1. Case 1: Nora made a total of P5,000 contributions for SSS, Philhealth, Pag-ibig, and union dues. The P5,000 contributions form part of Nora's gross compensation. However, in computing her taxable compensation, such amount must be excluded. Case 2: Nora suddenly got sick and was hospitalized for 1 month. She received a certain amount of benefit from SSS. Her hospital bills were also reduced by her philhealth benefit. The amount received by Nora from SSS and the reduction in her hospital bills constitute taxable compensation to Nora. a. Both cases are correct b. Both cases are incorrect c. Only case 1 is correct d. Only case 2 is correct 2. Agnes, a CPA, is a faculty of ABC University under the department of accountancy. She was employed on a contractual basis. Agnes is said to be exercising her profession as CPA in the academe/education sector. The income of Agnes from the school is – a. Business income b. Professional income C. Competition income d. Both B and
1. Case 1: Nora made a total of P5,000 contributions for SSS, Philhealth, Pag-ibig, and union dues. The P5,000 contributions form part of Nora's gross compensation. However, in computing her taxable compensation, such amount must be excluded. Case 2: Nora suddenly got sick and was hospitalized for 1 month. She received a certain amount of benefit from SSS. Her hospital bills were also reduced by her philhealth benefit. The amount received by Nora from SSS and the reduction in her hospital bills constitute taxable compensation to Nora. a. Both cases are correct b. Both cases are incorrect c. Only case 1 is correct d. Only case 2 is correct 2. Agnes, a CPA, is a faculty of ABC University under the department of accountancy. She was employed on a contractual basis. Agnes is said to be exercising her profession as CPA in the academe/education sector. The income of Agnes from the school is – a. Business income b. Professional income C. Competition income d. Both B and
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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1. Case 1: Nora made a total of P5,000 contributions for SSS, Philhealth, Pag-ibig, and union dues. The P5,000 contributions form part of Nora's gross compensation. However, in computing her taxable compensation, such amount must be excluded.
Case 2: Nora suddenly got sick and was hospitalized for 1 month. She received a
certain amount of benefit from SSS. Her hospital bills were also reduced by her
philhealth benefit. The amount received by Nora from SSS and the reduction in her
hospital bills constitute taxable compensation to Nora.
a. Both cases are correct
b. Both cases are incorrect
c. Only case 1 is correct
d. Only case 2 is correct
2. Agnes, a CPA, is a faculty of ABC University under the department of accountancy. She was employed on a contractual basis. Agnes is said to be exercising her profession as CPA in the academe/education sector. The income of Agnes from the school is –
a. Business income
b. Professional income
C. Competition income
d. Both B and C
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