MODIFIED TRUE OR FALSE. State “TRUE” if the statement is correct and “FALSE” if it is incorrect, then changed it by giving the right answer. Write your answer on a separate sheet of paper. 1. A taxpayer can obtain more than one tax identification number if he or she derives income from more than one source. 2. The "take-home pay" of an employee is already net of tax. 3. Taxes on regular employees’ salaries are typically withheld either on a monthly or a semi-monthly basis.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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MODIFIED TRUE OR FALSE. State “TRUE” if the statement is correct and “FALSE” if it

is incorrect, then changed it by giving the right answer. Write your answer on a

separate sheet of paper.

1. A taxpayer can obtain more than one tax identification number if he or she derives

income from more than one source.

2. The "take-home pay" of an employee is already net of tax.

3. Taxes on regular employees’ salaries are typically withheld either on a monthly or a

semi-monthly basis.

4. Aside from taxes, contributions to SSS/GSIS, PhilHealth, Pag- IBIG, and Union dues,

if any, also reduce the "take-home pay" of an employee.

5. A taxpayer obtaining more than one TIN for himself/herself is punishable by law

through monetary fines or imprisonment.

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