Multiple Employment and Compensation Income Quiz
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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?

  • ₱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?

  • 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?

  • 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?

    <p>Health insurance premiums</p> Signup and view all the answers

    When computing the total monetary and non-monetary compensation under the annualized computation, what period should be considered?

    <p>The calendar year</p> Signup and view all the answers

    Which of the following statements is TRUE regarding the determination of total monetary and non-monetary compensation?

    <p>Gross receipts should include thirteenth (13th) month pay, productivity incentives, Christmas bonus, and fringe benefits.</p> Signup and view all the answers

    What is the purpose of segregating the taxable from the non-taxable compensation (excluding fringe benefits)?

    <p>To determine the amount subject to income tax</p> Signup and view all the answers

    Which of the following is considered non-taxable income?

    <p>Benefits not exceeding ₱90,000.00</p> Signup and view all the answers

    What should be done with the total monetary and non-monetary compensation received by an employee per payroll period?

    <p>It should be segregated into gross receipts and fringe benefits.</p> Signup and view all the answers

    Which of the following is NOT a part of the gross receipts that should be segregated from the total monetary and non-monetary compensation?

    <p>Overtime pay</p> Signup and view all the answers

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