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FINANCIAL ACCOUNTING
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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GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
Transcribed Image Text:GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
Nicanor, an employee of ABC Corp., suffered an accident at work and died. The following are information were made available by the employer: Basic salary Php 600,000.00 13th month pay and other benefits 100,000.00 Commission 100,000.00 Separation Pay 500,000.00 Gross compensation income Php 1,300,000.00 Question: How much is the total exclusions from gross income? Choices Php 600,000 Php 590,000 Php 90,000 Php 180,000
Transcribed Image Text:Nicanor, an employee of ABC Corp., suffered an accident at work and died. The following are information were made available by the employer: Basic salary Php 600,000.00 13th month pay and other benefits 100,000.00 Commission 100,000.00 Separation Pay 500,000.00 Gross compensation income Php 1,300,000.00 Question: How much is the total exclusions from gross income? Choices Php 600,000 Php 590,000 Php 90,000 Php 180,000
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