Juan Dela Cruz, accounting manager of ABC Corporation, provided the following data for 2020: 

 

How much is the amount of exempt de minimis benefits?

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Salaries @P120,000 per month P1,440,000 50,000 Allowances subject to liquidation Allowances not subject to liquidation Rice allowance @P3,000 per month 60,000 36,000 Christmas gift/bonus 13th month pay and mid-year bonus Productivity incentive pay covered by CBA Monetized unused vacation leave for 12 days 30,000 240,000 25,000 66,000 Monetized unused sick leave for 5 days Medical cash allowance to dependents 27,500 3,000 Actual medical benefits 10,000 Creditable withholding tax on compensation income 397,150 Salaries @P120,000 per month P1,440,000 50,000 Allowances subject to liquidation Allowances not subject to liquidation Rice allowance @P3,000 per month 60,000 36,000 Christmas gift/bonus 13th month pay and mid-year bonus Productivity incentive pay covered by CBA Monetized unused vacation leave for 12 days 30,000 240,000 25,000 66,000 Monetized unused sick leave for 5 days Medical cash allowance to dependents 27,500 3,000 Actual medical benefits 10,000 Creditable withholding tax on compensation income 397,150

Answer rating: 100% (QA)

ACalculation of Gross computation of Income Particulars Amount 1Salary 120000 12 1440000 2Allowances ... View the full answer