rried, resident citizen with two qualified dependent children, has the following data for the year 2018: Salaries, net of P50,000 withholding tax and other nontaxable amount P200,000; Tuition of children P10,000; Rent of apartment P24,000; Household expenses P60,000; Health and hospitalization insurance premium paid P3,400. How much is the taxable compensation income? a. 47,600

rried, resident citizen with two qualified dependent children, has the following data for the year 2018: Salaries, net of P50,000 withholding tax and other nontaxable amount P200,000; Tuition of children P10,000; Rent of apartment P24,000; Household expenses P60,000; Health and hospitalization insurance premium paid P3,400. How much is the taxable compensation income? a. 47,600

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 24CE

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Mr Juan Jose, married, resident citizen with two qualified dependent
children, has the following data for the year 2018: Salaries, net of P50,000
withholding tax and other nontaxable amount P200,000; Tuition of children
P10,000; Rent of apartment P24,000; Household expenses P60,000; Health and
hospitalization insurance premium paid P3,400. How much is the taxable
compensation income?

a. 47,600
b. 147,600
c. 200,000
d. 250,000

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