. How much is his net pay if he receives his compensation on a monthly basis? *

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PB

See similar textbooks

Similar questions

3. A. Luna is a sales agent. His official working hours is 8 hours a day, with a monthly salary of P33,000 (22 working days). In addition, he also receives the following allowances: Rice allowance- P300; Clothing allowance-P500; Laundry allowance-P200 For the month of August 2021, he made a total sale of P1,500,000 and is entitled for 3% commission rate. Also he has the following over time: a. 10 hours REGOT; b. 5 hours SHOT; c. 8 hours SHRDOT; d. 5 hours LHOT; e 7 hours LHRDOT. How much is his gross pay?
Jamie receives a basic pay of P29,880 a month and a 2% commission on her sales. She sold P505,000 in December. How much is her gross pay for the month? How much is her SSS deduction? How much is her PhilHealth deduction?
2. Rona works for a company that pays him a basic monthly salary of P20 000 plus 6.5% commission on sales above P60 000 per month. If the total amount of the goods he sold was P150,000, what is his gross pay (salary plus commission) for the month?
3. Suppose that an entry level policeman has a basic salary of P33,575 per month. He has to pay monthly P2,560.50 for income tax, P1,175.13 for Philhealth, P671.50 for Pag-ibig and P3,021.75 for GSIS contributions. What is the monthly net income of the policeman?
Juan earns the basic salary of P44,000 a month. His daily compensation rate is P2,000. For the current month, Juan availed a total 3-day vacation leave with pay. Of the basic salary, how much should be reported as the salary of Juan for the current month? P50,000P44,000P38,000P22,000
Mr. Limon is a service holder. His sources of income for the 30th June were: monthly basic salary (BS) Tk. 25,000; house rent allowance 70% of year ended BS; medical allowance Tk. 1,250 per month; conveyance allowance 7.5% of BS; performance bonus equal to 5 months BS; and dearness allowance 10% of BS. He has been provided with a car both for personal use and office purposes. He received two festival bonuses each equal to a month's BS. He contributed 10% of basic salary to a recognized provident fund (RPF) and his employer also contributed the same amount. He received interest @ 15% Tk. 15,000 on the accumulated balance of RPF. Calculate Mr. Limon's income under the head income from salary.
Mr. Mahfuz is a service holder. He received basic salary of Tk. 22,500 in themonth of July 2018 following the salary structure of 18,000 - 1,500 X 4 - 24,000. The date ofannual increment is 16th November. Besides basic salary he received: Medical Allowance Tk.1,500 per month; Conveyance Allowance Tk. 2,500 per month; Entertainment Allowance Tk.500 per month; Performance bonus Tk. 80,000; Mobile bill allowance Tk. 2,000 per month; andOvertime allowance Tk. 25,000. He has been provided free furnished accommodation for whichthe company paid rent of Tk. 5,500 per month. He received two festival bonuses (one in Octoberand another in December) each equal to one month's basic salary. He contributed 10% of basicsalary to Recognized Provident Fund (RPF) like his employer. He received interest @ 16% Tk.12,800 on the accumulated balance of RPF.During the year he incurred and made the following expenses and investments: Life insurancepremium paid: Own (policy value Tk. 500,000) Tk. 60,000 and…
1. Payroll. Lorna Chavez is a line manager of Sunday Machine Works and is receiving a monthly salary of P30,000. She is the head of the family with two dependents. She got a cash advance of P1,500 on March 20 to be deducted from her take home pay on March 31. a) How much is her monthly net taxable income? b) How much is her take home pay as at March 15? March 31? Use the SS contribution rate of 4%, 2.75% for Philhealth, 2% of P5,000 for Pag-ibig. Gross Pay Less SS Semi monthly taxable income Less Withholding tax PH SS for half month Philhealth for half month Pag-ibig for half month Net earnings (take home pay) PxXx (xx) (xx) (xx) Pxx / 2 Pxx Use the Semi-monthly Withholding Tax Table Column 2. Pag-ibig Net Monthly Taxable Income Semi-monthly Taxable Income Pxx (xx) (xx) (xx) (xx) Prx
A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PhilHealth, and Pag-Ibig contributions. What will be the amount for his annual gross income?
1. Paquito, a university instructor, earns a gross monthly salary of ₱46,200.00. Paquito is married and has declared one dependent under his name. Regular deductions from his monthly salary include SSS contributions amounting to ₱590.00, PhilHealth contributions amounting to ₱387.50, and PAG-IBIG contributions amounting to ₱100.00. Per month, ₱4,300.00 is deducted from his salary as withholding tax. a. Determine his net income per month and in one year.
on all 4. Miguel receives a basic salary of P13,750 a month. He also receives a bonus of 5% of the amount by which he goes beyond his quota of P75,000. For the month of February, his sales amounted to P128,000. What were his total earnings?
Saira's weekly salary is $1,463.46. What would her gross salary be if it were on a biweekly basis? (Round your answer to the nearest cent.) O $2,926.92 $4,390.38 O $5,853.84 $76,099.92