COMPENSATION INCOME

Classify the following according to type of compensation. There should be one answer per number, otherwise it is void. Put RC for Regular Compensation; SC for Supplemental Compensation; DM for de minimis; FB for fringe benefits; OB for other benefits; ENB exempt or non- taxable benefits.

1.Retirement gratuities of government employees

2.Monetized unused sick leave of government employees

3.Overtime, hazard, holiday and night differential pay

4.Thirteenth-month pay

5.Educational assistance to the employee or his dependents

6.Mandatory contributions to GSIS, SSS, PHIC, HDMF, union dues

7.Basic salary

8.Holiday and vacation expenses

9.Productivity incentive bonus

10.Interest, for the difference between the market rate (12%) and the actual interest granted

11.Termination pay from involuntary separation

12.Employee personal expenses shouldered by the employer

13.Representation and travelling allowances of field employees

14.Annual medical/executive check-up not exceeding 10,000 of an employee

15.Basic wage of minimum wage earner

16.Membership fees or dues in social, athletic and professional organizations borne by employer for the employee

17.Taxable retirement and separation pay

18.Living quarters and meals

19.Life, Health and non-life insurance premiums in excess of what the law allows

20.Pension from the United States Veterans Administration

21.Housing benefits and vehicles of any kind

22.Christmas bonus of private employees

23.Stock option plans, profit sharing and taxable bonus

24.Salary of Filipino employee working with World Health Organization

25.25-year service award granted to an employee not exceeding P10,000

26.Additional compensation allowance of government personnel

27.Paid absences of employee applied against leave credits

28.SSS/ GSIS benefits

29.Commissions, emoluments and honoraria

30.Benefits received by employee from a collective bargaining agreement, P10,000