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How much is the amount of bonus under the first plan

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Reference no: EM132943971

Problem - Hello Company is considering two different proposals for computing the bonus for its new company president. The first plan states that the bonus be equal to 6% of profits after the bonus but before tax have been deducted. The second method is based on profit after both tax and bonus have been deducted at the rate of 12%. Income before income tax and bonus for 2019 is P9,000,000. Income tax rate is 35%. How much is the amount of bonus under the first plan?

Reference no: EM132943971

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