BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an individual whose taxable income exceed Two hundred fifty thousand pesos
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minimum wage earner
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An individual whose sole income has been subjected to final withholding tax pursuant to Section 57(A)
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an individual whose taxable income do not exceed Two hundred fifty thousand pesos
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Detailed explanation-1: -An individual whose taxable income does not exceed P250, 000 is not required to file an income tax return.
Detailed explanation-2: -Social security contributions, up to the prescribed amount of maximum mandatory contributions, and union dues paid by employees are not included in gross income and are exempt from taxation.
Detailed explanation-3: -Nontaxable income won’t be taxed, whether or not you enter it on your tax return. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer.
Detailed explanation-4: -Who Are Required to File Income Tax Returns? Annual Income Tax For Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Related Income) Annual Income Tax For Individuals, Estates, and Trusts.