68. Goyo is a purely compensation income earner receiving minimum wage. He made available thefollowing information:Basic salaryPhp135,000.00SS, Philhealth, and HDMF5,000.0013th month pay11,000.00Overtime payNight shift differentialHazard pay80,000.0030,000.0015.000.00Holiday payCommission from the same company15,000.00100,000.00Which is FALSE?a. Goyo is NOT allowed to claim deductions (both itemized and OSD)b. Goyo is NOT liable to pay business taxc. Goyo is NOT qualified to avail 8% optional income taxd. Goyo is required to pay income tax

Minimum wages are known as “the minimum value of payment or remuneration that an employer is bound…

58. Goyo is a purely compensation income earner receiving minimum wage. He made available the following information: Basic salary SS, Philhealth, and HDMF 13th month pay Php 135,000.00 5,000.00 11,000.00 80,000.00 Overtime pay Night shift differential Hazard pay Holiday pay Commission from the same company 30,000.00 15.000.00 15,000.00 100,000.00 Which is FALSE? a. Goyo is NOT allowed to claim deductions (both itemized and OSD) b. Goyo is NOT liable to pay business tax c. Goyo is NOT qualified to avail 8% optional income tax d. Goyo is required to pay income tax

58. Goyo is a purely compensation income earner receiving minimum wage. He made available the following information: Basic salary SS, Philhealth, and HDMF 13th month pay Php 135,000.00 5,000.00 11,000.00 80,000.00 Overtime pay Night shift differential Hazard pay Holiday pay Commission from the same company 30,000.00 15.000.00 15,000.00 100,000.00 Which is FALSE? a. Goyo is NOT allowed to claim deductions (both itemized and OSD) b. Goyo is NOT liable to pay business tax c. Goyo is NOT qualified to avail 8% optional income tax d. Goyo is required to pay income tax

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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