Fringe Benefits and Dealing in Properties

Item 3 of 3 15 Points Compute for the taxable compensation income, fringe benefit tax (35%) and total compensation tax due for year 2020 if the taxpayer is 1. Manager/supervisor 2. rank and file 3. Minimum wage earner earning P370/day for 313 days Code 483- TAXN 1016 25 Monthly Salary 50,000 Clothing Allowance 5,000 Overtime Pay (annual) 23,000 Meal allowance 6,000 Night Shift Differential 3,000 Rice monthly subsidy 1,800 SSS monthly premium 800 Annual Medical check-up 12,000 PHIC monthly premium 1,200 15th year anniversary award 11,000 HDMF monthly premium 100 Christmas gift 6,000 Holiday pay 4,000 Honorarium 10,000 Hazard pay 3,000 Representation allowance 12,000 monetized unused 12 days @ vacation leave Check-up of child Feb 500 P1,500/day May 1,500