Part 2 Flashcards

1
Q

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

A

Compensation Income

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2
Q

May be paid in money or in some medium other than money such as stocks, bonds or other forms of property.

A

Compensation

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3
Q

Includes basic salary, fixed allowances for representation, transportation and others paid to an employee per payroll period

A

Regular Compensation

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4
Q

Includes payments to an employee in addition to the regular compensation.

A

Supplemental Compensation

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5
Q

______ 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

A

Fringe Benefits

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6
Q

Fringe benefits subject to fringe benefit tax cover only those fringe benefits given or furnished to…

A

Managerial or supervisory employee

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