Question: Juan Carlos Geronimo, single, is a minimum wage earner working at Gazini Corporation. In addition to his basic minimum wage of P180,000 for the year,

Juan Carlos Geronimo, single, is a minimum wage earner working at Gazini Corporation. In addition to his basic minimum wage of P180,000 for the year, he also received the following benefits for the entire year: uniform allowance of P11,000; Christmas gift of P10,000; meal allowance for overtime work of P50,000; service achievement award in the form of ring with a monetary value of P15,000; and 13th month pay and other benefits of P112,000. 1. How much is the de minimis benefits - over the ceiling? a. P90,000 b. P132,000 c. P20,000 d. P42,000 e. Answer not given 2. How much is taxable income? a. P132,000 b. P42,000 c. P312,000 d. P292,000 e. Answer not given 3. How much is the income tax due? a. Zero b. Exempt c. P8,400 d. P26,400 e. Answer not given 4. Who is primary liable in paying income tax? a. Gazini Corporation b. Juan Carlos c. Shared by Juan Carlos and Gazini Corporation d. Juan Carlos and wife e. Juan Carlos, wife and Gazini Corporation

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