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How much is the total bonus

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Question - Andrei Company provides an incentive compensation plan under which its chief executive officer receives a bonus equal to 10% of the company's income in excess of P880,000 before bonus and income tax. If income before bonus and income tax for 2021 amounted to P2,200,000 and income tax rate is 30%, this amount of bonus would be Toyanda Cubao, Inc. (TCI) is a dealer of Toyanda trucks and automobiles. TCI distributes annual bonuses to its Vice President for sales and three division managers, namely: Truck Division, SUV Division and AUV Division. The company reported P12,000,000 profit for 2021 before bonuses and income tax. Income tax rate is 30%. How much is the total bonus if the vice president gets 3% and each division manager gets 1% of profit after bonuses but before income taxes? Answer in whole number.

Reference no: EM132837975

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