PROBLEM 23

The following data belong to a corporation-employer in the current year 2019:

a. Educational assistance to supervisors and their children, P75,000

b. Contributions of employer-company for the benefit of the employees to retirement, insurance and hospitalization benefit plans, 50,000

c. Year's rental for an apartment rented out by the company for the use of its comptroller, 60,000

Compute the fringe benefit tax and its related allowed deduction.

PROBLEM 24

A self-employed person showed us its data for the year 2019:

a. Representation and transportation allowances, fixed in amount, regularly given to the company

officials as part of their monthly compensation income P180,000

b. Holiday and vacation expenses of the department heads, borne by the company-employer 45,000

c. Other business expenses 653,000

d. Gross Profit from Sales 985,000

e. Rental Income on business equipment 124,000

Taxpayer is widower, but with 5 children dependents.

Compute the following:

a. Grossed Up Monetary Value of Taxable Fringe Benefit

b. Fringe Benefit Tax

c. Taxable Net Income

d. Income Tax Due