Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize of P100,000 from the sponsors. Ulirang Inay Award is given by the City Government of Baguio to those mothers who showed exemplary actions as a mother. Mercedes received the award without any effort on her part. How much should be withheld as final tax from the cash prize received by Mercedes? a. P0 b. P10,000 c. P20,000 d. P25,000 e. Answer not given
Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize of P100,000 from the sponsors. Ulirang Inay Award is given by the City Government of Baguio to those mothers who showed exemplary actions as a mother. Mercedes received the award without any effort on her part. How much should be withheld as final tax from the cash prize received by Mercedes? a. P0 b. P10,000 c. P20,000 d. P25,000 e. Answer not given
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 53P
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Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize of P100,000 from the sponsors. Ulirang Inay Award is given by the City Government of Baguio to those mothers who showed exemplary actions as a mother. Mercedes received the award without any effort on her part. How much should be withheld as final tax from the cash prize received by Mercedes?
a. P0
b. P10,000
c. P20,000
d. P25,000
e. Answer not given
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