Compute the total non-taxable compensation income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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he following relate to the compensation income of a private rank andfile employee during the year:
Annual compensation income P 540,000
13th month pay 45,000
14thmonth pay 45,000
Total of monthly rice allowances during the year 26,000
Commission from employer 12,000
Christmas gift 8,000
SSS, Philhealth and HDMF contributions 21,000
Compute the total non-taxable compensation income
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