Calculate income tax payable or repayable for the tax year 2020/21.
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During the tax year 2020/21, Keith received a gross annual basic salary of £128,400. Income tax of £27,104 was deducted from Keith ’s gross annual basic salary using the Pay As You Earn (PAYE) system. Keith’s performance in his role as a financial restructuring specialist was assessed to be ‘superb’ by Jets plc. He received a performance-related bonus of £14,000 on 30 September 2020. Income tax of £6,010 was deducted from this bonus using the PAYE system. Jets plc awarded a second performance-related bonus of £28,700 to Sam: this amount was received by Sam on 1 June 2021. His contract of employment with Jets plc states that he was contractually entitled to receive the second bonus payment on 31 March 2021. Income tax of £11,032 was deducted from this bonus using the PAYE system.
Calculate income tax payable or repayable for the tax year 2020/21.
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- Shilpa tinot a director) receives a monthly salary of £3,500 from her employer, Larimar Ltd, where she is employed as a tax adviser. In addition, she received the following bonuses: Received: 31 May 2020 31 May 2021 Relates to: Larimar's profits for y/e 30 November 2019 Larimar's profits for y/e 30 November 2020 Bonus: £3,750 £4,375 Shilpa made the following payments in respect of her employment for the tax year 2020/21: Subscription to golf club solely for the use of entertaining clients Fees to CIOT (Chartered Institute of Tax) £ 1,200 450 Train ticket from home to normal place of work New suit for office Home telephone bill ti£40 business calls; £140 private; £20 line rental) 200 Calculate Shilpa's employment income for tax year 2020/21. 20 250Roscoe Company has a contract with its CEO to pay him a bonus during each of the years 2018 – 2021.The profit before deductions for bonus and income taxes were P12,500,000 in 2018; P18,000,000 in 2019; P21,700,000 in 2020; and P24,000,000 in 2021. The bonus of 20% is deductible for tax purposes in each year. The tax rate is 25%.• The 2018 bonus is based on profit before bonus and taxes• The 2019 bonus is based on profit after bonus but before taxes• The 2020 bonus is based on profit before bonus but after taxes• The 2021 bonus is based on profit after bonus and taxesCompute the amount of the bonus for each year.On 30 June 2020, an employee has been paid a total of $60,000 in salary payments, yet will only receive his bonus of $10,000 on the 11 July 2020. In relation to Tax Accounting principles, analyse whether and how much of his income has been 'DERIVED' during the 2020 financial year. Give reasons.
- Shakera earns £45,000 p.a. as a graphic designer for Commercial Ltd, which prepares accounts to March each year. For the last two years Shakera earned bonuses from her employer as follows: Date paid £ Year ended 31 March 2020 1 June 2020 8,000 Year ended 31 March 2021 1 June 2021 11,000 What is Shakera’s assessable employment income for the tax year 2020/21?National incurred payroll tax expense on White for FICA tax. The company also paid state unemployment tax and federal unemployment tax. O (Click the icon to view payroll tax rate information.) Logan White is general manager of National Salons. During 2024, White worked for the company all year at a $14,200 monthly salary. He also earmed a year-end bonus equal to 5% of his annual salary. White's federal income tax withheld during 2024 was $1,420 per month, plus $2,726 on his bonus check. State income tax withheld came to $90 per month, plus $80 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $25 per month. Read the reauirermenta. 378 Stato Unemployment Taxos Payablo Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from joumal entries.) Debit Credit Date…K Ltd. paid an employee a tax-free travel allowance of $5,300 based on 9,000 kilometres of out-of-town driving in 2022. What amount can K deduct for tax purposes?
- Echeveria Company provides an incentive compensation plan under which its president receives a bonus equal to 10% of the company's income in excess of P600,000 before income tax but ater deduction of the bonus. The income before tax and bonus is P1,920,000 and the tax rate is 32%. What is the amount of bonus?Abe commenced trading on 1 September 2020. The tax adjusted trading profit for his first two accounting periods is as follows: Accounting period Tax adjusted trading profit Ten months ended 30 June 2021 £ 15,720 26,340 Year ended 30 June 2022 On what amount of trading profit will Abe be assessed for the tax year 2021-22? £26,340 £20,110 £24,471 £15,720Ryan Ltd commenced operations on 1 July 2019 and has one employee: Joe Hirsch. During the year ended 30 June 2021, Joe was paid $1,700 per week (an annual salary of $88,400). His only weekly deductions were $600 for PAYG tax instalments. Joe has an entitlement to four weeks’ annual leave each year and a 17.5% annual leave loading. The annual leave is accumulating and vesting. During the year ended 30 June 2021, Joe took one week of annual leave. The PAYG tax deducted for this week was $700. Joe also has an entitlement to 10 days sick leave each year. The sick leave is non-accumulating and non-vesting. During the year ended 30 June 2021, Joe took three days’ sick leave. Ryan Ltd provides Joe with 13 weeks of long-service leave (LSL) after 10 years of continuous service. The following information in relation to Joe is available for the year ended 30 June 2021: Projected salary when long-service leave vests: $200,000 Years of service to date:…
- Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all 18, 1 year at a $ 12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Wallace's federal income tax withheld during 2018 was $1,161 per month, plus $2,322 on his bonus check. State income tax withheld came to $170 per month , plus $110 on the bonus . FICA tax was withheld on the annual earnings . Wallace authorized the following payroll deductions : Charity Fund contribution of 4% of total earnings and life insurance of $35 per month Worldwide incurred payroll tax expense on Wallace for FICA tax . The company also paid state unemployment tax and federal unemployment tax . Requirement 2. Compute Worldwide's total 2018 payroll tax expense for Wallace. (Round all amounts to the nearest dollar.)Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all 18, 1 year at a $ 12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Wallace's federal income tax withheld during 2018 was $1,161 per month, plus $2,322 on his bonus check. State income tax withheld came to $170 per month , plus $110 on the bonus . FICA tax was withheld on the annual earnings . Wallace authorized the following payroll deductions : Charity Fund contribution of 4% of total earnings and life insurance of $35 per month . Requirement 1. Compute Wallace's gross pay , payroll deductions , and net pay for the full year 2018. Round all amounts to the nearest dollar. Begin by computing Wallace's gross pay for the year. (Round all amounts to the nearest dollar.)Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all 18, 1 year at a $ 12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Wallace's federal income tax withheld during 2018 was $1,161 per month, plus $2,322 on his bonus check. State income tax withheld came to $170 per month , plus $110 on the bonus . FICA tax was withheld on the annual earnings . Wallace authorized the following payroll deductions : Charity Fund contribution of 4% of total earnings and life insurance of $35 per month Worldwide incurred payroll tax expense on Wallace for FICA tax . The company also paid state unemployment tax and federal unemployment tax . Requirement 4. Make the journal entry to record the accrual of Worldwide's payroll tax expense for Wallace's total earnings.
