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.

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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