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Question: Explain the tax consequence of such awards

Question: Explain the tax consequence of such awards

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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Miss Daniella: Cassie di ka muna papasok ng school! Cassie: But Tita! Casie, left alone after arguing with the decision of her Tita, decided to focus in the world of science. With just a week span of not going to school she invented an automobile that can run without the need of any gasoline but just by pure water. Later on, she was awarded by Nobel Peace Prize Award for this exemplary output. She was given plaque and P150,000 as an award. Question: Explain the tax consequence of such awards * 10% final withholding tax 20% final withholding tax Regular tax Tax exempt
Transcribed Image Text:Miss Daniella: Cassie di ka muna papasok ng school! Cassie: But Tita! Casie, left alone after arguing with the decision of her Tita, decided to focus in the world of science. With just a week span of not going to school she invented an automobile that can run without the need of any gasoline but just by pure water. Later on, she was awarded by Nobel Peace Prize Award for this exemplary output. She was given plaque and P150,000 as an award. Question: Explain the tax consequence of such awards * 10% final withholding tax 20% final withholding tax Regular tax Tax exempt
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