Cardo is private rank and file employee working in a remote an Internet Company received the following benefits during 2021: 13th month pay -P72,000; Performance Bonus - P15,000; Christmas Gift - P30,000; Hazard Pay - P6,000; Housing privilege P38,000; Uniform and clothing allowance - P9,000; Laundry allowance - P6,000; The housing privilege pertains to the annual value of the employee's living quarters furnished by the employer to the employees. What is the excess de minimis benefits which will be part of 13th month pay and other benefits?

Cardo is private rank and file employee working in a remote an Internet Company received the following benefits during 2021: 13th month pay -P72,000; Performance Bonus - P15,000; Christmas Gift - P30,000; Hazard Pay - P6,000; Housing privilege P38,000; Uniform and clothing allowance - P9,000; Laundry allowance - P6,000; The housing privilege pertains to the annual value of the employee's living quarters furnished by the employer to the employees. What is the excess de minimis benefits which will be part of 13th month pay and other benefits?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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