A 50-y
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:A 50-year-old employee retired during the year after 30 years of continuous service
and received the following remunerations: D
Basic salary00, re
Employee share to SSS, PHIC, HDMF and union dues ds3o 24,000 bnom diEI
Overtime pay
Retirement pay
Benefits from SS
Pro-rated 13th month pay
vo bas nobsznsqmo
(19dms ot veM) veq n Pov350,000 seano
16,000
2,300,000
400,000
21,000iniM
baniups
moo side
gnt16 es 9
nolensqo id
Required:
Compute the gross taxable compensation income.
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