Reference no: EM132948874

Question -

Q1) Mandaue reimbursed the following expense liquidation of its managerial employee:

Purchase of office supplies - P20,000;

Personal meals and groceries - P15,000;

Gasoline for transportation (1/2 for business) - P8,000;

Office electricity, water, and telephone bills - P12,000.

How much is the fringe benefits tax if the managerial employee is a resident citizen?

Q2) Alexis, a resident citizen, reported a world taxable income of P780,000 and a Philippine tax due on a world income of P125,000. Moreover, P234,000 of the taxable income was earned in Japan out of which she paid P45,000 in income tax. How much is the foreign tax credit allowed?