uan, an employee of SSS, received his 13th month pay of P30,000 last December 14, 2020. His total deductions for SSS, PHIC and HDMF is P16,000. Compute Guerrero's taxable compensation income for 2020 P14,000 P30,000 P344,000 P374,000

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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.