Case 4: Juan Dela Cruz, accounting manger of ABC Corporation, provided the following data for 2023 taxable year: Salaries @ P120,000 per month Allowances subject to liquidation Allowances not subject to liquidation Rice allowance at P3,000 a month Christmas gift/bonus 13th month pay and mid-year bonus Productivity incentive pay covered by a CBA Monetized unused vacation leave for 12 days Monetized unused sick leave for 5 days Medical cash allowance to dependents Actual medical benefits Creditable withholding tax on compensation income P1,440,000 50,000 60,000 36,000 30,000 240,000 25,000 66,000 27,500 3,000 10,000 397,150 How much is the amount of de minimis and other benefits subject to tax?

Case 4: Juan Dela Cruz, accounting manger of ABC Corporation, provided the following data for 2023 taxable year: Salaries @ P120,000 per month Allowances subject to liquidation Allowances not subject to liquidation Rice allowance at P3,000 a month Christmas gift/bonus 13th month pay and mid-year bonus Productivity incentive pay covered by a CBA Monetized unused vacation leave for 12 days Monetized unused sick leave for 5 days Medical cash allowance to dependents Actual medical benefits Creditable withholding tax on compensation income P1,440,000 50,000 60,000 36,000 30,000 240,000 25,000 66,000 27,500 3,000 10,000 397,150 How much is the amount of de minimis and other benefits subject to tax?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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