Juan dela Cruz, accounting manager of ABC Corporation, provided the following data for 2020 taxable year: Salaries
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Question:
Juan dela Cruz, accounting manager of ABC Corporation, provided the following data for 2020 taxable year:
| Salaries @ P120,000 per month | 1,440,000 |
| Allowances subject to liquidation | 50,000 |
| Allowances not subject to liquidation | 60,000 |
| Rice allowance at P3,000 a month | 36,000 |
| Christmas gift/bonus | 30,000 |
| 13th month pay and mid-year bonus | 240,000 |
| Productivity incentive pay covered by a CBA | 25,000 |
| Monetized unused vacation leave for 12 days | 66,000 |
| Monetized unused sick leave for 5 days | 27,500 |
| Medical cash allowance to dependents | 3,000 |
| Actual medical benefits | 10,000 |
| Creditable withholding tax on compensation income | 397,150 |
- How much is the amount of exempt de minimis benefits?
97,000
107,000
118,000
124,500
- How much is the amount of de minimis and other benefits subject to basic tax?
240,500
250,500
251,500
280,000
- How much is the fringe benefits tax?
48,000
80,000
32,308
166,400
- How much is the income tax payable of Juan for the year?
130,000
267,500
397,150
0
- How much is the total allowable deduction from business income of ABC Corporation in relation to the information provided?
1,900,000
1,500,000
1,987,500
2,019,708
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Related Book For 
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
Posted Date:
