A 50-y

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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A 50-year-old employee retired during the year after 30 years of continuous service
and received the following remunerations: D
Basic salary00, re
Employee share to SSS, PHIC, HDMF and union dues ds3o 24,000 bnom diEI
Overtime pay
Retirement pay
Benefits from SS
Pro-rated 13th month pay
vo bas nobsznsqmo
(19dms ot veM) veq n Pov350,000 seano
16,000
2,300,000
400,000
21,000iniM
baniups
moo side
gnt16 es 9
nolensqo id
Required:
Compute the gross taxable compensation income.
Transcribed Image Text:A 50-year-old employee retired during the year after 30 years of continuous service and received the following remunerations: D Basic salary00, re Employee share to SSS, PHIC, HDMF and union dues ds3o 24,000 bnom diEI Overtime pay Retirement pay Benefits from SS Pro-rated 13th month pay vo bas nobsznsqmo (19dms ot veM) veq n Pov350,000 seano 16,000 2,300,000 400,000 21,000iniM baniups moo side gnt16 es 9 nolensqo id Required: Compute the gross taxable compensation income.
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