Taxation of Monetized Unused Vacation Leave Credits Quiz
12 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the maximum yearly medical benefits allowed per employee?

  • P20,000
  • P15,000
  • P5,000
  • P10,000 (correct)

    • What is the maximum amount allowed for laundry allowance per annum?

  • P3,000
  • P3,600 (correct)
  • P2,000
  • P5,000

    • Regarding Christmas and major anniversary gifts, what is the maximum amount allowed per employee per annum?

  • P7,000
  • P2,500
  • P5,000 (correct)
  • P3,000

    • What type of award can employees receive in the form of a tangible personal property under an established written plan?

    <p>Gift certificate</p> Signup and view all the answers

    For daily meal allowance during overtime work and night shifts, what percentage of the basic minimum wage is the maximum allowed?

    <p>20%</p> Signup and view all the answers

    What is the collective bargaining agreement (CBA) and productivity incentive schemes combined maximum annual value allowed per employee?

    <p>P10,000</p> Signup and view all the answers

    What happens if a private employee is allowed more than 10 days of monetized unused vacation leave credits in a year?

    <p>The excess amount will be treated as part of the additional benefit subject to the ceiling.</p> Signup and view all the answers

    What is the maximum amount of Medical Cash Allowance to dependents of employees per semester?

    <p>P1,500</p> Signup and view all the answers

    What happens if an employee receives Medical Allowance not exceeding P10,000 per semester?

    <p>It is subject to additional withholding tax.</p> Signup and view all the answers

    What happens if a private employee receives a rice subsidy of P2,500?

    <p>The excess of P500 is part of the additional benefit subject to income tax.</p> Signup and view all the answers

    Which type of employees are exempt from taxes on the monetized value of vacation and sick leave credits paid to them?

    <p>Government employees</p> Signup and view all the answers

    What is the maximum uniform and clothing allowance per annum that is not subject to income tax?

    <p>P6,500</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser