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Juan dela Cruz, accounting manager of ABC Corporation, provided the following data for 2020 taxable year: Salaries @ P120,000 per month 1,440,000 Allowances subject to

Juan dela Cruz, accounting manager of ABC Corporation, provided the following data for 2020 taxable year:

Salaries @ P120,000 per month

1,440,000

Allowances subject to liquidation

50,000

Allowances not subject to liquidation

60,000

Rice allowance at P3,000 a month

36,000

Christmas gift/bonus

30,000

13th month pay and mid-year bonus

240,000

Productivity incentive pay covered by a CBA

25,000

Monetized unused vacation leave for 12 days

66,000

Monetized unused sick leave for 5 days

27,500

Medical cash allowance to dependents

3,000

Actual medical benefits

10,000

Creditable withholding tax on compensation income

397,150

  1. How much is the amount of exempt de minimis benefits?

97,000

107,000

118,000

124,500

  1. How much is the amount of de minimis and other benefits subject to basic tax?

240,500

250,500

251,500

280,000

  1. How much is the fringe benefits tax?

48,000

80,000

32,308

166,400

  1. How much is the income tax payable of Juan for the year?

130,000

267,500

397,150

0

  1. How much is the total allowable deduction from business income of ABC Corporation in relation to the information provided?

1,900,000

1,500,000

1,987,500

2,019,708

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