Sonia Company reported gross payroll of P600,000 for the month of January. The entity paid the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sonia Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax 70,000 SSS 10,000 Philhealth 5,000 Pagibig 7,000 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS 15,000 Philhealth 6,000 Pagibig 8,000 What is the total payroll tax liability? Sonia Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax 70,000 SSS 10,000 Philhealth 5,000 Pagibig 7,000 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS 15,000 Philhealth 6,000 Pagibig 8,000 What is the total payroll tax liability?
Expert Answer:
Answer rating: 100% (QA)
To compute for the total payroll tax liability we need to consider the following Employee deductions ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Brooks Corporation uses a job-order costing system to apply manufacturing costs to jobs. The company closes its under applied or over applied overhead to cost of goods sold. Its balance sheet on...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-4. Ivan and Irene paid the following in 2012 (all by check or can otherwise be...
-
The trial balance for Hanna Resort Limited on August 31 is as follows: Additional information: 1. The balance in Prepaid Insurance includes the cost of four months premiums for an insurance policy...
-
The 6-lb collar B slides on the frictionless arm AA??. The arm is attached to drum D and rotates about O in a horizontal plane at the rate = 0.8t, where and t are expressed in rad/s and seconds,...
-
Information disclosed in financial reports should have a number of characteristics (e.g. understandability, neutrality). What are these characteristics? Provide two examples of situations where there...
-
The Thermo-Bond Manufacturing Company maintains its fixed-asset records on its computer. The fixed-asset master file includes the following data items: Required Refer to Table 9-7, which describes...
-
1. During the beginning of the 21st century, the growth in computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips...
-
Selling an option rather than exercising the option and then selling the property may? results in more paper work and less cash to the may permit the seller to avoid paying short-term capital gains...
-
One aspect of the problem that has been ignored to this point is that each approved project must be led by a senior project manager. Julie has identified only eight senior managers who qualify and...
-
Consider a matrix A with dimensions m x n, where m < n. Prove that the columns of A are linearly dependent. Part B: Let A be a square matrix with dimensions n x n. If A is invertible, prove that the...
-
3. (25 pts) Consider a flat plate solar collector for water heating installed on a roof. The collector has a single layer of glass (glazing) above the absorber to retain heat. Glass cover Air space...
-
A refrigerator used by a restaurant has a cost of $69,890, an estimated residual value of $7,490, and an estimated useful life of 20 years. What is the amount of the annual depreciation computed by...
-
An individual weighs 83.5 kg and is 1.85 m tall. (a) What is the person's equivalent measurement in pounds? Mass = pounds (b) What is the person's equivalent measurement in feet? Height f
-
Manuel Company predicts it will operate at 8 0 % of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0 . 5 DLH per unit. The company reports...
-
By examining a wave's pattern after it interacts with a barrier or gap, measurements can be made to better understand certain wave phenomena. What is a broad question you can answer by doing this...
-
The investments of Charger Inc. include an investment of trading securities of Raiders Inc. purchased on February 2 4 , 2 0 Y 7 , for $ 4 0 7 , 0 0 0 . The fair value of the securities on December 3...
-
3M Company reports the following financial statement amounts in its 10-K report: a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and 2017. (Receivables turnover and...
-
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: The company's manufacturing overhead cost is applied to production...
-
What account is credited when overhead cost is applied to work in process? Would you expect the amount applied for a period to equal the actual overhead costs of the period? Why or why not?
-
The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 2,000 sets per...
-
_________ is the false belief that past outcomes affect future events.
-
Peoples concerns about fairness are illustrated in an experiment called the _________ game.
-
Behavioral economists say that people may treat \($1\) they received as a gift differently than \($1\) they earned through their hard work. They call this _________.
Study smarter with the SolutionInn App