27
Apr
Allowance and its Labor and Tax Implications
Allowance is generally used by employers as means to augment the take home income of employees hoping to avoid impacting on basic salary and/or paying the tax. However, it is not as simplistic as that. Grab a copy of the newly released title Tax Solutions on Employee Compensation and Benefits (under TRAIN Law), 2nd Edition 2019 by Atty. Villanueva Allowance can take several forms. It may be regular part of compensation or given occasionally. It can serve various purposes like transportation, communication, [...]