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Your friend shows you a summary of her compensation for the year as follows: Basic salary P985.000 Overtime and Holiday Pay 60,000 13th month
Your friend shows you a summary of her compensation for the year as follows: Basic salary P985.000 Overtime and Holiday Pay 60,000 13th month pay and other bonuses 190,000 Total: P1,235,000 Less: Deductions for- SSS, Philhealth, Pag-ibig Union dues 75,000 6,000 Advances from employer 40,000 25,000 Absences and tardiness Net Pay P1,089,000 She wants to know, how much is the total exclusions from her gross income? Pedro, an official of Corporation X, asked for an "earlier retirement because he was migrating to Australia. He was paid P2,000,000.00 as separation pay in recognition of his valuable services to the corporation. Juan, another official of the same company, was separated for occupying a redundant position. He was given P500,000.00 as separation pay. Jose, another employee, was separated due to his failing eyesight. He was given P800,000.00 as separation pay. How much is excluded from gross income?
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