In the taxable year 2020, the following data pertain to a corporate business organization: De minimis benefits to all employees 90,000 180,000 Local traveling expenses paid by company for the travel of his supervisory employees and the members of their families A Mitsubishi car benefit for the personal and company use of the company's sales manager. Said car was purchased under the following terms: cost price P500,000, 20 % down payment on installment basis payable for 43 months with 12 % interest per annum based on the outstanding balance Membership fees and dues in social and athletic clubs paid by the company for the benefit of the managerial employees 100,000 70,000 What is the total fringe benefit tax? a. P184,879 b. P278,479 c. P188,462 d. P134,615

In the taxable year 2020, the following data pertain to a corporate business organization: De minimis benefits to all employees 90,000 180,000 Local traveling expenses paid by company for the travel of his supervisory employees and the members of their families A Mitsubishi car benefit for the personal and company use of the company's sales manager. Said car was purchased under the following terms: cost price P500,000, 20 % down payment on installment basis payable for 43 months with 12 % interest per annum based on the outstanding balance Membership fees and dues in social and athletic clubs paid by the company for the benefit of the managerial employees 100,000 70,000 What is the total fringe benefit tax? a. P184,879 b. P278,479 c. P188,462 d. P134,615

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 47P

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