Brooke Smith is the Chief Executive Officer of Bess Bistro corporation, a publicly traded, calendar year C corporation. She was hired in 2021. For the current year, Brookes compensation package consists of: Cash compensation $ 1,750,000 Nontaxable fringe benefits 185,000 Taxable fringe benefits 140,000 Bonus tied to company performance 750,000 How much of Brooke's compensation is deductible by Bess Bistro Corporation?
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- Wanda is the Chief Executive Officer of Pink corporation, a publicly traded, calendar year C corporation. For the current year, Wanda's compensation package consists of: Cash compensation $ 2,500,000 Nontaxable fringe benefits 250,000 Taxable fringe benefits 150,000 Bonus tied to company performance 2,000,000 How much of Wanda's compensation is deductible by Pink Corporation?Thank you for help me with this questions. Florence is the Chief Financial Officer of Hazel Corporation, a publicly traded, calendar year C corporation. For the current year, her compensation package consists of: Cash compensation $1,500,000 Bonus tied to company performance 700,000 Taxable fringe benefits 250,000 Nontaxable fringe benefits 75,000 How much of Florence's compensation is deductible by Hazel Corporation?In 2021, Archibald Corporation incurred the following expenses in connection with the product of its business: P100,000 worth of plane tickets and hotel bills of its employees who were sent to business seminars; P200,000 transportation allowances of its officers from home to office and vice versa as part of their employment contract; P80,000 transportation expenses of messengers from office to several clients; P20,000 special assessment. Determine the allowable expenses that could be deducted by Archibald Corporation from its gross income.
- During 2019, Alpha Corporation gave the following fringe benefits to its employees: Salaries to rank and file employees Salaries to managerial employees 1,000,000 1,800,000 De minimis benefits to rank and file 54,400 employees De minimis benefits to managerial employees Fringe benefits to rank and file employees Fringe benefits to managerial employees 27,200 102,000 170,000 How much is the total allowable deduction from business income of Alpha Corporation?An employee had the following details of compensation income in 2021: Regular compensation income 780,000 Overtime pay 43,000 13th month pay 65,000 De minimis benefits: Medical assistance to employee 22,000 Total of other de minimis beenfits 32,000 Compute the taxable compensation if the employee is a rank and file 842,000 836,000 823,000 780,000ROSE, a mixed income earner provided the following date for taxable year 2019: Compensation Income Salaries – (net of SSS, PHIC and HDMF contribution of Php25,000 and withholding tax of Php120,500) Php 795,500 13th month pay 65,000 Clothing allowance 10,000 Rice subsidy 24,000 Christmas bonus 5,000 Other compensation income 8,000 Overtime pay 90,000 Business and professional Income Sales Php 1,500,000 Cost of sales 800,000 Business expenses 200,000 Professional Fees – (net of Php100,000 w/tax, P900,000 Expenses-practice of profession, P300,000 Disregarding business and professional income, how much is the gross compensation income of ROSE for taxable year 2019:
- Consider the following in answering the questions below: Nicanor, a forty-four-year-old loveless, is employed by ABC Corp. for the past thirty (30) years. Below are the compensation and other benefits he received from the company the year 2021. 13th Month Pay 100,000 De Minimis benefits 30,000 Statutory contributions (SSS, PHIC, etc) 20,000 Basic Salary per month 100,000 Monthly Representation Allowance 50,000 Monthly Transportation Allowance 50,000 Cost of Living Allowance 50,000 Fixed Housing Allowance 50,000 Commission 100,000 Profit-Sharing 100,000 Hazard Pay 50,000 Overtime Pay 100,000 In 2022, ABC Corp. suffered serious business reverses. The Company, to temper losses, offered retirement or separation benefits to employees. 62. How much is the total EXCLUSIONS FROM GROSS INCOME? A. Php 150,000 B. Php 140,000 C. Php 110,000 D. Php 90,000 63. How much is the total TAXABLE COMPENSATION? A.…Delta Cron, the president of the VARIANT COMPANY, receives 15% of the net income (after deducting taxes but before bonuses) as a bonus arrangement with the company. For the current year, the net income after deducting the provision for income taxes and bonus is P5,000,000 The bonus is not deductible for tax purposes, and the tax rate is 20% Compute the appropriate provision for income tax for the year.Kris a supervisory employee, received the following income in 2021: Gross compensation income, before contributions to SSS, PhilHealth, and HDMF totaling P124,000- P800,000 Fringe benefits-P200,000 Gain from redemption of shares in a mutual fund-P100,000 Commission income-P150,000 Gain on sale of stocks through the PSE - P400,000 Determine the total income to be reported by kris in gross income. P1,526,000 O P1,426,000 O P1,026,000 P826,000
- In 2023, Big Bucks, a publicly traded corporation, paid its CEO $1,200,000 of base compensation for the year as well as $150,000 of compensation attributable to Big Buck's incentive bonus plan. What is Big Bucks after - tax cost of the CEO'S salary assuming a 21% marginal tax rateAccounting As part of its employee benefits plan, Omega Corporation acquired a piece of residential lot worth P2M for its Chief Executive Officer and constructed upon it a house at a cost P4M. Ownership of the house and lot was turned over to the CEO upon completion of the construction. 40% of the value of the house and lot will be deducted from the director's salary over a period of 5 years. Compute the fringe benefit tax. А. 3,230,769 B. 1,938,462 С. 1,292,307 D. 161,538Roscoe Company has a contract with its CEO to pay him a bonus during each of the years 2018 – 2021.The profit before deductions for bonus and income taxes were P12,500,000 in 2018; P18,000,000 in 2019; P21,700,000 in 2020; and P24,000,000 in 2021. The bonus of 20% is deductible for tax purposes in each year. The tax rate is 25%.• The 2018 bonus is based on profit before bonus and taxes• The 2019 bonus is based on profit after bonus but before taxes• The 2020 bonus is based on profit before bonus but after taxes• The 2021 bonus is based on profit after bonus and taxesCompute the amount of the bonus for each year.