Larry is a mixed income earner. He is a self-employed resident citizen and currently the Finance Manager of Caterpillar Corporation. The following data were provided for 2018 taxable year. How much is her total income tax expense assuming he opted to be taxed at 8%? Compensation income 1,800,000 Sales 2,800,000 Cost of Sales 1,125,000 Business expense 650,000 Interest income from peso bank deposits 80,000

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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.