Procter & Gamble provides the following incentives to Mr. Sevilla- Sales Manager with two qualified dependents

1.Toyota Vios worth Php 1.5 million under the name of the P&G.

2.Annual grocery allowance of Php 60,0000.

3.Monthly vacation pay of Php 3,000.

4.Annual association dues at Makati Sports Club 120,000.

5.Annual Group Insurance Premium of Php 240,000 with Philam Life

6.Sunlife Insurance of Php 2 million with premium monthly of Php 2,000 and beneficiary is the immediate dependent of employee.

7.SMART Postpaid Plan of Php 2,000 per month for handling 24/7 client inquiries

8.Tuition fee of qualified dependents at Php 150,000 semi-annually.

Requirements: Submit your solution in excel file form using some basic excel formula ( not merely encoding)

1. Determine the fringe benefits that are taxable and non-taxable citing at least a brief reason for your answer. (25 pts.)

2. Assume that all amounts are in accordance with the BIR rules in regulations, compute for the Monetary Value. You should be able to provide a clear breakdown of how you came up with your answer. Double rule and yellow filled your final answer. ( 25 pts.)

3. Using excel basic formula compute for the Gross Up Monetary Value. Double rule and yellow filled your final answer. ( 25 pts)

4. Using excel basic formula compute the Fringe Benefit Tax that will be paid by P&G for taxable year 2018 incentives received by Mr. Sevilla ( 25 pts )