Salaries And Wages 2023 with 100% correct questions and answers

Gross Earning The amount earned by any person before subtracting the taxes,loans and other possible deductions Net Earnings the amount earned by any person less the total deductions Deductions is the amount held by any authority as a form of payment for some necessary dues like taxes loans etc. Salary Fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum,made by an employer to an employee E = D + N Total Earnings = Deductions + Net Pay true Gross earning is sometimes greater than net income ( there can be situation ehere no deduction) False Net earning can be greater than the gross earning False The total deduction is always equal to the net earnings true Gross + Net Earning is equal to deduction plus twice the net earning E+ N = D + 2N True If the deduction is 0, then Gross Earnings = Net Earnings False Overtime pay is part of the deduction True Taxes are added in the deduction False is Other benefits (part of gross) and payment of loans are deducted from the gross? True If the deduction is 0, then it follows that gross earning is non taxable False If the deduction is more than the net earning, then the net earning is more??? than half of the gross earning True If the total earning is thrice that of the deduction, then the net pay is twice that of the deduction False The sum of the deduction and the net pay is sometimes equal to the total earning False If the total earning is equal to that of the deduction, then the net pay is twice as much as the deduction Wage Fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum,made by an employer to an employee , ESPECIALLY to a manual or unskilled worker Income money received, especially on a regular basis, for work or through investments Benefit A payment or gift made by an employer , the state or an insurance company True Minimum wage earners are tax exempt Long term health benefits include Retirement, death, disability,dependent's allowance Types of Special cases of pays 13th month, holiday pay (twice of daily wage), Special pay (1.3h) , overtime pay(1.25h), night shift differential ( 1.1h) , hazard pay (low wage = 1.2h, high wage = 1.05h) Retirement Benefit Formula R = 22.5 P T where R equals retirement pay 13th month pay formula 1/12x where is x is annual pay Maternity leave formula 2.6x for Cesarean 2x for normal birth where x is ave monthly salary true All wage earners can avail of all benefits of any wage earner??? False 13th month pay is equivalent to 1/13 of annual salary True Total earning of any employee is not always equal to basic pay True An employee can receive 14th month pay equal to his 13th month pay (employees 20 years an up or based from service) True Living allowance must be given to employees??? False A pregnant employee may not have maternity leave benefits true Holiday and special pay?? are synonymous (1.3) false Retirement benefit can only be availed if the age of the employee is more than or equal to 60 true Tax exemption benefit to minimum wage earners are only limited to basic salary , allowances are excluded(they will always be taxed) Revenue Regulation No. 5-2011 De Minimis Benefits True Pag-IBIG is fixed 10 days during the year Monetized unused vacation leave credits of private employees not exceeding _______________ government officials and employees Monetized value of vacation and sick leave credits paid to ______________ P750 per employee per semester or P125 per month Medical cash allowance to dependents of employees not exceeding __________________ P1500 per month Rice subsidy of __________ or one sack of 50-kg rice ________amounting to not more than ________ P4000 per annum Uniforms and clothing allowance not exceeding _____________ P10,000 per annum Actual medical assistance, ex: medical allowance to cover medical and health care needs, annual medical / executive check-up, maternity assistance, and routine consultations, not exceeding ______________ P300 per month Laundry allowance not exceeding ____________ P10,000 Employee achievement awards, ex: for length of service or safety achievement, which must be in the form of a tangible personal property other than cash or gift certificate, with an annual monetary value not exceeding __________________received by the employee under an established written plan which does not discriminate in favor of highly paid employees P5,000 Gifts given during Christmas and major anniversary celebrations not exceeding ________________ per employee per annum 25% of the basic minimum wage Daily meal allowance for overtime work and night. Graveyard shift not exceeding ______________________ False All allowances are taxable False if the monthly clothing allowance is 400 pesos then the taxable amount is 1200 pesos True Allowances are considered part of earnings True Nontaxable benefits includes all monetized leave benefits (can be translated to cash) True Some bonuses and allowances are non taxable false All benefits of gov employees and officials are non taxable True Taxes are added to deductions True because of Minimum wage earners 13th month pay may or may not be taxed True if deduction is 0, then it follows that gross earning is non taxable True There is a possibility that a certain employees will be exempted from tax even if he/ she receives some benefits False Night Shift differential pay percent rate can be greater than OT pay percent rate True OT pay rates for holidays and regular days are always different False If an employee works for 12 hours then he surely has OT pay False It is possible for an employee to get OT pay if he works less than 8 hours False OT pay are only given to people who work at night False All employees are required to work overtime True and false Daily rate is sometimes equal to hourly rate agricultural, types of wage earners True if hourly rate of employee A is equal to daily rate of employee B, then employee A earns more than the employee B on a daily basis False If an employee worked for 6 hours yesterday and works 10 hours today then he will receive an equivalent of 2 day daily rate True If an employee works on his rest day(1.3) , he will automatically be given OT pay 288 days(24*12) number of working days in a year net pay another word for net income living allowance another name for daily meal allowance miscellaneous/charges what deductions are made for absences and tardiness gross income is the amount earned by any person before subtracting the taxes benefits loans and other deductions benefits Pag IBIG and SSS are instututions where you contribut a portion of ur salary. It provides ________ wage earner True De minimis benefits shall not be taxes False gross earnings are always greater than net income true net earnings can be equal to gross deduction true if deduction = net earnings, then gross earnings = 2x net earnings True if deduction is more than half of net earningsthen the gross earning is more than half of the net earnings False if you work at night which is not part of your regular hour then you will only merit over time pay without night differential overtime pay is a payment in excess of thr regular payments of the employee (excluding th payments due to holidays and other possible benefits) false other benefits and payment of loans can br deducted from gross incom witholding tax The amount of tax witheld from an employee that will br contributed to the annual tax payment of the employee Add or Remove Terms