Mayumi, rank and file, reports fne following for fhe year 2021:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
Fixed transportation and communication allowance
45,000
How much is the total exclusion from gross income?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F23d4c0aa-481d-441b-bb49-d0a9411150fd%2F5dfcd44f-36f4-4d05-bec0-decbf0c181a1%2Fias2xld_processed.png&w=3840&q=75)
Transcribed Image Text: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
Fixed transportation and communication allowance
45,000
How much is the total exclusion from gross income?
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