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A 60 -year old employee retired during the year after 40 years of service and received the following remunerations: Gross basic salary P1,200,000; Employee share
A 60 -year old employee retired during the year after 40 years of service and received the following remunerations: Gross basic salary P1,200,000; Employee share to SSS, PHIC, HDMF \& union dues - P40,000; Overtime pay P35,000; Retirement pay from an approved plan - P3,000,000; Benefits from SSS - P500,000; 13th month pay P100,000. Using the tax table below, how much total income tax due? (Answer must have no peso sign, no decimals \& no extra spaces in between. Follow this format: x,XXX,XXX) A 60 -year old employee retired during the year after 40 years of service and received the following remunerations: Gross basic salary P1,200,000; Employee share to SSS, PHIC, HDMF \& union dues - P40,000; Overtime pay P35,000; Retirement pay from an approved plan - P3,000,000; Benefits from SSS - P500,000; 13th month pay P100,000. Using the tax table below, how much total income tax due? (Answer must have no peso sign, no decimals \& no extra spaces in between. Follow this format: x,XXX,XXX)
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