TRUEEE OR FALSEE 1. For the recent tax table, all individual tax payers are granted a personal exemption of50,000 and additional exemptions of 25,000 for each qualified dependent up to amaximum of eight.2. The Compensation income refers to the income derived by an employee.3. The monthly withholding tax deduction is computed based on the employee's grosscompensation, tax status, timing of compensation payments and published BIRwithholding table.4. Substituted filing is when the employer's annual return of BIR Form 1604CF may beconsidered as the "substitute" for the Income Tax Return (BIR Form 1700) ofemployees.5. The tax payments of a business organized as a sole proprietorship are made in thename of its owner.6. A taxpayer that derived income solely from business is required to file BIR Form 1701.7. Business income may be computed based on itemized deductions or optional standarddeductions.8. The optional standard deduction scheme allows the proprietor to claim deductions upto a maximum of 40% of gross income.9. A mixed income earner is a compensation earner who is also engaged in business opractice of profession.10. A taxpayer deriving mixed income will also use BIR Form 1701.

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1. For the recent tax table, all individual tax payers are granted a personal exemption of 50,000 and additional exemptions of 25,000 for each qualified dependent up to a maximum of eight. 2. The Compensation income refers to the income derived by an employee. 3. The monthly withholding tax deduction is computed based on the employee's gross compensation, tax status, timing of compensation payments and published BIR withholding table.

1. For the recent tax table, all individual tax payers are granted a personal exemption of 50,000 and additional exemptions of 25,000 for each qualified dependent up to a maximum of eight. 2. The Compensation income refers to the income derived by an employee. 3. The monthly withholding tax deduction is computed based on the employee's gross compensation, tax status, timing of compensation payments and published BIR withholding table.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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