A taxpayer received a basic salaray of P1,152,000 per year. At the end of taxable year, he also received 13th month pay which is equivalent to his one month basic salary. Is the 13th month pay of the taxpayer taxable?Answer I No, because 13th month pay is tax exempt and does not form part of the compensation income.Answer II Yes, because the 13th month pay he received already esceeded the P82,000 threshold.Select one:a.Both answers are correctb.No, because 13th month pay is tax exempt and does not form part of the compensation income is correct: Yes, because the 13th month pay he received already esceeded the P82,000 threshold is wrongc.Both answers are wrongd.No, because 13th month pay is tax exempt and does not form part of the compensation income is wrong:Yes, because the 13th month pay he received already esceeded the P82,000 threshold is correct

Mr. A received the following from his employer during the current taxable year: Monthly basic salary, P45,000 Monthly representation and travelling allowance not subject to liquidation, P10,0005% commission on net sales. Sales during the year were P6,300,000; sales return, P250,000 13th month pay, Christmas bonus and productivity pay amounting to 120% of his basic salary The gross taxable compensation income of Mr. A for the current taxable year is:Select one:a.P1,016,500b.P986,500c.P962,500d.P841,500

Statement I. Compensation income includes salary, honoraria, allowances,separation pay, and retirement pay.Statement II. Representation and travelling allowances that are fixed in amount arenot taxable.Select one:a.Only Statement mpensation income includes salary, honoraria, allowances,separation pay, and retirement pay is correctb.Both statements are correctc.Neither statement is correctd.Only Statement Representation and travelling allowances that are fixed in amount arenot taxable is correct

Ms. Juana Dela Cruz, Vice President for Corporate Management, regularly receives representation and travelling allowance of P25,000 a month in addition to her basic salary. Is the P25,000 taxable?I. No, because the representation and travelling allowance is not a compensation.II. Yes, unless the representation and travelling allowance is subject to liquidation or reimbursable.Select one:a.Both answers are wrongb.No, because the representation and travelling allowance is not a compensation is correct: Yes, unless the representation and travelling allowance is subject to liquidation or reimbursable is wrongc.Yes, unless the representation and travelling allowance is subject to liquidation or reimbursable is correct: No, because the representation and travelling allowance is not a compensation is wrongd.Both answers are correct

tax exempt income?

Jack Pty Ltd prepares his accounts on a monthly basis. He receives an order in March for $3000 worth of goods, the goods are delivered to the customer in May together with an invoice and the account is settled in July. Under an accrual system of accounting, in which month is the $3000 recognised as income?Group of answer choicesMarchIt doesn't matterJulyMay