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A managerial employee shows the following details for the year 2021: Regular compensation Overtime pay 13th month pay De minimis: Medical assistance to employee
A managerial employee shows the following details for the year 2021: Regular compensation Overtime pay 13th month pay De minimis: Medical assistance to employee Rice allowance Other de minimis benefits P780,000 43,000 65,000 Compute the total compensation subject to regular income tax. 842,000 836,000 823,000 780,000 22,000 20,000 32,000 A private employee retired at 60 in the middle of the year and was paid the following remunerations: Retirement benefits 2,000,000 Terminal leave pay/benefit (150 accumulated leaves of which 10 VL is de minimis) 120,000 Compensation (net of 16,000 mandatory contributions) Profit sharing Prorated 13th month pay Compute the taxable compensation income. 2,170,000 238,000 170,000 136,000 128,000 8,000 12,000
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