What is the taxable 13th month pay and other benefits? Amanda is an employee of X Corporation, a private enterprise. The followingsummarizes the benefits of Amanda for the current year:Company anniversary giftRice subsidyLaundry allowanceUniform allowanceChristmas gift13th month payCBA incentive14th month payMonetized unused sick leave (10 days x P2,000)Monetized unused vacation leave (5 days x P2,000)P10,00035,0006,0008,0005,00060,00010,00030,00020,00010,000

Answer: Amount in "P" Taxable Exempt Remarks Company Anniversaty gift…

Answered: What is the taxable 13th month pay and…

Business

Accounting

What is the taxable 13th month pay and other benefit

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

What is the taxable 13th month pay and other benefits?

Amanda is an employee of X Corporation, a private enterprise. The following
summarizes the benefits of Amanda for the current year:
Company anniversary gift
Rice subsidy
Laundry allowance
Uniform allowance
Christmas gift
13th month pay
CBA incentive
14th month pay
Monetized unused sick leave (10 days x P2,000)
Monetized unused vacation leave (5 days x P2,000)
P10,000
35,000
6,000
8,000
5,000
60,000
10,000
30,000
20,000
10,000

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