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- Attracting and Retaining Qualified Employees and its Effects. Explain 1, contracting Objective maximize the value created by their relashionship 2. Level of pay benchmark model of employment 3. Reason for long term employment relationships,Mr. Abillar, a financial analyst employed in BDO bank, received an annual compensation in 2020 of 1.5M, which is inclusive of his 13th month and other benefits in the amount of 120k, but net of the mandatory contributions to SSS & PHIC. He also owns a computer store with gross sales of 2.4M. His cost of sales and operating expense amounted to 1M & 600k respectively. His store's non-operating income amounted to 100k. His other income for the year consisted of the following items: Interest from bank deposit 20,000.00 Sale of lot in Bulacan: Selling price 1,000,000.00 Acquisition cost 200,000.00 Required: 1 Determine the type of income 2 Determine the income tax liability of each type of income 3 Actual computation of the income taxLou-anne is a member of her employer's registered pension plan. Her employer contributed $5,000 to the plan; Lou-anne contributed $2,500. What statement is true? O a) Lou-anne can deduct her contribution from her taxable income; she must include her employer's contribution in her income. O b) Lou-anne can deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Oc) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Od) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is considered a taxable benefit.
- Statement 1: The excess over the limit of de minimis benefits given to a rank and file is gross compensation subject to the rules on the non-taxable 13th month pay and other benefits. Statement 2: Profit-sharing bonus is included in the computation of 13th month pay and other benefits. Statement 3: Income of the government from proprietary functions is taxable. Statement 4: Income of a government owned and controlled corporation is not taxable Statement 5: For a rank and file employee, excess de minimis benefits shall form part of his taxable regular compensation. Statement 6: For a managerial employee, excess de minimis benefits shall form part of his 13th month pay and other benefits. Identify if the statements are true or falseLarry works as a self-employed gardener for X Ltd. There is no question of Gary being an employee.During the evening, Larry works for another company, Y Ltd., as a delivery driver, on an as-and-when required basis - Larry is given 24 hours' notice to work. Larry uses Y Ltd.’s van to make any deliveries required.During the last five years, Larry also works as an employee, for Z Ltd., a bakery. He has been given one month’s notice to terminate his employment.Which of the following best describes Larry’s employment rights and status? Please choose one answer. If necessary, briefly explain, within a line or two, what led you to your choice:With X Ltd.: a1. A contract of agency.a2. A contract of employment.a3. A contract of partnership.a4. A contract for the provision of services.With Y Ltd.: b1. Larry is an employee.b2. Larry is an independent contractor because there is no obligation on his employer to provide work (he is offered work on an as-and-when required basis).b3. Larry is an…Explain the term Allowances?
- Ned works for a ride share service. By contract with his boss, he must work at least 35 hours per week in the borough of Manhattan; can only give rides to people through the company app; must use the route set forth on the company GPS program; cannot work for another rideshare operator. He is paid on commission – 60% of fares. Can Ned be properly categorized as an independent contractor?Roofing Issues. Sally agrees to roof a house for Bob. After doing his research, Bob chooses Sally based on her great reputation for being conscientious and doing good work. Bob knows little about roofing and stays away from all the noise involved. Sally provides her own tools for herself and other workers, sets her own schedule, and charges a flat rate of $10,000 to be paid when the job is completed. Sally hires Trudy, Glen, and Fred to help with the roofing. She pays them an hourly rate, supervises their work, provides them with tools and materials, and sets their schedules. Curious about what is going on there, Bob's friend Spencer walks by the house while the roofing is being done. Glen absentmindedly throws some old shingles off the roof and hits Spencer in the head, resulting in him going to the local emergency room and receiving a couple of stitches in his scalp. Spencer decides to sue all the roofers, Bob, and Sally for his hospital expenses and for pain and suffering. Assuming…As a new member of the board of directors for a local bank, Jack Nelson was being introduced to all the employees in the home office. When he was introduced to Ruth Johnson, he was curious about her work and asked her what the machine she was using did. Johnson replied that she really did not know what the machine was called or what it did. She explained that she had only been working there for 2 months. However, she did know precisely how to operate the machine. According to her supervisor, she was an excellent employee. At one of the branch offices, the supervisor in charge spoke to Nelson confidentially, telling him that something was wrong, but she didn’t t know what. For one thing, she explained, employee turnover was too high, and no sooner had one employee been put on the job than another one resigned. With customers to see and loans to be made, she continued, she had little time to work with the new employees as they came and went. All branch supervisors hired their own…
- As a new member of the board of directors for a local bank, Jack Nelson was being introduced to all the employees in the home office. When he was introduced to Ruth Johnson, he was curious about her work and asked her what the machine she was using did. Johnson replied that she really did not know what the machine was called or what it did. She explained that she had only been working there for 2 months. However, she did know precisely how to operate the machine. According to her supervisor, she was an excellent employee. At one of the branch offices, the supervisor in charge spoke to Nelson confidentially, telling him that something was wrong, but she didn’t t know what. For one thing, she explained, employee turnover was too high, and no sooner had one employee been put on the job than another one resigned. With customers to see and loans to be made, she continued, she had little time to work with the new employees as they came and went. All branch supervisors hired their own…With respect regarding to obligations and contracts 1. Can you give a Beliefs/misconceptions; 2. The concept of "quits" or Compensation; and 3. The effect of Super Typhoon and a thing which is the subject of an obligation and its lost;Bill Hudson was a real craftsman when it came to being a machinist. Bill had learned almost all that he knew from Hugo Huffman, his first and only employer. Bill Hudson was married and had three young children. He was 33 years old and had worked for Hugo ever since he finished his tour in the army. In 12 years Bill had polished his skills under the watchful and critical eye of Hugo Huffman. Hugo was quick to recognize Bill’s talent for the trade. Bill had a positive attitude about learning and displayed a drive for perfection that Hugo admired. Hugo’s Machine Shop was a successful small business. Its success was based mostly on the reputation for quality that had been established over its 42 years in operation. Hugh had come to this country with his new wife, Hilda, when he was in his late twenties. Now the business was a success, but Hugo remembered the early years when he and Hilda had to struggle. Hugo wanted the business to continue to produce the highest quality craftsman…