During 201A, Alpha Corporation gave the following fringe benefits to its employees:   Salaries to rank and file employees P1,000,000 Salaries to managerial employees 1,800,000 De minimis benefits to rank and file employees 54,400 De minimis benefits to managerial employees 27,200 Fringe benefits to rank and file employees 102,000 Fringe benefits to managerial employees 170,000   How much is the fringe benefits tax?

Q: Volpe Corporation has only five employees who are all paid $1,200 per week. Compute the total FICA…

A: FICA tax:   FICA tax refers to the Federal Insurance Contribution Act tax which Country U law that…

Q: AJ, a rank-and-file employee received the following compensation and benefits received during 2021:…

A: Following is the calculation of employee's taxable net income:

Q: The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation…

A: Answer: Total non taxable portion to be deducted from gross compensation income of Nicanor is:…

Q: Employee Salary Hrs. Worked Regular Earnings (A) Overtime Earnings (B) Total Reg. and O/T Earnings…

A: Employees' and Employer's OASDI—6.2% both on $137,700 = $8,537 HI—1.45% for employees and employers…

Q: Total payroll was $960,000, of which $220,000 is exempt from Social Security tax because it…

A: Payroll taxes include FUTA, SUTA, FICA and social security taxes. FUTA refers to Federal…

Q: A private rank and file employee had the following remuneration for the year Gross salaries, net of…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: Which of the following employers are exempt from the FUTA (Federal Unemployment Tax Act) tax? Group…

A: The Federal Unemployment Tax Act (FUTA) is a legal law that puts a payroll tax on every business…

Q: A government employee received the following in 2021: Gross salaries RATA PERA Additional…

A: Taxable compensation income includes all type of compensation whether they are in cash or…

Q: Omega Limited has shown a provision for employee benefits balance of $6,000 under current…

A: Generally there are two times of differences that arise in case of accounting that include the…

Q: During 2019, Alpha Corporation gave the following fringe benefits to its employees Salaries to rank…

A: Deductions from total business income are the credits and allowances that are being allowed from…

Q: Congress recently enacted a nonrefundable credit based on the cost of qualifying alcohol and drug…

A: Income Tax - It is the amount of tax levied by the government during a particular period of time at…

Q: Which of the following statement is/are true 1.The fringe benefit tax shall be treated as a final…

A: In the given question, we need to describe which statements are true out of following :- 1.The…

Q: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: The following relate to the compensation income of a private rank andfile employee during the year:…

A: De minimis benefits are those benefits which are provided to the employees for some small amounts of…

Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…

A: The question is related to taxation. The slab of taxation in case of individual for compensation…

Q: Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000…

A: Compensation income: The amount provided to the employees or workers for the work responsibilities…

Q: Employees' and Employer's OASDI—6.2% both on $137,700; HI—1.45% for employees and employers on the…

A: FICA tax is the short form of Federal insurance contribution act tax. It is the contribution taken…

Q: Select the best answer. What is the maximum amount of tax credits available to employers for paid…

A: FFCRA is an act related to essential protections during the Covid-19 Pandemic. It's full name is…

Q: 1. For the recent tax table, all individual tax payers are granted a personal exemption of 50,000…

A: As per our protocol we provide solution to the one question only but you have asked multiple…

Q: Wanda is the Chief Executive Officer of Pink corporation, a publicly traded, calendar year C…

A: Solution:- Calculation of Wanda's compensation is deductible by Pink Corporation as follows:-

Q: Compute the total non-taxable compensation income

A: Non-taxable compensation: Non-taxable compensation can be defined as the income earned but not…

Q: Determine the total fringe benefit tax of the following benefits for taxable year 2018: P40,800…

A: A tax is the charge on the taxable income of a taxpayer which a taxpayer has to pay towards…

Q: In 2021, Archibald Corporation incurred the following expenses in connection with the product of its…

A: A special assessment expenses is an amount you pay for an assessment which is not allowed in Income…

Q: Thank you for help me with this questions. Florence is the Chief Financial Officer of Hazel…

A: Deduction: Deductions are the amount that is deducted from the taxable income of the tax payer. It…

Q: The employees of Portonegra company earn wages of $15600 for the two weeks ending April 12. Fit…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: During the first week of February, Gabe Hopen earned $300.  Assume that FICA taxes are 7.65 percent…

A: FICA Taxes payable= $300 x 7.65% = $22.95 State unemployment taxes payable= $300 x 5% = $15.00…

Q: Bulldog Corporation reported taxable income of $510,000 this year, before any deduction for any…

A: Corporate Tax = (Net Taxable Income - Deductible Bonus) x 21% Shareholder Tax = Bonus received x…

Q: 1. HOBGOBLIN Corp. provides an incentive compensation plan under which its president receives a…

A: Solution: Income before income tax = P1,920,000 Bonus = 10% of income before income tax after…

Q: Ms. V is currently employed in VVV Company. She has the following income and withheld income tax in…

A: Compensation is the cash or non-cash revenue received by the employee from the employer over and…

Q: Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each…

A: Payroll- The payroll area designates a group of employees for whom the same payroll components are…

Q: For many years preceding 2018, Minimis Corporation, a calendar year corporation, had incurred the…

A: AMT has been repealed after the introduction of tax cuts and jobs act (TCJA) of 2017. But those…

Q: In 2020, Willow Corporation had three employees. Two of the employees worked full-time and earned…

A: Amount paid under State Unemployment Tax = [($7,000. x 2 employees) + $4,000] x state unemployment…

Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…

A:

Q: The new CEO, Patricia Wright, while reviewing the previous three year's financial statements with…

A: We will answer only the first question and first three sub-parts as it is not specified which…

Q: ual compensation income P 540,000 13th month pay 45,000 14thmonth pay 45,000 Total of monthly…

A: In Philippines, a 13th and 14th( at the option of employer) is paid to the employees at the end of…

Q: Black Company paid wages of $180,000 of which $40,000 was qualified for the work opportunity tax…

A: The correct option is Option “d”.

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Accounts Debit Credit  Wages expense 250000     Social security tax payable (6% x $250000)…

Q: A resident citizen reported the following for the year 2020: Net sales 8,000,000 Cost of sales…

A: A tax is generally defined as the mandatory payment that is levied on the income of a person and…

Q: The book of accounts of San Jose Corporation showed the following data: Fringe benefits tax…

A: Fringe Benefits: Fringe benefits are additional benefits provided by the employer to employee.…

Q: Barrett Corporation manufactures leather products. The corporation uses a non-contributory, defined…

A: Given: The defined benefit pension plan is given and the details are,

Q: he following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax…

A: Answer: 13th month pay and other benefits                            - Non taxable-…

Q: The trustee for the Bronson Corporation defined benefit pension plan sent a report to the CEO with…

A: Computation of the ending balance of plan assets : Formula : Ending Balance plan assets   = (…

Q: The following relate to the compensation income of a private rank and file employee during the year.…

A: 13th month pay is exempt as "other benefits" to the extent of P90,000 De Minimis Benefits: rice…

Q: Bailey Dry Cleaners has six employees who were paid the following wages during 2019: Frank Johnson…

A: Payroll tax expense: The payroll tax expense are the taxes that are payable by the employer based on…

Q: calculate for each worker: (a) regular earnings, (b) overtime earnings, (c) total regular and…

A: Weekly Payroll for Period Ending December 26, 20--                 Employee Salary Hrs. Worked…

Q: 12. The employer company gave the following cash benefit to the tollowing. Supervisory employees…

A: FBT refers to Fringe benefits tax which is a form of tax that the firms paid in relation to the…

Q: monthly compensation in the amount of  ₱100,000. The monthly nontaxable deductions would be GSIS (₱…

A: Given   Monthly Compensation = 100,000 Non taxable deductions: GSIS = 9,000 Philhealth = 687.50…

Q: Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation…

A: The rules governing the pay scales and the taxability of the compensation given to the employees…