Wil has a bakery with total assets of P5,000,000 inclusive of a lot with a book value P1,400,000. • Gross income from sales of bread- P450,000 • Interest on promissory notes of retail store clients-P29,000 • Royalties on sale of recipe books-P54,000 • Dividend income from domestic stocks-P32,000 Compute the total amount subject to regular income tax P450,000 P479,000 O P533,000 P565,000

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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.