Nicanor retired at the end of 2022 after rendering 25 years of continuous services for...
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Nicanor retired at the end of 2022 after rendering 25 years of continuous services for ABC Corporation which employed him immediately after his graduation from college. Nicanor was then 23 years old when he graduated from college. The corporation for the past 25 years, does not have a Collective Bargaining Agreement with its employees and no labor organization was ever formed. He earned the following income in 2022:
Salary for the first quarter P 180,000
Honorarium as speaker in one of ABC
corporation's team building activities 10,000
Retirement Pay 2,500,000
Commissions 30,000
Fee as a member of ABC Corporation
board of directors 50,000
Interest income from time deposit in
BDO-Lipa (net of final withholding tax) 24,000
Dividend income from XYZ Corporation
(as an investor, net of 45,000 final withholding tax) 45,000
Productivity incentive pay 20,000
13th Month pay 60,000
From the facts given, how much is the Gross Compensation Income of Nicanor?
d. 2,770,000
c. 270,000
a. 2,710,000
b. 2,680,000
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