A private employee had the following remuneration in 2019: Gross salaries, net of P11,000 mandatory contribution P314,000 12,000 24,000 28,000 5,000 8,000 Fixed RATA COLA 13th month pay Christmas gift Laundry allowance (P500/month) What is the taxable compensation income?
A private employee had the following remuneration in 2019: Gross salaries, net of P11,000 mandatory contribution P314,000 12,000 24,000 28,000 5,000 8,000 Fixed RATA COLA 13th month pay Christmas gift Laundry allowance (P500/month) What is the taxable compensation income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![A private employee had the following remuneration in 2019:
Gross salaries, net of P11,000 mandatory contribution
P314,000
12,000
24,000
28,000
5,000
8,000
Fixed RATA
COLA
13th month pay
Christmas gift
Laundry allowance (P500/month)
What is the taxable compensation income?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a682ed1-9c83-4d19-bc3a-8ed5ff7115ef%2F5fa2eb33-71dc-458c-b32f-7e382201c1e2%2Flj06tpn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A private employee had the following remuneration in 2019:
Gross salaries, net of P11,000 mandatory contribution
P314,000
12,000
24,000
28,000
5,000
8,000
Fixed RATA
COLA
13th month pay
Christmas gift
Laundry allowance (P500/month)
What is the taxable compensation income?
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