Ana Marie has a received a total of 318,877.72 annual salary. She pays her mandatory contributions and receives a monthly rice allowance of 2,000, 13th and 14th month pay, a travel allowance of 1,500 monthly and food allowance of 500. Supply the table below: Monthly salary SSS contribution Philhealth Contribution Pag-ibig contribution De minimis benefits 13th month pay and other benefits Total Mandatory Contributions Total Exempt benefits Taxable income

Ana Marie has a received a total of 318,877.72 annual salary. She pays her mandatory contributions and receives a monthly rice allowance of 2,000, 13th and 14th month pay, a travel allowance of 1,500 monthly and food allowance of 500. Supply the table below: Monthly salary SSS contribution Philhealth Contribution Pag-ibig contribution De minimis benefits 13th month pay and other benefits Total Mandatory Contributions Total Exempt benefits Taxable income

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 41P

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John Jenkins earns $1,290 per week. The deductions from his pay were: FIT $111.00 FICA—OASDI 79.98 FICA—HI 18.71 State income tax 31.00 State disability insurance 9.03 Credit union deduction 40.00 Health insurance premium 47.50 Charitable contribution 5.00 John’s disposable earnings would be: $1,290.00 - $111.00 (FIT) - $79.98 - $18.71 (FICA deductions) - $31.00 (SIT) - $9.03 (disability insurance) = $1,040.28 Example 6-3 Huffman Company has a child support order outstanding on one of its employees (Charles Suffert—$170 per week). Charles Suffert's disposable income is $950 per week. A new garnishment is received for a $5,000 debt to a credit card company. The company would take an additional $237.50 out of Suffert's pay. Lesser of: 25% × $950 = $237.50 or $950 − (30 × $7.25) = $732.50 Kalen O'Brien earned $730 this week. The deductions from her pay were as follows: FIT $66.00 FICA—OASDI 45.26 FICA—HI 10.59 State income tax…
John Jenkins earns $1,290 per week. The deductions from his pay were: FIT $111.00 FICA-OASDI 79.98 FICA-HI 18.71 State income tax 31.00 State disability insurance 9.03 Credit union deduction 40.00 Health insurance premium 47.50 Charitable contribution 5.00 John's disposable earnings would be: $1,290.00 - $111.00 (FIT) - $79.98 - $18.71 (FICA deductions) - $31.00 (SIT) - $9.03 (disability insurance) = $1,040.28 Example 6-3 Huffman Company has a child support order outstanding on one of its employees (Charles Suffert-$170 per week). Charles Suffert's disposable income is $950 per week. A new garnishment is received for a $5,000 debt to a credit card company. The company would take an additional $237.50 out of Suffert's pay. Lesser of: 25% x $950 $237.50 or $950 - (30 x $7.25) = $732.50 Kalen O'Brien earned $730 this week. The deductions from her pay were as follows: FIT $66.00 FICA-OASDI 45.26 FICA-HI 10.59 State income tax 36.50 State disability insurance 8.61 Health insurance premium…
Doris MacNeil works for Modem Furniture in Alberta and receives the following remuneration on her pay: Bi-weekly salary $1,364.85 Overtime 342.96 4% vacation pay on overtime 13.72 Group term life insurance non-cash taxable benefit 15.75 Taxable car allowance 75.00 What is Doris’ gross pensionable/taxable income for this pay? Show your calculations
Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
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.
Claudette earns $1,400.00 bi-weekly. She has a taxable car allowance of $70.00 and a non-cash taxable benefit of $25.00 per pay. Union dues of $18.00 are deducted from each pay. Her TD1 has a claim code 1 and the deduction code on her TP-1015.3-V is A. Calculate the insurable earnings. $1,400.00 $1,452.00 $1,470.00 $1,495.00
If an employee X has CNA =₱18,291.09, 13th month pay = ₱27,891.00, other benefits = ₱10,000, and ₱3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is Non- Taxable?
Melanie works for a large manufacturing company in Ontario. She earns an annual salary of $48,500.00 which is paid on a weekly basis. In addition to her regular pay, Melanie's group life insurance taxable benefit is $25.00 per pay. Melanie receives a car allowance of $200.00 per pay and Melanie contributes 5% of her base salary to her RRSP. Calculate her gross pensionable earnings (GPE) this pay. Calculate her gross insurable earnings (GIE) this pay. A Calculate her Net Taxable Income this pay. Calculate her Federal Income Tax Deduction this pay. She is claim code 1.
Addison's earnings are subject to deductions for social security, medicare, and FIT. Addison's cummulative earnings are $142,000. This week Addison earns $1,900. Addison who is married, is paid weekly. Assume social security rate is 6.2% on 142,800 and 1.45% for Medicare. Addison's net pay for the week is: (use percentage table in handbook to calculate FIT):
Compute Darryl's total Social Security and Medicare taxes for the third quarter, if she is self-employed and earns $1,820.00 on a weekly basis. O $278.46 O $1,809.99 O $1,951.95 O $3,619.98
Mang Carding is a minimum wage earner. To augment his earnings, he put up a mini store under his name and managed by his wife. Records show the following relating to his compensation and store operations for the taxable year: Basic salary P85,000 Overtime and holiday pay 10,000 13th month pay 8,000 14th month pay 8,000 Allowances 25,000 De minimis – limit 20,000 De minimis – excess over limit 10,000 Store gross income 100,000 Compute the taxable income of Mang Carding.
Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.

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Monthly salary
SSS contribution
Philhealth Contribution
Pag-ibig contribution
De minimis benefits
13^th month pay and other benefits
Total Mandatory Contributions
Total Exempt benefits
Taxable income