The following situation may warrant that separation pay shall not be included in the gross taxable income, exceptSelect one:a.Employmentb.Reorganization of the companyc.Bankruptcy of the companyd.Disability

Separation pay brought about by the following circumstances is non-taxable, except:Select one:a.Reorganization of the company due to mergerb.Voluntary resignationc.Bankruptcy of the companyd.SicknessClear my choice

Mr. Juan Dela Cruz recently received P200,000 as a separation pay from his employer, ABC Corporation, since the company was undergoing reorganization due to merger with XYZ Corporation. Is the amount received by Mr. Dela Cruz taxable? Answer I No, because the separation was involuntary on his part. Answer II Yes, because by nature, separation pay is generally taxable.Select one:a.Both of the given choices are correct.b.No, because the separation was involuntary on his part is correct: Yes, because by nature, separation pay is generally taxable is wrongc.No, because the separation was involuntary on his part is wrong: Yes, because by nature, separation pay is generally taxable is correctd.No correct answer

Statement I Separation pay may be taxable or tax-exemptStatement II Separation pay is not taxable if the separation is involuntary on the part of employee.Select one:a.Only Statement II is correctb.Only Statement I is correctc.Both statements are correctd.Neither statement is correctClear my choice

Dividend income received from mutual in the hands of unit holders. A. Fully Taxable B. Fully Exempt C. Partly Taxable D. Partly Exempt

is debited to record the company's share of payroll taxes.Select answer from the options belowemployee benefits expensepayroll tax expensefederal tax withholdings payablesalaries and wages expense