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 đther 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 taxable compensation income?
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 đther 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 taxable compensation income?
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 16CE
Related questions
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 ôther 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 taxable compensation income?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F23d4c0aa-481d-441b-bb49-d0a9411150fd%2F6448ac22-3cab-47a5-82a9-ba8652788e07%2F70b3md_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 ôther 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 taxable compensation income?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT