A private employee retired at 60 in the middle of the year and was paidthe following remunerations:Retirement benefitsTerminal leave pay/benefit (150 accumulated leaves ofwhich 10 VL is de minimis)2,000,000120,000Compensation (net of 16,000 mandatory contributions)128,000Profit sharing8,000Prorated 13th month pay12,000Compute the taxable compensation income.

Answered: nal leave pa 10 VL is de IS

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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