Rem was retired by his employercorporation in 2020 and was paidP1,000,000 as a retirement gratuitywithout any deduction of withholdingtax. In addition, Rem was also paidP50,000 representing terminal leavepay and P45,000 for unpaid bonuses.How much is excluded from grossincome? *ZeroP1,000,000P1,050,000P1,095,000

An individual's gross income (sometimes known as gross pay on a paycheck) is their total earnings…

Answered: Rem was retired by his employer…

Rem was retired by his employer corporation in 2020 and was paid P1,000,000 as a retirement gratuity without any deduction of withholding

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 16P

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Question

Rem was retired by his employer
corporation in 2020 and was paid
P1,000,000 as a retirement gratuity
without any deduction of withholding
tax. In addition, Rem was also paid
P50,000 representing terminal leave
pay and P45,000 for unpaid bonuses.
How much is excluded from gross
income? *
Zero
P1,000,000
P1,050,000
P1,095,000

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