Taxation of Monetized Unused Vacation Leave Credits Quiz
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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 (B)</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% (C)</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 (C)</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. (D)</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 (A)</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. (A)</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. (B)</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 (A)</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 (C)</p> Signup and view all the answers

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