A 50 year old employee retired during the year after 30years of continuous service and

received the following:

PARTICULAR

AMOUNT

Basic Salary

350,000

Employee's share in SSS, Phil-health, Pag-ibig and union

24,000

Overtime pay

16,000

Retirement pay

2,300,000

Benefits from SSS

400,000

Prorated 13^th month pay

21,000

The gross taxable compensation is (a) P263,000 (b) P263,000 (c) P2,563,000 (d) P242,000