Cantomayor, an employee of a cooperative was regularly receiving a monthly salaryand allowance of P8,500 and P1,000, respectively. On June 1, 2019, he was retrenched by the cooperativepaying him a separation pay of P125,000. He decided to use this money in buying a tricycle. For a six (6)month period, he earned a net income of P36,000. How much income should Cantomayor declare in 2019for income tax purposes?

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To determine the income earned by Mr Cantomayor we need to calculat... View the full answer