Identify if the statement is True or False. Write your answer on a separate answer sheet. 1. All allowances are nontaxable. 2. If the monthly clothing allowance is Php 400.00, then the taxable amount for clothing allowance is Php 1,200. 3. Allowances are considered part of earnings. 4. Nontaxable benefits include all monetized leave credits. 5. Some bonuses or allowances are nontaxable. 6. All benefits of government officials and employees are nontaxable. 7. Taxes are added in the deduction. 8. Thirteenth moth pay may or may not be taxed. 9. If the total deduction is 0, then it follows that gross earnings is nontaxable. 10.There is a possibility that a certain employee will be exempted from tax even if she/he receives some benefits.

Identify if the statement is True or False. Write your answer on a separate answer sheet. 1. All allowances are nontaxable. 2. If the monthly clothing allowance is Php 400.00, then the taxable amount for clothing allowance is Php 1,200. 3. Allowances are considered part of earnings. 4. Nontaxable benefits include all monetized leave credits. 5. Some bonuses or allowances are nontaxable. 6. All benefits of government officials and employees are nontaxable. 7. Taxes are added in the deduction. 8. Thirteenth moth pay may or may not be taxed. 9. If the total deduction is 0, then it follows that gross earnings is nontaxable. 10.There is a possibility that a certain employee will be exempted from tax even if she/he receives 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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