Income Tax is levied on the income from the property or an occupation to raise revenue for the support of the government.

Income means all wealth which flows to the taxpayer including the return of capital.

Income is a gain derived from labor or capital, but never from both.

Capital is wealth, whereas, income is a fund.

All of the following are Ordinary Income, except

Which of the following is not classified as Taxpayer

This Individual Taxpayer's income is taxed from sources derived within and outside the Philippines.

This Individual Taxpayer is an alien residing in the Philippines and is taxed only on income derived therein.

This Individual Taxpayer is a citizen not residing in the Philippines and is taxed only on income derived therein.

This type of Corporation's income tax is taxable from sources within and outside the Philippines

All of the following are taxable like a corporation, except

What is the final tax on Fringe Benefits (choose the correct answer)

During the year 2019, an individual taxpayer incurred a net income of Php750,000. Using the graduated tax table, compute for the tax payable.

During the year 2024, an individual taxpayer incurred a net income of Php900,000. Using the graduated tax table, compute for the tax payable.

During the year 2021, an individual taxpayer incurred a NET INCOME of Php900,000. The taxpayer opt to use the 8% OPT, compute for the tax payable.

All of the following are deducted from the Gross Compensation Income, except