During the Covid period, ABC Corporation gave Manager A, resident of the Philippines, grocery allowance...
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Accounting
During the Covid period, ABC Corporation gave Manager A, resident of the Philippines, grocery allowance worth P 39,000.
Questions:
1. How much is the monetary value of the fringe benefit?
2. How much is the Gross-up monetary value?
3. How much is the Fringe benefit tax?
4. Assume the same facts except that Manager A is a Non-resident alien not engaged in trade or business. How much is the monetary value of the fringe benefit?
5. Assume the same facts except that Manager A is a Non-resident alien not engaged in trade or business. How much is the Gross-up monetary value of the fringe benefit?
6. Assume the same facts except that Manager A is Non-resident alien not engaged in trade or business. How much is the fringe benefit tax?
7. In 2020, JKL Corporation provided a 3-day vacation in Bacolod to all of its employees of which 80% are rank and file. Total expenses incurred by the company for the said vacation amounted to P 1,200,000.
The fringe benefit tax expense is
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