In general, fixed or variable allowances received by a public officer or a private entity are subject to income tax and consequently, on compensation income.

TAXATION

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1.
FLASHCARD QUESTION
Front
Back
Creditable Withholding Tax
2.
FLASHCARD QUESTION
Front
These are paid out of currency and are taxable to the recipient in the year they are paid: Cash Dividends, Property dividends, Liquidating dividends, Stock dividends
Back
Cash Dividends
3.
FLASHCARD QUESTION
Front
Premiums on life insurance paid by the employer are ____ to the employee
Back
Taxable Income
4.
FLASHCARD QUESTION
Front
It refers to a grant of tax immunity to persons or corporations of a particular class
Back
Tax exemption
5.
FLASHCARD QUESTION
Front
PCSO and Lotto Winnings received by NRA - NETB are subject to:
Back
25% Final Tax
6.
FLASHCARD QUESTION
Front
It includes overtime pay, commission, profit sharing, etc.
Back
Supplemental compensation
7.
FLASHCARD QUESTION
Front
Interest Income on long term bank deposits is subject to:
Back
Exemption from tax
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