Identify if the statement is True or False 1. All allowances are non-taxable 2. If the monthly clothing allowances are P400.00, then the taxable amount for clothing allowance is P1,200. 3. Allowances are considered part of earnings. 4. Non-taxable benefits include all monetized leave credits 5. Some bonuses or allowances are non- taxable 6. All benefits of government officials and employees are non- taxable 7. Taxes are added in the deduction 8. Thirteenth month pay may or may not be taxed 9. If the total deduction is 0, then it follows the gross earnings is non- taxable. 10. There is possibility that a certain employee will be exempted from tax even if he/ she receive some benefits.

Identify if the statement is True or False 1. All allowances are non-taxable 2. If the monthly clothing allowances are P400.00, then the taxable amount for clothing allowance is P1,200. 3. Allowances are considered part of earnings. 4. Non-taxable benefits include all monetized leave credits 5. Some bonuses or allowances are non- taxable 6. All benefits of government officials and employees are non- taxable 7. Taxes are added in the deduction 8. Thirteenth month pay may or may not be taxed 9. If the total deduction is 0, then it follows the gross earnings is non- taxable. 10. There is possibility that a certain employee will be exempted from tax even if he/ she receive some benefits.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 1BCRQ

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If an employee X has CNA =₱18,291.09, 13th month pay = ₱27,891.00, other benefits = ₱10,000, and ₱3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is Non- Taxable?
A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…
Identify if the statement is True or False 1. All allowances are non-taxable 2. If the monthly clothing allowances are P400.00, then the taxable amount for clothing allowance is P1,200. 3. Allowances are considered part of earnings. 4. Non-taxable benefits include all monetized leave credits 5. Some bonuses or allowances are non- taxable 6. All benefits of government officials and employees are non- taxable 7. Taxes are added in the deduction 8. Thirteenth month pay may or may not be taxed 9. If the total deduction is 0, then it follows the gross earnings is non- taxable. 10. There is possibility that a certain employee will be exempted from tax even if he/ she receive some benefits.
Question 5: How much Social Security tax would be owed by an employee who has taxable earnings for Social Security tax of $2,000, and who, prior to the current pay period, has earned $142,500 of taxable earnings for Social Security tax? Answer: A. В. O $18.60 С. O $105.40 D. O $124.00
1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition
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If I receive a return to work payment of $20,000 and it is classified under statory income. What difference would it make if this was classified under ordinary income?
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Page 3 of 4 I. TAXABLE OR NON-TAXABLE INCOME Put a CHECK MARK on the appropriate column. If the benefit is taxable or has a taxable portion, indicate the taxable amount on the column provided. If TAXABLE, how much is the taxable amount FOR THE YEAR? BENEFIT PURELY NON- TAXABLE TAXABLE 1. Laundry allowance amounting to P 4,500 a year 2. Uniform allowance amounting to P6,500 a year 3. Gifts given during Christmas amounting to P8,000. 4. One sack of rice (50 kg) each month. The rice is valued at P50.00 per kilo. 5. A one-time actual medical assistance amounting to P 25,000.00 was received during the year. IV. PROBLEM SOLVING Solve the following problems. Write your final answer on the space provided. Present your solution at the back page or attach a separate sheet if necessary. ANSWER QUESTION Leah sells gadgets. She is given 13% 0omm 1