Answered: After buying 100 tickets for a total…

After buying 100 tickets for a total amount of P200,000, Sugarol won P1,000,000in horseracing winnings. How much is the percentage tax on his winnings?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter11: Investor Losses

Section: Chapter Questions

Problem 3DQ

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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1. After buying 100 tickets for a total amount of P200,000, Sugarol won P1,000,000in horseracing winnings. How much is the percentage tax on his winnings?

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