1. In May 2020, a non-stock, non-profit university provided a 3-day vacation trip to Boracay Island to the university's Executive Vice-President. The total expenses incurred by the school was P 20,000. The FBT is? 
2. Mr. Chris, an accounting clerk, received the following from ABC Company for year 2020:

            Compensation                                     P 450,000

            13^th month pay                                         35,000

            Clothing allowance                                  10,000 

            Medicine allowance                                   4,500        

            laundry allowance                                      4,000 

            how much is the income of Mr. Chris subject to income tax? 

Answer rating: 100% (QA)

Solution To determine the Fringe Benefit Tax FBT for the vacation trip provided to the Executive Vic... View the full answer