TRUE OR FALSE

10. TRUE OR FALSE in the space provided before the number write True if the statement is correct and False if the statement is EXERCISES VGAGE incorrect 1. All people is subject to tax. 2. Tax is the process of collecting taxation 3. Individual has the same tax as a corporation 4. Corporate tax is 25% 5. Individual tax rate ranges from 5% to 20%. 6. Withholding tax can be deducted from annual income tax 7. Gross income includes revenue from sale of goods or conduct of services 8. A salary earned by an employee is an income of the employee 9. Salaries paid by the employer is income of the employer 10. Itemized deduction includes expenses not related with the taxpayer's business EXPLORE 10.2 TRUE OR FALSE In the space provided before the number, write True if the statement is correct and False if the statement is incorrect 1. Professional income is income eamed though conduct of profession such as doctors, lawyers and CPAs. 2. A taxpayer can claim both itemized deduction and OSD at the same time. 3. A corporation could claim personal exemption A corporation could claim additional exemption 5. Tuition fees paid by a taxpayer for his children could be part of itemized deduction 6 In old taxation, Personal exemption for single is P25. 000 while for married is P50,000 7 In old taxation, Additional exemption for 3 qualified dependents will amount to P100.000 8. An employee who only receives salary from his employer could avail OSD. 8. In general, minimum wage oamer is not taxable: PCSO winnings are taxable. 10 129