Principles of Taxation

The power to demand proportionate contribution from persons and property to defray the necessary expenses of the government is the ________________________.

A calculation of all employees' compensation, statutory contributions, taxes, deductions and net payment of a certain time period is called ___________

A payroll register is a formal, internal, and confidential document to present payroll.

It refers to all remuneration for services performed by an employee for his employer under an employer-employee relationship.

What do you call a system of raising money to finance government expenditures?

Which of the following is exempted from paying taxes?

The following are the relevant statutory contributions of an employer EXCEPT:

Under the TRAIN law, the total amount of mandatory 13th month pay and other additional benefits granted by employers, such as 14th month pay, performance bonus, health bonus, perfect attendance bonus, and all other types of bonuses, may be considered non-taxable compensation but only up to an amount of ninety thousand pesos (₱90,000).

Under the TRAIN law, if the annual income of an individual is beyond ₱250,000.00, he/she does not have to pay and file an annual ITR.

De minimis benefits are benefits of relatively small values provided by the employers to the employee on top of the basic compensation intended for the general welfare of the employees.