Seatwork

Final Tax and Fringe Benefits Tax

 Problem No. 1
• Mr. Juan is a manager of Malayan, Inc. In
2018, his employer rewarded him with a
pre-owned Mitsubishi Lancer purchased
for P408,000 cash registered under Mr.
Juancho’s name. How much is the fringe
benefit tax of the company?
 Problem No. 2
Paul, earned the following income for the year 2018:
Interest from an account with Citibank P100,000
Interest from BDO Bank deposit under 300,000
the expanded foreign currency deposit
system
Royalties as musical composer
Royalties from an invention 150,000
Bingo winnings 50,000
Cash dividend from PLDT Corporation 20,000

How much is Paul’s final withholding tax?

 Problem No. 3
• Jude, a resident citizen had the following data for the
taxable year 2019:
*Exchange rate (1 dollar=P50)
Interest income from loan receivable P25,000
Interest income on FCDU deposit 1500 (in dollars)
Interest from bank savings deposit 50,000
Royalties from his literary work 270,000
Prize in amateur singing contest 8,000
Lotto winnings 35,000
Sale of a share of stocks (Cost P9,000) 12,000
 Problem No. 3-4
3. How much is Jude’s passive income subject to
tax?

4. From the information in the no. 3, the final

tax of Jude is:
 Problem No. 5
During 2019, STI College Inc. gave the following fringe benefits to its employees:
• Salaries to teachers-P2,000,000
• Salaries to program heads -800,000
• De minimis benefits to teachers -50,000
• De minimis benefits to program heads-25,000
• Fringe benefits to teachers -100,000
• Fringe benefits to program heads -150,000

How much is the fringe benefit tax?