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Questions and Answers
What is the maximum amount of gross benefits that is exempted from income tax and withholding tax for officials and employees of public and private entities?
What is the maximum amount of gross benefits that is exempted from income tax and withholding tax for officials and employees of public and private entities?
- ₱90,000.00 (correct)
- ₱80,000.00
- There is no maximum exemption amount specified.
- ₱100,000.00
Which of the following is NOT included in the taxable income that should be segregated from the non-taxable compensation?
Which of the following is NOT included in the taxable income that should be segregated from the non-taxable compensation?
- Non-taxable retirement benefits (correct)
- Thirteenth (13th) month pay
- Christmas bonus
- Productivity incentives
What should be done with the taxable fringe benefits received by an employee?
What should be done with the taxable fringe benefits received by an employee?
- They should be included in the taxable income.
- They should be subjected to withholding tax. (correct)
- They should be exempted from income tax.
- They should be included in the non-taxable income.
Which of the following is NOT a part of the total monetary and non-monetary compensation that needs to be determined?
Which of the following is NOT a part of the total monetary and non-monetary compensation that needs to be determined?
When computing the total monetary and non-monetary compensation under the annualized computation, what period should be considered?
When computing the total monetary and non-monetary compensation under the annualized computation, what period should be considered?
Which of the following statements is TRUE regarding the determination of total monetary and non-monetary compensation?
Which of the following statements is TRUE regarding the determination of total monetary and non-monetary compensation?
What is the purpose of segregating the taxable from the non-taxable compensation (excluding fringe benefits)?
What is the purpose of segregating the taxable from the non-taxable compensation (excluding fringe benefits)?
Which of the following is considered non-taxable income?
Which of the following is considered non-taxable income?
What should be done with the total monetary and non-monetary compensation received by an employee per payroll period?
What should be done with the total monetary and non-monetary compensation received by an employee per payroll period?
Which of the following is NOT a part of the gross receipts that should be segregated from the total monetary and non-monetary compensation?
Which of the following is NOT a part of the gross receipts that should be segregated from the total monetary and non-monetary compensation?
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