LEARNING OUTCOMES

TOPICS TO BE DISCUSSED

Specific OBJECTIVES OF THE TOPICS OR SUBTOPICS

Critically recognize and understand the composition of gross income and compensation income under the TRAIN Law.

> Definition of Compensation Income

> Allowances

> Allowable Deductions

> Pre-computed allowances

>  Definition of Gross Income

> Inclusions and exclusions from

   Gross income

> 13^th Month Pay and “other benefits”

> Comparison of tax rates

> Optional Standard Deduction

> Withholding tax on compensation

>To distinguish compensation from gross income.

>To better understand the inclusions and exclusions from gross income under the TRAIN Law.

> To determine the fixed and variable allowances included in the gross compensation and its treatment under the TRAIN law.

> To determine the substantiation requirements under the TRAIN Law.

>To be able to facilitate analysis and comprehension of the amendments on the previous tax law thru actual cases

> To determine the new regulations under the TRAIN Law on 13^th Month Pay and Other Benefits.

Critically distinguish the amendments on passive income under the TRAIN Law.

> Comparison of Old Law and TRAIN Law on passive income.

To gain insight on the new rates applied for passive income transactions under the TRAIN law.

Reinforce facts and principles covered in relation to the TRAIN law.

Reading Materials: various Revenue Regulations from BIR

To identify the tax provisions issued by BIR which relate to the topics discussed

Master the tax provisions under the TRAIN Law  applicable for each business tax  covered in the lesson.

Short Quiz (Multiple Choice)

Gain mastery of the tax provisions under the TRAIN Law and its application of what was covered in the module