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Problem 4. Cardo Dalisay, a full-time rank and file resident citizen employee in XYZ Inc. and also an operator of cockpit business, earned the following in 2021. Compensation and other benefits from XYZ Inc, his employer: Basic Salaries (net of the ff: P50,000 minimum contributions for SSS, PhilHealth and HDMF, P10,000 for union dues and P200,000 for withholding taxes) 13th month pay Christmas bonus Christmas gift Productivity incentive Performance bonus Overtime pay (including P2,000 meal allowance during OT) Rice subsidy (P3,000 per month) Uniform Allowance Pre-computed daily transportation allowance NMAX motor vehicle (at cost excluding interest; purchased by the employer under 3 years installment with ownership placed in the name of the employee) P1,000,000 90,000 10,000 8,000 13,000 10,000 10,000 36,000 10,000 20,000 100,000 Business: Gross receipts from business (Cost of Service: P500,000) Operating expenses from business Other gross receipts subject to regular tax 2,500,000 1,000,000 100,000 Q1. What is the total income tax and percentage tax liability assuming Cardo opted to avail of the 8% tax under Section 24 of NIRC? Q2. Assuming Gross receipts from business is P4,000,000 instead of P2,500,000, what is the percentage tax liability for 2021? Q3. Assuming Cardo was a managerial employee, what is the total fringe benefits tax expense for 2021? Problem 4. Cardo Dalisay, a full-time rank and file resident citizen employee in XYZ Inc. and also an operator of cockpit business, earned the following in 2021. Compensation and other benefits from XYZ Inc, his employer: Basic Salaries (net of the ff: P50,000 minimum contributions for SSS, PhilHealth and HDMF, P10,000 for union dues and P200,000 for withholding taxes) 13th month pay Christmas bonus Christmas gift Productivity incentive Performance bonus Overtime pay (including P2,000 meal allowance during OT) Rice subsidy (P3,000 per month) Uniform Allowance Pre-computed daily transportation allowance NMAX motor vehicle (at cost excluding interest; purchased by the employer under 3 years installment with ownership placed in the name of the employee) P1,000,000 90,000 10,000 8,000 13,000 10,000 10,000 36,000 10,000 20,000 100,000 Business: Gross receipts from business (Cost of Service: P500,000) Operating expenses from business Other gross receipts subject to regular tax 2,500,000 1,000,000 100,000 Q1. What is the total income tax and percentage tax liability assuming Cardo opted to avail of the 8% tax under Section 24 of NIRC? Q2. Assuming Gross receipts from business is P4,000,000 instead of P2,500,000, what is the percentage tax liability for 2021? Q3. Assuming Cardo was a managerial employee, what is the total fringe benefits tax expense for 2021