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Compute for the de minimis benefits

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Reference no: EM132833880

Mr. Romeo Lacandula, single, a resident, an employee of Luzon Realty, Inc., The following is his income for year 2014:

Gross Compensation Income P480,000
SSS/PHIC/HDMF Contributions 50,000
Monetized unused vacation(25days) 25,000
Uniform Clothing Allowance 10,000
13th Month Pay 70,000
Cash gift 15,000
Rice allowance 40,000
Income Tax Withheld by Luzon Realty, Inc. 20,000

REQUIREMENTS:

Problem a. compute for the De minimis benefits

Problem b. Total other benefits

Problem c. Taxable Income

Problem d. Tax due

Reference no: EM132833880

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