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Housing Benefits

McJollibee is hiring a new finance manager who will be entitled to a housing benefit. The following are
the options available to McJollibee as part of its tax planning:

(a) McJollibee will rent a condominium in Taguig with a monthly rent of Php20,000
(b) McJollibee currently owns a house and lot that has a fair market value of Php1,500,000 and a zonal
value of Php1,600,000
The house and lot shall be assigned to the finance manager
The title to the lot shall be transferred to the finance manager.
(c ) McJollibee will purchase a condominium with a 5 equal annual installment of Php1,000,000.
The effective rate is 10%
The house and lot shall be assigned to the finance manager
The title to the lot shall be transferred to the finance manager.
The title to the lot shall be transferred to the finance manager but has to shoulder 40% of
the installment
(d) McJollibee will construct a house within the company premises for a construction cost of
Php1,000,000. The house shall be assigned to the finance manager for its use.

Compute the quarterly and annual amount of the following


(a) Gross Monetary Value
(b) Monetary Value
(c ) Fringe Benefit Tax
(d) Deductible expense of McJollibee

65% A B1 B2 C1 C2
Monetary Value
A 20k x 12months x 50% 120,000
B1 1.6m x 5% x 50% 40,000
B2 1.6m x 5% x 50% 1,600,000
C1 1m x 3.79078977 x 5% x 50% 94,770
C2 1m x 3.79078977 x 5% x 50% x 5% x 100% 189,539
C3 1m x 3.79078977 x 60% x 5% x 100%
35%
Fringes Benefit Tax 64,615 21,538 861,538 51,030 102,060
Gross Monetary Value 184,615 61,538 2,461,538 145,800 291,599
Deductable Expense of McJollibee 304,615 21,538 2,161,538 FBT + IE + DEPRECIATION
A ‘+ Depreciation
Rent Expense 240,000
Cash 240,000

Fringed Benefit Tax 64,615


Cash 64,615

B1
Depreciation Expense
Cash

Fringed Benefit Tax 21,538


Cash 21,538

B1
Fringed Benefit Tax Expense 1,300,000 Sample only
Land and Building 1,300,000

Fringed Benefit Tax 861,538


Cash 861,538

C1
Fringed Benefit Tax Expense 51,030
Cash 51,030
as to shoulder 40% of

C3

113,724

61,236
174,960
PRECIATION
MOTOR VEHICLE
McJollibee has five managers, Aye, Bee, Cee, Dee, and Ayie. All five managers have car benefits as
follows:

Aye Car rented by McJollibee for a montly rent of Php20,000, 1/4 of which is shouldered by Aye

Bee Car owned by McJollibee which has a fair market value of Php500,000. The book value of the car is
Php400,000. The ownership of the car is retained by McJollibee. Remaining useful life is 5 years

Cee Car owned by McJollibee which has a fair market value of Php400,000. The book value of the car is
Php430,000. The ownership of the car is transferred to Cee.

Dee Car Purchsed by McJollibee on an installment basis for Php1,500,000. The amount is due in three
equal installment payable annually. The car has a cash price of Php1,100,000. The car is aasigned to
manager Dee.

Ayie Car rented by McJollibee for a monthly rent of Php20,000. Ayiee's job requirement the use of vehicle to meet client

Compute the quarterly and annual amount of the following


(a) Gross Monetary Value
(b) Monetary Value
(c ) Fringe Benefit Tax
(d) Deductible expense of McJollibee

65% A B C D
Monetary Value
Aye 20kx12mons*3/4*50% 90,000.00
Bee 500kx50%/5 50,000.00
Cee 400,000.00
Dee 1.1m*50%/5 110,000.00
Ayiee
35%
Fringes Benefit Tax 48,462 26,923 215,385 59,231
Gross Monetary Value 138,462 76,923 615,385 169,231
Deductible Expense of Employer 228,461.54 106,923.08 645,384.62

A Rent Expense 180,000.00


Cash 180,000.00

FBT Expense 48,461.54


Cash 48,461.54

B Depreciation Expense 80,000.00


Accumulated Depreciation 80,000.00
FBT Expense 26,923.08
Cash 26,923.08

C Fringe General Expense 430,000.00


Car 430,000.00

FBT Expense 215,384.62


Cash 215,384.62

D FBT Expense 59,230.77


Cash 59,230.77

Ayie Rent Expense 240,000.00


Cash 240,000.00
ldered by Aye

ook value of the car is


seful life is 5 years

ook value of the car is

ount is due in three


The car is aasigned to

ment the use of vehicle to meet clients.

Ayiee

Exempted
#REF!
240,000.00
INTEREST ON LOANS
McJollibee provides loan to its employees as part of their benefits. The following were the loans granted
during the year:

Loan Annual
Employee Name Issue date Terms Job Function Granted Interest
Aye 1/1/2019 9 months R&F 20,000.00 None
Bee 1/4/2019 2 years Manager 30,000.00 5%
Cee 1/7/2019 1 year Supervisor 50,000.00 9%

Compute the following


a. Gross Monetary Value
b. Monetary Value
c. Fringe Benefit Tax
d. Deductible expense of McJollibee

Monetary Value Bee Cee


65% 2019
For 1yr 30000*(12%-7%) 2,100.00 For 1yr 50000*(12%-9%) 1,500.00
For 9mons 2100*9/12 1,575.00 For 6mons 1500*6/12 750.00

FBT 848.08 403.85


35%
Gross Monetary Value 2,423.08 1,153.85

Bee Loan Receivable 30,000.00 Loan Receivable


Cash 30,000.00 Cash

Cash 1,125.00 Cash


Interest Income 1,125.00 Interest Income

FBT Expense 848.08 FBT Expense


Cash 848.08 Cash

2020
MV 2,100.00 750.00
FBT 1,130.77 403.85
GMV 3,230.77 1,153.85
50,000.00
50,000.00

1,875.00
1,875.00

403.85
403.85

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