A private rank and file employee working in a remote tower station of Convulge Internet Company received the following benefits during 2021: 13th month pay -P72,000; Performance Bonus - P15,000; Christmas Gift - P30,000; Hazard Pay - P6,000; Housing privilege P38,000; Uniform and clothing allowance - P9,000; Laundry allowance - P6,000; The housing privilege pertains to the annual value of the employee's living quarters furnished by the employer to the employees. Compute the excess de minimis benefits which will be part of 13th month pay and other benefits.
A private rank and file employee working in a remote tower station of Convulge Internet Company received the following benefits during 2021: 13th month pay -P72,000; Performance Bonus - P15,000; Christmas Gift - P30,000; Hazard Pay - P6,000; Housing privilege P38,000; Uniform and clothing allowance - P9,000; Laundry allowance - P6,000; The housing privilege pertains to the annual value of the employee's living quarters furnished by the employer to the employees. Compute the excess de minimis benefits which will be part of 13th month pay and other benefits.
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 69IIP
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Transcribed Image Text:A private rank and file employee working in a remote tower station of Convulge Internet
Company received the following benefits during 2021: 13th month pay -P72,000;
Performance Bonus - P15,000; Christmas Gift - P30,000; Hazard Pay - P6,000; Housing
privilege P38,000; Uniform and clothing allowance - P9,000; Laundry allowance - P6,000;
The housing privilege pertains to the annual value of the employee's living quarters
furnished by the employer to the employees. Compute the excess de minimis benefits
which will be part of 13th month pay and other benefits.
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