A private rank and file employee working in a remote tower station of Convulge Internet Company received the following benefits during 2021: 1

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 69IIP
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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. P30,400 P12,400 P11,400 P29,400
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