P-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n: E-x-p-l-a-i-n- -t-h-e- -t-a-x- -p-h-r-a-s-e- -"-e-x-c-l-u-s-i-o-n- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-.-" E-n-u-m-e-r-a-t-e- -t-h-e- -n-o-n-t-a-x-a-b-l-e- -c-o-m-p-e-n-s-a-t-i-o-n- -i-n-c-o-m-e-. E-n-u-m-e-r-a-t-e- -t-h-e- -n-o-n-t-a-x-a-b-l-e- -o-t-h-e-r- -r-e-c-e-i-p-t-s-. A-r-e- -"-d-e- -m-i-n-i-m-i-s- -b-e-n-e-f-i-t-s-"- -p-a-r-t- -o-f- -t-h-e- -t-h-e- -1-3-t-h- -m-o-n-t-h- -p-a-y- -a-n-d- -o-t-h-e-r- -b-e-n-e-f-i-t-s- -a-m-o-u-n-t-i-n-g P82,000 A-r-e- -p-r-o-c-e-e-d-s- -o-f- -l-i-f-e- -i-n-s-u-r-a-n-c-e- -e-x-c-l-u-d-e-d- -f-r-o-m- -t-a-x-a-b-l-e- -i-n-c-o-m-e-?
P-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n: E-x-p-l-a-i-n- -t-h-e- -t-a-x- -p-h-r-a-s-e- -"-e-x-c-l-u-s-i-o-n- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-.-" E-n-u-m-e-r-a-t-e- -t-h-e- -n-o-n-t-a-x-a-b-l-e- -c-o-m-p-e-n-s-a-t-i-o-n- -i-n-c-o-m-e-. E-n-u-m-e-r-a-t-e- -t-h-e- -n-o-n-t-a-x-a-b-l-e- -o-t-h-e-r- -r-e-c-e-i-p-t-s-. A-r-e- -"-d-e- -m-i-n-i-m-i-s- -b-e-n-e-f-i-t-s-"- -p-a-r-t- -o-f- -t-h-e- -t-h-e- -1-3-t-h- -m-o-n-t-h- -p-a-y- -a-n-d- -o-t-h-e-r- -b-e-n-e-f-i-t-s- -a-m-o-u-n-t-i-n-g P82,000 A-r-e- -p-r-o-c-e-e-d-s- -o-f- -l-i-f-e- -i-n-s-u-r-a-n-c-e- -e-x-c-l-u-d-e-d- -f-r-o-m- -t-a-x-a-b-l-e- -i-n-c-o-m-e-?
Related questions
Question
P-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n:
E-x-p-l-a-i-n- -t-h-e- -t-a-x- -p-h-r-a-s-e- -"-e-x-c-l-u-s-i-o-n- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-.-"
E-n-u-m-e-r-a-t-e- -t-h-e- -n-o-n-t-a-x-a-b-l-e- -c-o-m-p-e-n-s-a-t-i-o-n- -i-n-c-o-m-e-.
E-n-u-m-e-r-a-t-e- -t-h-e- -n-o-n-t-a-x-a-b-l-e- -o-t-h-e-r- -r-e-c-e-i-p-t-s-.
A-r-e- -"-d-e- -m-i-n-i-m-i-s- -b-e-n-e-f-i-t-s-"- -p-a-r-t- -o-f- -t-h-e- -t-h-e- -1-3-t-h- -m-o-n-t-h- -p-a-y- -a-n-d- -o-t-h-e-r- -b-e-n-e-f-i-t-s- -a-m-o-u-n-t-i-n-g P82,000
A-r-e- -p-r-o-c-e-e-d-s- -o-f- -l-i-f-e- -i-n-s-u-r-a-n-c-e- -e-x-c-l-u-d-e-d- -f-r-o-m- -t-a-x-a-b-l-e- -i-n-c-o-m-e-?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step 1: Introduction
VIEWStep 2: Exclusion from gross income
VIEWStep 3: Non taxable compensation income
VIEWStep 4: non-taxable other receipts
VIEWStep 5: De-minimis benefits are not a part of the 13th-month pay and other benefits amounting to P8200.
VIEWStep 6: Yes, it is true that the proceeds from life insurance are not taxable
VIEWSolution
VIEW
Step by step
Solved in 7 steps
