Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of any income, before deducting bonus and income taxes, above $100,000. Income before bonus and income taxes is $250,000. The effective income tax rate is 21 %. 1. Compute the amount of Raymond Moss’s bonus. 2. Compute the income tax expense.
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Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of any income, before deducting bonus and income taxes, above $100,000. Income before bonus and income taxes is $250,000. The effective income tax rate is 21 %. 1. Compute the amount of Raymond Moss’s bonus. 2. Compute the income tax expense.
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- Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%. The general manager received P 280,000 for the current year as bonus. What is the income before bonus and tax? * A.4,280,000 B.3,720,000 C.4,000,000 D.2,800,0001. An employee earns 35,000 a month. He receives his salary every 15th and 30th of the month. His conrtibutions and tax is being deducted fairly every cut-off. A. How much is his gross earnings per cut-off? B. How much is his withholding tax per cut-off? C. Compute for his SSS, Philhealth, and PagIBIG every cut off. D. How much is his net earnings every cut-off?Sky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $870 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee other information - Tom's net pay per month= 4587.50 - tom's monthly FICA tax= 442.50 -total payroll tax expense for january, feb, march and dec. year 1= jan= 796.50, feb = 508.50, march= 442.50, dec= 442.50
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