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Gross income means the pertinent items of income referred to in Section 32(A) of the Tax Code. It includes all income from whatever source (unless exempt from tax by law) including, but not limited to the following items:
1. Compensation for services in whatever form paid including fees, salaries and wages, commissions, and similar items 2. Gross Income derived from the conduct of trade or business or the exercise of a profession 3. Gains from dealings in property 4. Interests 5. Rents 6. Royalties 7. Annuities 8. Prizes and Winnings 9. Pensions 10. Partners distributive share from the net income of general professional partnership.
10. Pension 11. Vacation and sick leave 12. Thirteenth month pay and other benefits 13. Overtime pay 14. Profit sharing 15. Awards for special services 16. Beneficial payments 17. Other forms of compensation
Wages, on the other hand, are earnings received usually according to specified intervals of work, as by the hour, day or week.
Honoraria
Honoraria are payments
given in recognition for services performed for which established practice discourages charging a fixed fee.
Commission
Commission is usually a percentage of total
the services rendered to the employer including a directors fee of the company, fees paid to the public officials, such as clerks of court or sheriffs for services rendered in the performance of their official duty over and above their regular salaries Legal fees paid by a union on behalf of its president constitute compensation. Marriage fees, baptismal offerings received by a clergyman for services rendered are considered compensation
directly to an employee which are not accounted for by the employee to the employer.
Retirement pay
It refers to a lump sum payment received by an employee who has served a company for a considerable period of time and has decided to withdraw from work into privacy.