Mark resigned in 2021 after 12 years of service. He had the following income during the year: Salary, net of P80,000 withholding tax, P20,000 SSS, P18,000 PhilHealth and P40,000 13th Month Pay Separation pay P480,000 1,000,000 Compute the gross income subject to progressive (regular) tax. O P1,480,000 P1,560,000 P560,000 P480,000

Mark resigned in 2021 after 12 years of service. He had the following income during the year: Salary, net of P80,000 withholding tax, P20,000 SSS, P18,000 PhilHealth and P40,000 13th Month Pay Separation pay P480,000 1,000,000 Compute the gross income subject to progressive (regular) tax. O P1,480,000 P1,560,000 P560,000 P480,000

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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Question

Mark resigned in 2021 after 12 years of service. He had the following
income during the year:
Salary, net of P80,000 withholding tax, P20,000
SSS, P18,000 PhilHealth and P40,000 13th Month
Pay
Separation pay
P480,000
1,000,000
Compute the gross income subject to progressive (regular) tax.
P1,480,000
P1,560,000
P560,000
P480,000

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