James, a high caliber VP-Marketing of a large bank gets a monthly salary of P250,000 a month and is given a monthly budget of P50,000 for treating valued clients of the bank. He had to account for the budget he is given by indicating which client did he meet with, what the purpose for the meeting was and report on the results of the meeting. He was also assigned a driver (with a monthly salary of P35,000) and use of a company car that would bring him to and from these meetings. 

Given the above facts: How much is James' Net Taxable income ?

Answer rating: 100% (QA)

To calculate James net taxable income we need to consider his gross salary ... View the full answer