Gil worked for a manufacturing firm. Due to business reverses, the firm offered a voluntary redundancy program in order to reduce overhead expenses. Under the program, an employee who offered to resign would be given separation pay equivalent to his 3 month basic salary for every year of service. Gil accepted the offer and received P400,000 as separation pay under the program. After all the employees who accepted the offer were paid, the firm found its overhead still excessive. Hence, its adopted another redundant program. Various unprofitable departments were closed. As a result, Gil was separated from the service. He also received P400,000 as separation pay. Which among the following statements is correct? O Gil's separation pay is not subject to income tax O Gil's separation pay is subject to income tax O Gil's separation pay is excluded from his gross income Gil's separation pay is excluded from gross income

Gil worked for a manufacturing firm. Due to business reverses, the firm offered a voluntary redundancy program in order to reduce overhead expenses. Under the program, an employee who offered to resign would be given separation pay equivalent to his 3 month basic salary for every year of service. Gil accepted the offer and received P400,000 as separation pay under the program. After all the employees who accepted the offer were paid, the firm found its overhead still excessive. Hence, its adopted another redundant program. Various unprofitable departments were closed. As a result, Gil was separated from the service. He also received P400,000 as separation pay. Which among the following statements is correct? O Gil's separation pay is not subject to income tax O Gil's separation pay is subject to income tax O Gil's separation pay is excluded from his gross income Gil's separation pay is excluded from gross income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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