Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and other benefits 50,000 De minimis benefits within the ceiling amounts 20,000 6,000 De minimis benefits in excess of the ceiling amounts 45,000 Fixed transportation and communication allowance How much is the taxable compensation income? O 300,000 O 335,000 O 380,000 386,000

Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and other benefits 50,000 De minimis benefits within the ceiling amounts 20,000 6,000 De minimis benefits in excess of the ceiling amounts 45,000 Fixed transportation and communication allowance How much is the taxable compensation income? O 300,000 O 335,000 O 380,000 386,000

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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Question

Mayumi, a rank and file, reports the following for the year 2021:
Compensation, net of P77,000 mandatory contributions
P300,000
Supplemental compensation
35,000
13th month pay and other benefits
50,000
De minimis benefits within the ceiling amounts
20,000
De minimis benefits in excess of the ceiling amounts
6,000
45,000
Fixed transportation and communication allowance
How much is the taxable compensation income?
O 300,000
O 335,000
380,000
386,000

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