You are an employee in the private sector. For the year 20x1, you received a 13th month pay of P110,000 and a Christmas bonus (non-performance based) of P25,000. Of the benefits you have received, how much is taxable?* a. P135,000 b. P90,000 c. P45,000 d. P0

You are an employee in the private sector. For the year 20x1, you received a 13th month pay of P110,000 and a Christmas bonus (non-performance based) of P25,000. Of the benefits you have received, how much is taxable?* a. P135,000 b. P90,000 c. P45,000 d. P0

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...

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a. P135,000
b. P90,000
c. P45,000
d. P0

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