10 Questions
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
Which of the following is NOT included in the taxable income that should be segregated from the non-taxable compensation?
Non-taxable retirement benefits
What should be done with the taxable fringe benefits received by an employee?
They should be subjected to withholding tax.
Which of the following is NOT a part of the total monetary and non-monetary compensation that needs to be determined?
Health insurance premiums
When computing the total monetary and non-monetary compensation under the annualized computation, what period should be considered?
The calendar year
Which of the following statements is TRUE regarding the determination of total monetary and non-monetary compensation?
Gross receipts should include thirteenth (13th) month pay, productivity incentives, Christmas bonus, and fringe benefits.
What is the purpose of segregating the taxable from the non-taxable compensation (excluding fringe benefits)?
To determine the amount subject to income tax
Which of the following is considered non-taxable income?
Benefits not exceeding ₱90,000.00
What should be done with the total monetary and non-monetary compensation received by an employee per payroll period?
It should be segregated into gross receipts and fringe benefits.
Which of the following is NOT a part of the gross receipts that should be segregated from the total monetary and non-monetary compensation?
Overtime pay
Test your knowledge on individuals deriving compensation from two or more employers concurrently, employees with incorrectly withheld income tax, and individuals earning non-business, non-professional-related income.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
