A married resident citizen has 5 qualified dependent children. The following information pertains to his income and expenses in the year 2018: Salary, net of P20,000; withholding tax P380,000; Interest income, bank deposit BPI Manila P50,000; Yield from money market placement, State Investment House, Manila P30,000; Rent expense, apartment house P36,000 Health insurance premium paid 5,000. How much is the taxable compensation income?   a. P0 b. 430,000 c. None, exempt from tax d. 400,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A married resident citizen has 5 qualified dependent children. The following
information pertains to his income and expenses in the year 2018: Salary, net of
P20,000; withholding tax P380,000; Interest income, bank deposit BPI Manila
P50,000; Yield from money market placement, State Investment House, Manila
P30,000; Rent expense, apartment house P36,000 Health insurance premium
paid 5,000. How much is the taxable compensation income?

 

a. P0
b. 430,000
c. None, exempt from tax
d. 400,000

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