ABC Inc. reported P950,000 net income for the quarter ended September 30, 2020 which included the following after-tax items: • A P600,000 gain realized in May 2020 was allocated equally to the second, third and fourth quarters of 2020. • A P160,000 write-down of inventory of June 30, 2020. • In addition, the entity paid P480,000 on February 1, 2020, for 2020 calendar-year real property tax. Of this amount, P120,000 was allocated to the third quarter of 2020. What is the net income for the quarter ended September 30, 2020?

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.