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

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

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

Statement I Fringe benefits received by rank and file employees are not subject to fringe benefits tax, but included in the gross taxable incomeStatement II Fringe benefits granted to managerial employees are subject to fringe benefits tax and the employer withholds the amount of taxSelect one:a.Both statements are correctb.Only Statement I is correctc.Neither statement is correctd.Only Statement II is correct

Which of the following is NOT a type of income?a) Salary b) Wages c) Commission d) Deduction

Statement I Fringe benefits received by an employee may either be subject to final tax or basic taxStatement II Fringe benefits received by supervisor or manager are nontaxable because of the complexities of functions attached to the positionSelect one:a.Neither statement is correctb.Only Statement II is correctc.Both statements are correctd.Only Statement I is correct