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Mr Smart is works as a manager of an international company in Kajang, Selangor. Upon attaining the age of 55 years, Mr Smart retired on 30 September 2020, after having worked for 32 years with his one and only employer.
During the year 2020, his income and benefits from this employment were:( as attached in the picture )
In January 2020, his son was warded in a private hospital for serious illness while vacationing in Tokyo. His son medical expense amounting to RM4,100 is paid by Mr. Smart company.
During the nine months prior to his retirement, Mr Smart was provided with a company car which his employer had acquired as a new car two years earlier at a price of RM85,000. Free fuel was provided to him by his employer.
Required:
Compute statutory income of Mr. Smart for the YA 2020.
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- Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000 REQUIRED: 1.Compute the taxable income subject to regular tax during the year assuming that Mr.ABC is an rank-and-file employeeGive typing answer with explanation and conclusion Louise Gendron’s monthly gross income is $4,800. Her employer withholds $720 in federal and provincial income taxes, $210.68 towards the Canada Pension Plan, and $68.67 for EI contributions. Louise contributes $180 per month to her RRSP. Her monthly credit payments for Visa and MasterCard are $83 and $73, respectively. Her monthly payment on an automobile loan is $465. a. What is Louise’s debt-payments-to-income ratio? (Round your answer to 2 decimal places. Omit "%" sign in your response.) Debt payments–to–income ratio % b. Is Louise living within her means?Bryan is a salaried worker whose salary is $48,000 per year. The $2,000 he receives twice a month represents Bryan's. O A. net pay O B. gross earnings C. pay category O D. withholdings SUBMIT
- Mr. Limon is a service holder. His sources of income for the 30th June were: monthly basic salary (BS) Tk. 25,000; house rent allowance 70% of year ended BS; medical allowance Tk. 1,250 per month; conveyance allowance 7.5% of BS; performance bonus equal to 5 months BS; and dearness allowance 10% of BS. He has been provided with a car both for personal use and office purposes. He received two festival bonuses each equal to a month's BS. He contributed 10% of basic salary to a recognized provident fund (RPF) and his employer also contributed the same amount. He received interest @ 15% Tk. 15,000 on the accumulated balance of RPF. Calculate Mr. Limon's income under the head income from salary.11. During the month. the company paid for the monthly renta! of a dormitory. which is being occupied by the supervisor in the amount of P10,000. It also provided fringe benefit to a clerk amounting to P3,000. The deductible expense of the company is - P 15,692 12,692 а. C. 13,000 b. d. 7.200 CS Scanned with CamScannerMs. Cumacaliua is concurrently employed at Cumanan Corporation and Paatras Company. She received the following during the month: Cumanan 50,000 P Paatras 40,000 Professional fees P Less: 6,000 12,000 Creditable withholding tax Loan repayment SSS, PhilHealth, HDMF Net pay 7,000 3.000 40.000 P P. 22,000 ist Compute the amount subject to business tax. c. P 77,000 d. P 90,000 a. PO Her b. P 62,000 combare tue smonur
- ohn Elton, who is classified as direct labor, earns $1,000 per week and is entitled to four weeks of vacation and 10 holidays each year. How much should be accrued for his holiday pay each week? A. $38.46 B. $40.00 C. $41.67 D. $130.00Juan earns the basic salary of P44,000 a month. His daily compensation rate is P2,000. For the current month, Juan availed a total 3-day vacation leave with pay. Of the basic salary, how much should be reported as the salary of Juan for the current month? P50,000P44,000P38,000P22,0001. Payroll. Lorna Chavez is a line manager of Sunday Machine Works and is receiving a monthly salary of P30,000. She is the head of the family with two dependents. She got a cash advance of P1,500 on March 20 to be deducted from her take home pay on March 31. a) How much is her monthly net taxable income? b) How much is her take home pay as at March 15? March 31? Use the SS contribution rate of 4%, 2.75% for Philhealth, 2% of P5,000 for Pag-ibig. Gross Pay Less SS Semi monthly taxable income Less Withholding tax PH SS for half month Philhealth for half month Pag-ibig for half month Net earnings (take home pay) PxXx (xx) (xx) (xx) Pxx / 2 Pxx Use the Semi-monthly Withholding Tax Table Column 2. Pag-ibig Net Monthly Taxable Income Semi-monthly Taxable Income Pxx (xx) (xx) (xx) (xx) Prx
- 28. Yvonne i s an employee of Goldfish Company which closed its business during the year Yvonne's last paycheck shows the following details: Unpaid salary in the last two months P 30,000 Current month salary Separation pay Total pay 15,000 100,000 P 145,000 Which of the following will be included in the gross income subject to regular income tax a. P 145,000 О Б.Р45,000 О с.Р 100,000 O d. P 30,0003. 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?Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 REQUIRED: 1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000