TRUE OR FALSE (sagutan po sana ng seryoso)

1. Is the allowance we receive from our parents considered a passive income that is subject to income tax, according to law.

2. a business with total sales or receipts of less than 1million pesos is still required to pay Value Added Tax if the business is Value Added Tax-registered.

3. the optional standard deduction is computed as 10% of net sales.

4. the personal expenses of the sole proprietorship are allowed as deductions from the gross business income.

5. you are employed. the income tax on your salary is required to be paid to the mayor's office.

6. SSS contributions are required from individuals who are employed in the public sector (i.e. government).

7. taxable income represents the amount of tax required to be paid to the BIR.

8. An employee earning purely compensation income is exempted from filing an income tax return if his or her income taxes were properly withheld by the employer.

9. Mang Juan store has two places of business, its main store, and a branch. Mang Juan shall pay the annual BIR registration fee for the main store only but not for the branch.

10. A business is allowed to deduct from its gross income both the itemized deductions and the optional standard deduction at the same time/.