Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and other benefits 50,000 De minimis benefits within the ceiling amounts 20,000 6,000 De minimis benefits in excess of the ceiling amounts 45,000 Fixed transportation and communication allowance How much is the taxable compensation income? O 300,000 O 335,000 O 380,000 386,000

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 39P
icon
Related questions
Question
Mayumi, a rank and file, reports the following for the year 2021:
Compensation, net of P77,000 mandatory contributions
P300,000
Supplemental compensation
35,000
13th month pay and other benefits
50,000
De minimis benefits within the ceiling amounts
20,000
De minimis benefits in excess of the ceiling amounts
6,000
45,000
Fixed transportation and communication allowance
How much is the taxable compensation income?
O 300,000
O 335,000
380,000
386,000
Transcribed Image Text:Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions P300,000 Supplemental compensation 35,000 13th month pay and other benefits 50,000 De minimis benefits within the ceiling amounts 20,000 De minimis benefits in excess of the ceiling amounts 6,000 45,000 Fixed transportation and communication allowance How much is the taxable compensation income? O 300,000 O 335,000 380,000 386,000
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Employee benefits
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning