Econ notes: Feb 9 2009
February 9, 2009
Gross Income – remuneration for rendering personal services (EE-ER relationship)
1. Compensation for services2. Gross income derived from conduct of trade or business or exercise of proession
3. Gains from dealings on property
4. Interest
5. Rents
6. Royalties
7. Dividends
8. Annuities
9. prizes and winnings
10. pensions
11. partner’s distributive share from the net income for gen prof partnership
Compensation for services
1. Basic salary or wage
2. Honoraria
3. Fried or variable allowances
4. Commissions
5. Fees
6. Tips and gratuities
7. Hazard or emergency pay
8. Retirement pay
9. Separation pay
10. Pension
11. Vacation or sick leave
12. 13th month pay and other benefits
13. Overtime pay
14. Profit sharing
15. Awards for special services
16. Beneficial payments.