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An employee received the following compensation during the year: P143000 Gross compensation (P11,000 x 13 months) Overtime pay 12,000 Less: SSS, PHIC, HDMF and union

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An employee received the following compensation during the year: P143000 Gross compensation (P11,000 x 13 months) Overtime pay 12,000 Less: SSS, PHIC, HDMF and union dues P5 200 Withholding tax Net pay P139 800 1. Taxable compensation income is John received a salary of P73,000 during the year consisting of: P60,000 basic salary, P8,000 overtime pay and P5,000 13th month pay. John's taxable income using contemporary regulations is

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