Question: PROBLEM: Show your solution. Mr. Olivar, a private rank-and-file employee, had the following income for the year 2020: 1. How much is the total exempt

PROBLEM: Show your solution. Mr. Olivar, a private rank-and-file employee, had

PROBLEM: Show your solution. Mr. Olivar, a private rank-and-file employee, had the following income for the year 2020: 1. How much is the total exempt de minimis benefits? 2. How much is the total non-taxable (de minimis and exclusions) compensation income? 3. How much is the total net taxable compensation income? 4. How much is the total tax due and payable on or before April 15, 2021? 5. Assuming Mr. Olivar is a supervisor, how much is his total net taxable compensation income? 6. Assuming Mr. Olivar is a supervisor, how much is his total tax due and payable on or before April 15, 2021

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Tableau and Power BI Project: Data Visualization to Aid Decision - Making Adapted from Hoelscher and Mortimer ( 2 0 1 8 ) ( 2 0 1 8 ) Introduction to data analytics In this case study, you will gain...

INCOME TAXATION Compensation Income Name: Mr. Vince La Cuesta, a government employee, with two qualified dependents, had the following remuneration from January to June 2018: Net regular salaries...

This is income taxation Tabag 2020. Chapter Exercises - Fringe Benefit Tax Subject to fringe benefit tax if the recipient is a managerial Chapter Exercises - Fringe Benefit Tax employee d. Subject to...

Answer the following. 1. Which of the following tax refunds constitutes income? a. Refund of Philippine income tax b. Refund of estate tax . Refund of % of 1% stock transaction tax d. Refund of...

Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get...

1. Statement 1: Representation and Transportation Allowances (RATA) granted under Sec. 34 of the General Appropriations Act to certain officials and employees of the government are considered...

Gross Income 1. For income tax purposes, gains derived from the following transactions shall be recognized: a. Transactions between related taxpayers b. Illegal transactions c. Both a and b d....

A, B, and C, all lawyers, formed a partnership called ABC Law Firm so that they can practice their profession as lawyers. For the year 2012, ABC Law Firm received earnings and paid expenses, among...

Chapter 8 - Regular Income Tax: Exclusion from Gross Income d. Income of foreign governments 11. Which of the following government-owned and controlled corporations is to income tax? a. Social...

Here are two paths r1(t) and r2(t) intersect if there is a point P lying on both curves. We say that r1(t) and r2(t) collide if r1(t0) = r2(t0) at some time t0. Determine whether rj and r2 collide or...

An analyst predicts that there is a 40% chance that the U.S. economy will perform well. If the U.S. economy performs well, then there is an 80% chance that Asian countries will also perform well. On...

Show me the steps to solve EXHIBIT 2 : Year 6 Intercompany Transactions SPECIFIC INSTRUCTIONS: Only the BLUE CELLS will be marked. The black numbers are "CHECK FIGURES" to ensure you are on the right...

The project _ _ _ _ _ answers the questions of what, when, how much, and at times where.

(Appendices) INTERNAL CONTROL FOR SALES. Gateway 2000 is a large mail-order computer and software business located in South Dakota. Most of Gateways customers call on its toll-free phone line and...

(Appendices) SALES RECORDED NET. Using the data in Exercise 6-27, assume that Nevada records sales gross. LO8 REQUIRED: 1. Prepare the entries to record this sale in Nevadas journal. 2. Prepare the...

(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Gilmore Electronics had the following data for a recent year. LO3