Gross Income
,Gross income
As defined in the Tax Code means all income derived from whateve
source including but not limited to the following items:
1. Compensation for services, in whatever form paid, including but no
limited to fees, salaries, wages, commissions and similar items
2. Gross income derived from the conduct of trade or business or from
exercise of a profession
3. Gains derived from dealings in property
4. Interests
5. Rents
6. Royalties
,7. Dividends
8. Annuities
9. Prizes and winnings
10. Pensions
11. Partner’s distributive share from the net income of a general
professional partnership
, Terms
Payroll Period – means the period of services for which a payment of
compensation is ordinarily made to an employee by his employer
Employee - individual performing services under an employer-employe
relationship
Employer – means any person for whom an individual performs or perfo
any service, of whatever nature, under an employer-employee relations
Statutory Minimum Wage – refers to the rate fixed by the Regional Tripa
Wage and Productivity Board
Minimum Wage Earner (MWE) – refers to a worker in the private sector
the statutory minimum wage, or to an employee in the public sector
receiving compensation income of not more than the statutory minimu
wage.
,Gross income
As defined in the Tax Code means all income derived from whateve
source including but not limited to the following items:
1. Compensation for services, in whatever form paid, including but no
limited to fees, salaries, wages, commissions and similar items
2. Gross income derived from the conduct of trade or business or from
exercise of a profession
3. Gains derived from dealings in property
4. Interests
5. Rents
6. Royalties
,7. Dividends
8. Annuities
9. Prizes and winnings
10. Pensions
11. Partner’s distributive share from the net income of a general
professional partnership
, Terms
Payroll Period – means the period of services for which a payment of
compensation is ordinarily made to an employee by his employer
Employee - individual performing services under an employer-employe
relationship
Employer – means any person for whom an individual performs or perfo
any service, of whatever nature, under an employer-employee relations
Statutory Minimum Wage – refers to the rate fixed by the Regional Tripa
Wage and Productivity Board
Minimum Wage Earner (MWE) – refers to a worker in the private sector
the statutory minimum wage, or to an employee in the public sector
receiving compensation income of not more than the statutory minimu
wage.
