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ReSA The Review School of Accountancy Tel. No. 735-9807 & 73-3989 TAXAT!"N
TA#A$ TX 901( !N'"#) TAX *+R!N) ,)N)+!TS AN +R!N) ,)N)+!T TAX
1. e/ni e/niti tion on of of 'e 'eta tain in Te2 e2 a. +ine 4ene/t2 Any good, service or other beneft urnished or granted by an employer i in kind, in addition to basic salaries to an individual employee (except ra employee) such as but not limited to the items enumerated below. 4. Ran an6 /le All employees who are holding neither managerial nor supervisory positio eloyee2 c. #anaeial eloyee One who is vested with powers or prerogatives to lay down and execute management policies andor to hire, transer, suspend, lay!o", recall, di assign or discipline employees. 6. Suevi2oy #hose who, who, in the interest interest o the employer, employer, e"ectively e"ectively recommend recommend such eloyee2 managerial actions i the exercise o such authority is not merely routina clerical in nature but re$uires the use o independent %udgment.
. !o2i !o2itio tion n of of +in +ine e ,ene/t ,ene/t Ta a. A /nal ta &ringe beneft tax is a fnal tax. 4. !o2e6 on the &ringe beneft tax is imposed on the grossed'up monetary value o ring o22e6-u onetay urn urnish ished ed grant granted ed or paid paid by employ employer er to employ employees ees excep exceptt ran value employees. c. !o2e6 ea6le22 &ringe beneft tax is imposed whether the employer is an individual, pro of who the eloye partnership or corporation, regardless o whether the corporation is taxa or the government or its instrumentalities. 6. :ithhel6 4y &ringe beneft tax shall be treated as a fnal tax on the employee, whi eloye withheld and paid by the employer on a calendar $uarterly basis. e. Ta 4a2e an6 ta ate onetary value o ringe beneft xxx *ivided by rosse ossed d'up 'up mon moneta etary val value #ax #ax rate /0&ringe beneft tax xxx f. Ta 4a2e an6 ta ate onetary value o the ringe beneft fo NRA-N)T, *ivided by rossed'up monetary value #ax #ax rate &ringe benefts tax . Ta 4a2e an6 ta ate onetary value o the ringe beneft fo 2ecial alien2 an6 *ivided by thei +iliino rossed'up monetary value counte-at2 an6 #ax #ax rate eloyee2 in Secial &ringe benefts tax Sign up to vote on this title )conoic ;one 3. )a )al le2 e2 of of +i +in ne e ,ene ,ene/t /t2 2 a. +ine 4ene/t2 a. 4ousing5 2u4
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ReSA( The Review School of Accountancy 8
e.
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ReSA( The Review School of Accountancy 8 . e #inii2 ,ene/t2 a. #eanin of de minimis benefts
De minimis benefts are acilities or privileges urnished or o"ered by a employer to his employees that are o elatively 2all value and are funi2he6 4y the eloye eely a2 a ean2 of ootin the h oo6will? contentent? o e@ciency o his employees.
4. )ale2 of 6e inii2 4ene/t2 *a2 aen6e6 4y RR No. 5-011 !te 'eilin 1 #e6ical 4ene/t2 iven to the Actual medical assistance, e.g. medical allowance eloyee2 4y the eloye medical and healthcare needs, annual medical/e check-up, maternity assistance, and routine cons not exceeding =10?000 e annu )loyee achieveent awa62 *e.. ust be in the orm o a tangible personal property fo lenth of 2evice o 2afety than cash or git certifcate with an annual moneta achieveent not exceeding =10?000 received by the employee an established written plan which does not discrim avor o highly paid employees 3 ift2 iven 6uin 'hi2ta2 an6 a
>>) to eloyee2 4y the eloye 2'0>> published in anila >) 5 Rice 2u42i6y ante6 4y an eloye =1?500 (old 3,>>>) o one *1 2ac of 50 . to hi2 eloyee2 onth amounting to not oe than =1?500 ( ?. published in anila >) B Caun6y allowance =ot exceeding =300 e onth 7 #e6ical ca2h allowance to 6een6ent2 =ot exceeding 12> per semester or =15 e o of eloyee2 =ot exceeding 5D of the 4a2ic iniu wa 8) aily eal allowance fo ovetie per region basis wo and night/graveyard shit =ot exceeding 10 6ay2 6uin the yea. 9) #onetiEe6 unu2e6 vacation an6 sick leave ce6it2 Note( All othe 4ene/t2 iven 4y =ot considered as @de minimis benefts and eloye2 which ae not inclu6e6 in sub%ect to income tax as well as withhold the a4ove enueation compensation income.
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Ta Accountin fo the +ine ,ene/t +uni2he6 to the )loyee an6 the +ine ,en Unlock full access with a free trial. Theeon e6ucti4le fine 4ene/t2 an6 fine 4ene/t2 ta. ,a2i2 of fine 4ene/t2 ta 6e6ucti4le fo eloyeF2 o2 DownloadAount With Free Trial 1 eneal ule #axable ringe benefts and the ringe beneft tax eeciation value Actual ringe beneft tax paid 3 ;onal value e ,!R 'oi22ione Actual ringe beneft tax paid +#G e cuent eal oety ta Actual ringe beneft tax paid 6eclaation
Note2( 3) 8n cases where the basis o ringe beneft tax is the depreciation value, 9onal value or &7 pe real property tax declaration, the value o ringe beneft is not deductible because it is presum have been tacked on or actually claimed as depreciation expense by the employer.
0) 8 the 9onal value per <8? or the &7 per current real property tax declaration o the property than its cost sub%ect to depreciation, the amorti9ed excess amount shall be allowed as a ded employerBs gross income as ringe beneft expense.
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B. 'outation of #onetay Galue Useful Not useful ,a2ic ule2 a. !n ca2e of hou2in ivilee an6 oto vehicle( 3) 8 there is no transer o ownership, the monetary value o beneft is 2>- o o beneft.
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ReSA( The Review School of Accountancy 8 e. )loye ucha2e2 a e2i6ential oety an6 tan2fe2 owne2hi to hi2 eloyee fo the latteF2 e2i6ential u2e at a ice le22 than the eloyeF2 acHui2ition co2t
&7 :essC ayment by employee xxx 7alue o beneft xxx
xxx
6ntire value beneft
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ReSA( The Review School of Accountancy 8 . )eci2e2
a) *uring the year 0>33, A<; ;orporation paid or the monthly rental o a residential house o its b manager, r. D. de la ;ru9, amounting to +,>>>>. repare the necessary %ournal entries.
b) EFG ;orp. owns a condominium unit. *uring the year 0>33, the said corporation urnished and the said property or the residential use o its Assistant 7ice resident. #he air market value property per <8? amounts to 3>,>>>,>>> while its air market value as shown in its current ?eal *eclaration amounts to ,>>>,>>>. repare the necessary %ournal entries.
c) Hsing the same data in illustration no. 0) above and assuming that the ac$uisition cost o the re property is 1,>>>,>>> and the remaining useul lie is 32 years. repare the necessary %ournal
d) 8n 0>33, #aprolani ;orporation purchased a residential house and lot or 0,/>>,>>>. #he proper sold to the resident o the corporation or 3,I>,>>>. #he air market value per <8? and per As OKce were 0,2>>,>>> and 0,+>1,>>> respectively. 4ow much was ringe benefts tax, i anyL
e) A house and lot were owned by 33. #he ollowing data were made availableC ;ost 2,>>>,>>> &air market value per <8? M,2>>,>>> &air market value per AssessorJs OKce /,>>>,>>> 4ow much was the ringe benefts tax, i anyL
) N< ;orporation bought a residential property in installment or the use o its resident. #he total paid by the corporation was 2,2>>,>>> (inclusive o 2>>,>>> interest.) 4ow much was the ringe benefts taxL
8.
#onetay value of vehicle2 of any You're in6 Reading a Preview
#onetay va Unlock full access with a free trial. Galue of the 4ene/t 4ene a. )loye own2 an6 aintain2 a Ieet of Ac$uisition cost o all motor 2>- o the val oto vehicle2 fo the u2e of the 4u2ine22 vehicles not normally used beneft Download With Free Trialdivided by 2 an6 eloyee2 or business years 4. )loye lea2e2 an6 aintain2 a Ieet of Amount o rental payments 2>- o the val oto vehicle2 fo the u2e of the 4u2ine22 or motor vehicle not beneft an6 the eloyee2 normally used or business purposes c. )loye ucha2e2 the oto vehicle in Ac$uisition cost 6ntire val the nae of the eloyee beneft 6. )loye ovi6e2 the eloyee with ca2h Amount o cash received by 6ntire val fo the ucha2e of a oto vehicle in the the employee beneft nae of the eloyee e. )loye 2houl6e2 a otion of the aount Amount shouldered by the 6ntire val of the ucha2e ice of a oto vehicle in employer beneft Sign up to vote on this title the nae of the eloyee Usefulexclusive useful cost Not o f. )loye ucha2e2 the ca on in2tallent Ac$uisition 6ntire val in the nae of the eloyee interest divided by 2 years beneft . 2e of yacht? whethe owne6 an6 *epreciation o a yacht at an aintaine6 o lea2e6 4y eloye estimated ul lie o 0>
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ReSA( The Review School of Accountancy 8 c. 8nterest on loan at less than market rate to the extent o the di"erence between the market rate and actual rate granted (30- benchmark rate) d. embership ees, dues and other expenses borne by the employer or the employee in social and athletic clubs and similar organi9ations e. 6xpenses or oreign travel . 4oliday and vacation expenses g. 6ducational assistance to the employee or his dependents h. :ie or health insurance and other non'lie insurance premiums or similar amounts in excess o what the law allows. )eci2e2
3) 8n 0>33, ?eNA ;orporation paid the 2>,>>> vacation expenses o its resident, s. ?ita Hbe ?e99ort. Puestion 0' /' M! 2' tax expenseL
3' 4ow much is the value o the ringe beneftL 4ow much is the monetary value o the ringe beneftL 4ow much is grossed'up monetary value o the ringe beneftL 4ow much is the ringe beneft taxL Qhat entries will have to be made to record the ringe benefts expense and the ring
0) >>,>>> at - interest per annum. #he loan was payable in our (M) months. 4ow much is th ringe beneft taxL
10. +ine 4ene/t2 that ae not 2u4
0) 4ousing Unlock unit which is situated inside full access with a free trial. or ad%acent to the premises o a or actory (within the maximum o 2> meters rom the perimeter o th premises)5
4. Gehicle of any in6 c. )en2e2 account2
6. )en2e2 fo foein tavel of eloyee ai6 fo 4y eloye
Download With Free Trial who stays in a housing unit or / /) #emporary housing or an employee less. Hse o aircrat and helicopters owned and maintained by the employer ( business expense) 3) #hese are not taxable as ringe benefts when receipted in the name employer and do not partake the nature o personal expense attribut employeeC 3) 6xpenses incurred by employees but paid by employer5 0) 6xpenses by employees reimbursed by employer.
0) =ot treated as taxable ringe benefts but taxable as compensation in under Nec. 0M (A) - ?epresentation and transportation allowance give on a monthly basis. 3) 6xpenses in connection with attending business meeting Sign up to vote on this title or convent lodging cost in a hotel) at an average o R/>> per day are considered useful Useful Notbeneft expenses and shall not be sub%ect to ringe tax (with d evidence).
0) #he cost o economy and business class airplane ticket shall not be s
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ReSA( The Review School of Accountancy 8 . )eci2e2 3) #he books o accounts o Dones ;ompany showed the ollowingC &ringe benefts expense &ringe benefts tax expense
12>,>>> 1+,M1>
Puestion 3' 4ow much is the grossed'up monetary value o the ringe benefts given and supervisorsL 0 ' 4ow much is the monetary value o ringe benefts given to managers and supervisors / ' 4ow much is the value o the ringe benefts given to rank and fleL M ' 4ow much is the total amount o deductionsL
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ReSA( The Review School of Accountancy 8
0) A resident rank'and'fle employee has three (/) $ualifed dependent children at the beginning o th #he ollowing date are made available or the year 0>33C Nalary, net o 3>,>>> withholding tax, 0,M>> NNN contributions, 0,>>> hilhealth contributions and 3,2>> union dues 3/th month pay ?ice subsidy (3,2>> x 30) Hniorm and clothing allowance oneti9ed unused vacation leave credits (30 days) Actual medical benefts ;hristmas git :aundry allowance (M>> x 30) onetary git given on account o birth o a child during the year Neparation pay rom a previous employer (terminated due to redundancy) 8nterest income rom a long term deposit which was pre'terminated (remaining maturity is M years) *ividend rom regional operating head$uarters o a multinational corporation in the hilippines
0>+, 3, 3, 2, +, 32, 3>, M, 2, 32>, M>, 3>,
;ompute the ollowingC a) #ax'exempt de minimis benefts b) #otal exclusionsexemptions (including de minimis benefts) c) #otal fnal withholding taxes d) #axable compensation income
-K)NKTJ"T( $ou attitu6e 6eteine2 you altitu6e.
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