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Accountancy > set 2 : types of compensation > Flashcards

set 2 : types of compensation Flashcards

1
Q

fixed hourly, daily or monthly rate
basic pay or regular wage

A

Salaries and Wages

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2
Q

earned by agents or brokers when a sale is made or deal is closed

A

Commissions

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3
Q

received for holding another position within the company

A

Fees

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4
Q

a voluntary payment with no fixed amount

A

Hononaria

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5
Q

additional compensation by working excess of 8 hours per day

A

Overtime pay

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6
Q

between 10 pm - 6 am should be paid not less than 10% of its regular wage

A

Night Shift Differential

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7
Q

additional pay for working on holiday

A

Holiday pay

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8
Q

additional compensation who works under hazardous conditions

A

Hazard pay

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9
Q

additional cash or non cash incentives provided to employees over and above their salary compensation

A

Allowances

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10
Q

cost-of-living

A

Allowances

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11
Q

ordinary and necessary in the pursuit of trade or business for which an employee is required to account

A

Non-taxable Allowances

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12
Q

sole benefit of the employer

A

Non-taxable Allowances

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13
Q

RATA

A

Representation and Transportation Allowance

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14
Q

PERA

A

Personal Economic Relief Allowances

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15
Q

considered reimbursement for expenses incurred while performing government duties

A

Non-taxable Allowances

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16
Q

de minimis

A

Non-taxable Allowances

16
Q

given to all rank-and-file employees in the private sector who have worked at least one (1) month during the calendar year

A

13th Month Pay and Other Benefits

17
Q

non-performance-based bonus
(Christmas bonus and 14th month pay

A

13th Month Pay and Other Benefits

18
Q

performance-based bonus

A

13th Month Pay and Other Benefits

19
Q

Collective Bargaining Agreement (CBA)

A

13th Month Pay and Other Benefits

20
Q

performance incentive scheme exceeding 10 000 is taxable

A

13th Month Pay and Other Benefits

21
Q

gifts in cash or in kind

A

13th Month Pay and Other Benefits

22
Q

excess de minimis

A

13th Month Pay and Other Benefits

23
Q

relatively small value given by an employer merely as a means of promoting the health, goodwill, contentment, or efficiency of its employees

A

De Minimis Benefits

24
Q

not subject to income tax as well as to withholding tax on compensation income

A

De Minimis Benefits

25
Q

non-taxable threshold

A

90 000

26
Q

amount given who separated voluntarily (taxable) or involuntary (non-taxable)

A

Separation Pay

27
Q

amount given to qualified employees upon retirement

A

Retirement Pay

Accountancy (6 decks)

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