Part 2 Flashcards
This is an income arising out of an employer-employee relationship. It encompassed all remuneration for services performed by an employee for his employer whether paid in cash or in kind
Compensation Income
May be paid in money or in some medium other than money such as stocks, bonds or other forms of property.
Compensation
Includes basic salary, fixed allowances for representation, transportation and others paid to an employee per payroll period
Regular Compensation
Includes payments to an employee in addition to the regular compensation.
Supplemental Compensation
______ is any goods, service or other benefit furnished or granted by an employer in cash or in kind, in addition to basic salaries, to individual employees
Fringe Benefits
Fringe benefits subject to fringe benefit tax cover only those fringe benefits given or furnished to…
Managerial or supervisory employee