is a fixed regular payment,

typically paid on a daily or weekly

basis, made by an employer to an
employee, especially to a manual or
unskilled worker.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 is the money
received, especially on a
regular basis, for work or
through investment.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 is a payment of gift
made by an employer, the
state, or an insurance
company.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Long-term benefits:
Retirement
Death
Disability
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Minimum wage earner
tax exemption

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Bonuses and
allowances

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Holiday pay, special
day, overtime pay,
night shift differential,
and hazard pay
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 13th month pay

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Leave incentives

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Health-related benefits
and insurances
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Maternity pay

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Mrs. Ledie, an employer of LSPD Insurance
company, is pregnant. She is a member of SSS
and wants to avail maternity leave. She earns
an average monthly net income of ₱21,371.12.
How much will her income be in the entire
period of the leave?

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Mr. Larry served Company A for 22
years with an average daily rate of
₱467.35. He plans to retire and avail his
retirement benefit. How much is the
minimum retirement pay that he will
receive?

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Mr. Torris plans to retire and utilize his
retirement benefit. How much is the
minimum retirement pay that he will
receive serving the company for 15
years with an average daily rate of
₱481.23?

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Mr. Buenaventura received an
annual salary of ₱240,000. At the
end of the year, what would be his
th
13 monthly pay?

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 As stated in the Revenue
No. 5-2011, the following
benefits are not taxable
(De Minimis Benefits)

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Monetized unused vacation
leave credits of private
employees not exceeding ten
(10) days during the year.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Monetized value of vacation
and sick leave credits paid
to government official and
employees.
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Medical cash allowance to
dependents of employees, not
exceeding ₱750 per employee
per semester or ₱125 per
month.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Rice subsidy of ₱1,500 or one
(1) sack of 50 kg rice per month
amounting to not more than
₱1,500.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Uniform and clothing
allowance not exceeding
₱4,000 per annum.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Actual medical assistance
not exceeding ₱10,000 per
annum.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Laundry allowance not
exceeding ₱300 per month.

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Employees achievement
awards which must be in form
of personal property other
than cash or gift certificate,
with an annual monetary value
not exceeding ₱10,000.
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Gifts given during Christmas
and major anniversary
celebration not exceeding
₱5,000 per employee per
annum.
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Daily meal allowance for
overtime work and night shift
not exceeding twenty-five
percent (25%) of the basic
minimum wage on a per region
basis.
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Some standard deductions for a wage
earner:
 Withholding tax
 Philhealth  PAG-IBIG/SSS
 SSS Premium loan
 PAG-IBIG  Charges/Miscella-
 Retirement fund neous

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Mr. Faham is a government employee and
has ten days sick leave credits and seven
days vacation leave credits. His daily rate
is ₱525 and did not avail the sick and leave
vacation credits, so the agency monetized
it. How much will be his additional earning
and how much of it will be taxed?

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 Ms. Emotin’s employer provides her
employees an amount of ₱8,000
Christmas Bonus. How much of the bonus
is taxable? Considering that Ms. Emotin’s
tax percentage is 25%, how much is her
tax for the said bonus, and how much will
be her net income from the bonus?

Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.
 An employer provides a living allowance to his
employees monthly. Considering that the
living allowance is defined as follows:
Living allowance = clothing + laundry + daily
meal + transportation
How much of the additional earning will be
taxed if an employee’s living allowance is
₱5,000 and each part in the definition is 25%
of the living allowance?
Dagal, Keneth, Martin-Lundag, Leah, and Lopez, Brian. Business Math. VibalGroup Inc., Araneta Avenue, Quezon City, 2016.