In the taxable year 2020, the following data pertain to a corporate business organization: • 90,000 De minimis benefits to all employees Local traveling expenses paid by company for the travel of his supervisory employees and the members of their families A Mitsubishi car benefit for the personal and company use of the company" 180,000 • 100,000 sales manager. Said car was purchased under the following terms: cost pric P500,000, 20 % down payment on installment basis payable for 43 month with 12 % interest per annum based on the outstanding balance • 70,000 Membership fees and dues in social and athletic clubs paid by the company for the benefit of the managerial employees What is the total allowed fringe benefit deduction
In the taxable year 2020, the following data pertain to a corporate business organization: • 90,000 De minimis benefits to all employees Local traveling expenses paid by company for the travel of his supervisory employees and the members of their families A Mitsubishi car benefit for the personal and company use of the company" 180,000 • 100,000 sales manager. Said car was purchased under the following terms: cost pric P500,000, 20 % down payment on installment basis payable for 43 month with 12 % interest per annum based on the outstanding balance • 70,000 Membership fees and dues in social and athletic clubs paid by the company for the benefit of the managerial employees What is the total allowed fringe benefit deduction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In the taxable year 2020, the following data pertain to a corporate business organization:
• 90,000
• 180,000
De minimis benefits to all employees
Local traveling expenses paid by company for the travel of his supervisory
employees and the members of their families
• 100,000
A Mitsubishi car benefit for the personal and company use of the company's
sales manager. Said car was purchased under the following terms: cost price
P500,000, 20 % down payment on installment basis payable for 43 months
with 12 % interest per annum based on the outstanding balance
• 70,000
Membership fees and dues in social and athletic clubs paid by the company
for the benefit of the managerial employees
What is the total allowed fringe benefit deduction
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