As the new Accountant, you were reviewing the payroll system of the company. You noticed that supplementary compensation is mingled with regular compensation. Which should form of regular compensation? a.Fixed transportation allowance of Php 50.00 per day b. Overtime pay ranging from Php 1,000 to Php 10,000 c. Profit-sharing d. Commission of 5% based on collection
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As the new Accountant, you were reviewing the payroll system of the company. You noticed that supplementary compensation is mingled with regular compensation. Which should form of regular compensation?
a.Fixed transportation allowance of Php 50.00 per day
b. Overtime pay ranging from Php 1,000 to Php 10,000
c. Profit-sharing
d. Commission of 5% based on collection
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- As the new Accountant, you were reviewing the payroll system of the company. You noticed that supplementary compensation is mingled with regular compensation. Which should form of regular compensation? O Commission of 5% based on collections O Fixed transportation allowance of Php 50.00 per day O Overtime pay ranging from Php 1,000 to Php 10,000 O Profit-sharingTo determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.1. A bank supervisor is paid a salary of P600,000 a year. Compute for his a) Weekly gross pay b) Bi-weekly gross pay c) Semi-monthly gross pay d) Monthly gross pay
- A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax rate is 15%, the state income tax rate is 4%, the FICA rate is 7.65%, and the company's state unemployment tax rate is 3%. Which of the following is the formula used to determine this payroll calculation? Select one: a. $13,449.90 b. $14,214.64 c. $13,633.27 d. $7,713.07 e. $7,895.78An employee is entitled with monthly salary of TK. 50,000. The company has a policy to provide 10 % yearly increment. If the performance of the employee and organizational performance are both excellent, what would be the employee awards according to merit-based pay plan? Please consider the following table to calculate the total increment in that year.Vega Company expects to pay a 4% bonus on net income after deducting the bonus. Assume the company reports net income of $130,000 before the calculation of the bonus. The journal entry to record the accrued bonus includes a. a debit to Employee Bonus Payable, $5,000. b. a debit to Employee Bonus Expense, $5,200. c. a credit to Employee Bonus Payable, $5,000. d. a credit to Cash, $5,200.
- SESAME-SEED Company has a bonus agreement that provides that the senior managers will receive an annual bonus of 12% of the net income after bonus and tax. The income tax rate is 30%. The senior managers received ₱250,000 for the current year as a bonus. What is the net income before bonus and tax? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)Gross Income Compute how much will be included and excluded in the gross income given the following scenarios. 1. 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?Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company reports net income of $121,980 before the calculation of the bonus. The journal entry to record the accrued bonus includes OA. a debit to Employee Bonus Payable, $7,980. OB. a credit to Cash, $8,539. OC. a credit to Employee Bonus Payable, $7,980. OD. a debit to Employee Bonus Expense, $8,539.
- During the audit of a manufacturing firm, you are performing audit data analytics based on the payroll file. You are examining the reasonability of deductions as a percentage of gross wages for the 12 months of the year and the results were summarized in the following scatter chart. Please interpret the visualization. Discuss any notable items you identified, potential causes, and further steps you would take. • Deductions as a % of gross wages 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% MonthsA sales supervisor whose monthly salary is ₱38,500.00 is paid 7% of his total sales and 3% of the total sales of his subordinates. If his total sales for the month amount to ₱250,000.00 and that of his subordinates is ₱425,000.00, determine the following: c. What is his gross income?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?