Samsam, single status and without dependent, is the Manager of Walter Mart. He is earning P45,000.00...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Samsam, single status and without dependent, is the Manager of Walter Mart. He is earning P45,000.00 per month.Contri The following are his contributions being employee of the company. SSS Contribution P581.30 Phil Health P437.50 Pag-ibig P100.00 Cooperative contribution P1,500 Tardiness charge by the company P347.50 Take note that the mandatory contribution by the govt. such as SSS, Phil Health and Pag-ibig are deducted first from the gross salary/income. Then the taxable income is calculated. QUESTIONS FOR YOU TO ANSWER AND SOLVE PROPERLY: 1. Calculate Samsam salary after deductions. 2. Compute the Withholding Tax of Samsam based on the Withholding Tax Table provided. 3. Compute for the Net Pay (Total pay after all deductions) of Samsam 1 Samsam - Manager of Walter Mart 2 Compensation Income 3 Tardiness charge by the company 4 Net Compensation Income 5 SSS Contribution 6 Phil Health 7 Pag-ibig 8 Cooperative contribution 9 Net Pay 10 11 45000 347.5 44652.5 581.3 437.5 100 1500 42033.7 X Income Tax Tables under TRAIN Law (Part 2 - Applicable from Year 2023 Onwards) Source: BIR and www.PinoyMoneyTalk.com ANNUAL INCOME P250,000 and below Above P250,000 to P400,000 Above P400,000 to P800,000 Above P800,000 to P2,000,000 Above P2,000,000 to P8,000,000 Above P8,000,000 TAX RATE None (0%) 15% of excess over P250,000 P22,500 + 20% of excess over P400,000 P102,500 + 25% of excess over P800,000 P402,500 + 30% of excess over P2,000,000 P2.2025 million + 35% of excess over P8 million PinoyMoneyTalk.com Samsam, single status and without dependent, is the Manager of Walter Mart. He is earning P45,000.00 per month.Contri The following are his contributions being employee of the company. SSS Contribution P581.30 Phil Health P437.50 Pag-ibig P100.00 Cooperative contribution P1,500 Tardiness charge by the company P347.50 Take note that the mandatory contribution by the govt. such as SSS, Phil Health and Pag-ibig are deducted first from the gross salary/income. Then the taxable income is calculated. QUESTIONS FOR YOU TO ANSWER AND SOLVE PROPERLY: 1. Calculate Samsam salary after deductions. 2. Compute the Withholding Tax of Samsam based on the Withholding Tax Table provided. 3. Compute for the Net Pay (Total pay after all deductions) of Samsam 1 Samsam - Manager of Walter Mart 2 Compensation Income 3 Tardiness charge by the company 4 Net Compensation Income 5 SSS Contribution 6 Phil Health 7 Pag-ibig 8 Cooperative contribution 9 Net Pay 10 11 45000 347.5 44652.5 581.3 437.5 100 1500 42033.7 X Income Tax Tables under TRAIN Law (Part 2 - Applicable from Year 2023 Onwards) Source: BIR and www.PinoyMoneyTalk.com ANNUAL INCOME P250,000 and below Above P250,000 to P400,000 Above P400,000 to P800,000 Above P800,000 to P2,000,000 Above P2,000,000 to P8,000,000 Above P8,000,000 TAX RATE None (0%) 15% of excess over P250,000 P22,500 + 20% of excess over P400,000 P102,500 + 25% of excess over P800,000 P402,500 + 30% of excess over P2,000,000 P2.2025 million + 35% of excess over P8 million PinoyMoneyTalk.com
Expert Answer:
Answer rating: 100% (QA)
ANSWER Lets solve the questions step by step Calculate Samsams salary after deductions Gross Salary ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Posted Date:
Students also viewed these law questions
-
Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
-
Blue Spruce Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for Blue Spruce Corporation follows for the year ended September 30, 2021: Cost of...
-
After the accounts are closed on September 10, 2015, prior to liquidating the partner- ship, the capital accounts of Kris Harken, Brett Sedlacek, and Amy Eldridge are $31,000, $5,700, and $24,500,...
-
City Cab Company identified 10 primary pickup and drop locations for cab riders in New York City. In an effort to minimize travel time and improve customer service and the utilization of the companys...
-
Consider the all-possible-regressions analysis of Hald's cement data in Example 10.1. If the objective is to develop a model to predict new observations, which equation would you recommend and why?...
-
Butler Manufacturing Corporation raised capital for a plant expansion by borrowing from a bank and making a stock offering. Butler engaged Weaver, CPA, to audit its December 2014 financial...
-
On September 1 , 2 0 2 7 , Betty DeRose, Inc. received $ 5 4 , 0 0 0 cash from a customer as payment for services that will be performed over the next 3 0 months. On May 3 1 , 2 0 2 8 , Betty DeRose,...
-
Find all solutions to the following equation: sin (2x) sin(x) = 0 -
-
What habits or patterns of spending did you discover that you were not previously aware of, such as being surprised at how much you spent on a specific item or category? Were you honest with...
-
How do ethical considerations shape the decisiveness of leaders in navigating moral dilemmas and balancing competing values, particularly in contexts where decisions have far-reaching consequences...
-
Your shares in Tesla are taking a bath today, and the outlook isn't good. To lower your already aggressive risk profile, you decide to sell all your shares. To guarantee order execution, what type of...
-
The standard deviation of a portfolio can only be reduced to the level of the risk-free asset in the portfolio. Essentially in any portfolio of investments, the standard deviation can only be reduced...
-
How do cross-cultural differences in trust perceptions and expectations shape interpersonal dynamics, negotiation strategies, and business practices in a globalized world, and how can individuals and...
-
A restaurant prepares 200.00 pizza slices and sells them at a rate of $13.00/slice. Expenses for the restaurant include raw material for pizza at $6.00 per slice, $124.00 for monthly rental and...
-
Sheldon and Leonard had a million-dollar idea. In order to make it happen, they have to do special research first. Only Kripke can help them in this matter. But Kripke is known to be the first-class...
-
On September 30, 2014, Tucker, Co. borrowed $15,000 on a one-year, 7% note payable. What amounts would Tucker, Co. report for the note payable and the related interest payable on its balance sheet at...
-
Assume that Bonsai Boards has the following FIFO perpetual inventory record for snowboards for the month of November: At November 30, the accountant for Bonsai Boards determines that the current...
-
Suppose Peter's Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2013. Peters Hardware later received $225 of goods (cost, $140) as sales...
-
You are setting up a chatbot agency to service marketing, sales and customer services teams. Discuss the advantages and disadvantages of setting up the business as a sole trader or company and the...
-
Principles for Responsible Management Education (PRME) is a not-for-profit entity. It engages business schools to ensure they provide future leaders with the skills needed to balance economic and...
-
Discuss why the cash received from providing a service is revenue, yet the cash contributed by the owner is not revenue.
Study smarter with the SolutionInn App