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  • Gross Income - 2

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    Bubble Gum
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    The document discusses several statements regarding taxable income and exemptions in the Philippines. It states that separation benefits from a deadlocked collective bargaining agreement are exempt from income tax. Amounts received as rewards for providing information about tax violations or smuggled goods seizures are taxable. Monetization of unused leave credits for employees who could not take leave is considered taxable income. Contest awards and prizes over 10,000 PHP are subject to a 20% final tax, otherwise they are part of taxable income. Holiday pay, overtime pay, night shift differential and hazard pay are not exempt from income tax.

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    The document discusses several statements regarding taxable income and exemptions in the Philippines. It states that separation benefits from a deadlocked collective bargaining agreement are exempt from income tax. Amounts received as rewards for providing information about tax violations or smuggled goods seizures are taxable. Monetization of unused leave credits for employees who could not take leave is considered taxable income. Contest awards and prizes over 10,000 PHP are subject to a 20% final tax, otherwise they are part of taxable income. Holiday pay, overtime pay, night shift differential and hazard pay are not exempt from income tax.

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    7 views1 page

    Gross Income - 2

    Uploaded by

    Bubble Gum
    The document discusses several statements regarding taxable income and exemptions in the Philippines. It states that separation benefits from a deadlocked collective bargaining agreement are exempt from income tax. Amounts received as rewards for providing information about tax violations or smuggled goods seizures are taxable. Monetization of unused leave credits for employees who could not take leave is considered taxable income. Contest awards and prizes over 10,000 PHP are subject to a 20% final tax, otherwise they are part of taxable income. Holiday pay, overtime pay, night shift differential and hazard pay are not exempt from income tax.

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    © All Rights Reserved
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    of 1

    6. Which of the following statements is correct?

    c. Separation benefits received by terminated employees resulting from a deadlock in their collective bargaining agreement are exempt from income
    tax.

    7. One of the following is taxable income:


    b. Amounts received as rewards from giving information instrumental in the discovery of violations of the Tax Code and seizure of smuggled goods.

    8. Which of the following statements is not correct?


    d. Monetization of leave credits of employees who were unable to go on leave due to exigencies of the service constitutes taxable income.

    9. Which of the following statements is correct as regards a resident citizen?


    d. As a rule, contest awards and prizes are subject to 20% final tax if they amount to more than P10,000, otherwise they will be part of taxable income
    in the ITR.

    10. Which of the following statements is not correct?


    b. Holiday pay, overtime pay, night shift differential and hazard pay shall be exempt from income tax.

    d) (B) and (C). (Great Holiday Entertainment Services, Inc. vs. CIR, CTA Case No. 8864, April 2, 2018).

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