The total income subject to withholding tax is _____.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Loic, 45, and an official of Miko Corporation, asked for an earlier retirement
because he was immigrating to Canada with his girlfriend. He was paid
P3,000,000 as separation pay in recognition of his valuable services to the
corporation. Paul, another official of the same company was separated for
occupying a redundant position. He was given P1,000,000 separation pay. Rene
who has rendered 11 years of service and who is now 55 years old opted to retire
for the first time. He received P2,000,000 retirement pay. The total income
subject to withholding tax is _____.
a. 6,000,000
b. 2,000,000
c. 1,000,000
d. 3,000,000
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