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
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