C-D. Use the following information for the next two questions: Mr A, employed in the private sector, received the following  benefits during the year:  Rice subsidy of one 50 kg sack of rice per month worth P2,500  Uniform and clothing allowance, P8,000 for the year  Medical benefits for hospitalization during the year, P38,000  Laundry allowance, PI,000 per month  Omega wristwatch worth P230,000 received as a loyalty award for  having worked for the company in the last 25 years.  13 month pay, P40,000  Christmas bonus, P6,000 Question: C. How much is Mr. X's taxable "13" month pay and Other  Benefits? Answer:  Question: D. If Mr X's total "take-home pay (excluding the benefits  above) for the year was 480,000, how much is Mr X's tax due for the  year? Answer:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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C-D. Use the following information for the next two questions:
Mr A, employed in the private sector, received the following 
benefits during the year:
 Rice subsidy of one 50 kg sack of rice per month worth P2,500
 Uniform and clothing allowance, P8,000 for the year
 Medical benefits for hospitalization during the year, P38,000
 Laundry allowance, PI,000 per month
 Omega wristwatch worth P230,000 received as a loyalty award for 
having worked for the company in the last 25 years.
 13 month pay, P40,000
 Christmas bonus, P6,000
Question: C. How much is Mr. X's taxable "13" month pay and Other 
Benefits?
Answer: 
Question: D. If Mr X's total "take-home pay (excluding the benefits 
above) for the year was 480,000, how much is Mr X's tax due for the 
year?
Answer:

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