Answer to Question #270474 in Accounting for Another you

Question

A. List down at least 5 taxable compensation income in the Philippines.

B. Name some individuals who are required to file income tax returns.

Answer 1

A.

i) Interest and dividends.

ii) Certain types of disability payments.

iii) Unemployment compensation.

iv) Jury pay and election worker pay.

V) Strike and lockout benefits.

B. If you meet the single status tax filing requirements and you're under 65, you must file if your federal gross income was $12,400 or more. If you're 65 or older, you must file if your federal gross income was $14,050 or more.