Monthly Archives: July 2016

Compensation Income

Under the Tax Code, individual taxpayer’s items of income are grouped together as follows: Compensation Income – derived from employment Capital Gains – derived from sales of real property or shares of stocks. Passive Income – derived from winnings, cinematographic … Continue reading

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Personal Exemptions

Personal exemptions are arbitrary amounts allowed for personal,living, or family expenses of the taxpayer. The amount is 50 000 pesos for each individual taxpayer. In case of married individuals where only one spouses is deriving gross income, only such spouse … Continue reading

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