A rank and file employee received the following compensation and benefits received during 2020 Basic income...

 

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A rank and file employee received the following compensation and benefits received during 2020 Basic income from compensation 13th month pay and mid-year bonus Midyear bonus Christmas gift Uniform allowance Actual Medical expenses allowance Rice subsidy Meal allowance 100/day Monetized sick leave 10 days Monetized vacation leave 15 days Rented housing benefit Educational allowance without contract Communication allowance need for the job Transportation allowance subject to liquidation P600,000.00 $50,000.00 $22,500.00 $15,000.00 $10,000.00 $20,000.00 $18,000.00 $3,000.00 $24,000.00 $36,000.00 $15,000.00 $150,000.00 $2,000.00 $5,000.00 Required: 1. How much is the amount of exempt de minimis benefits? 2. How much is the amount of de minimis and other benefits subject to basic tax? 3. Howmuch is the fringe benefit tax? 4. How much is the taxable income of the employee for the year? 5. How much is the deductible expenses of the company for the said employee? A rank and file employee received the following compensation and benefits received during 2020 Basic income from compensation 13th month pay and mid-year bonus Midyear bonus Christmas gift Uniform allowance Actual Medical expenses allowance Rice subsidy Meal allowance 100/day Monetized sick leave 10 days Monetized vacation leave 15 days Rented housing benefit Educational allowance without contract Communication allowance need for the job Transportation allowance subject to liquidation P600,000.00 $50,000.00 $22,500.00 $15,000.00 $10,000.00 $20,000.00 $18,000.00 $3,000.00 $24,000.00 $36,000.00 $15,000.00 $150,000.00 $2,000.00 $5,000.00 Required: 1. How much is the amount of exempt de minimis benefits? 2. How much is the amount of de minimis and other benefits subject to basic tax? 3. Howmuch is the fringe benefit tax? 4. How much is the taxable income of the employee for the year? 5. How much is the deductible expenses of the company for the said employee?

Answer rating: 100% (QA)

1 The amount of exempt de minim is benefits is P 10 000 00 This is because the Christ... View the full answer