tax

• Mandatory deductions from compensation income include employees’ mandatory contribution to GSIS, SSS, PhilHealth, HDMF, and union dues.
• Exempt benefits from compensation income include benefits such as health insurance, life insurance, and disability insurance.
• Itemized deductions are specific business operating expenses allowed by the Tax Code to be deducted from the gross income.
• Passive income and other income includes interest from bank deposits, royalties, prizes and other winnings.
• Capital gains are limited to those arising from sale of property and those arising from stock transactions.
• Awards for special services are amounts received as an award for a special service of employee or suggestions to employer resulting in the prevention of theft or robbery.
• Cooperation is as old as mankind.
• In ancient times, people sought places which were favorable to their survival.
• As time went on, people discovered ways to raise rather than hunt food.
• In Ancient China, a religious custom induced people to undertake a journey to a sacred mountain at least once during a lifetime.
• During medieval times, a period characterized by surplus products and excess in production, people formed associations called Guilds for the protection of interest and welfare of the workers.
• Merchant Guilds were composed of merchants/traders who bought and sold their goods collectively and prorated their profits.
• Craft Guilds were composed of artisans who manufactured the commodities of commerce collectively, for example, weavers.
• The Industrial Revolution, which started in the 18th century in England, introduced machines (technologies) in production.
• The introduction of factories caused misfortune to many people who depended mainly on weaving or their livelihood.
• Traditional industries were rendered unprofitable due to the advancement of technologies.
• There was a great mobility of labor from the rural areas to the industrial centers.
• The influx of people in the urban communities created more social and economic problems such as overpopulation, unemployment, pollution, and environmental factors.
• Capitalism, characterized by free competition and survival of the fittest, exploited the workers, who had to work for long hours yet were given very low wages with no support from the government.
• The cooperative movement may be traced back to the middle of the 18th century when workers employed by Great Britain organized a cooperative basis at a mill against the high prices which had been charged by the corn millers.
• Penny Capitalist was composed of weavers.
• Friendly Societies were organized primarily for charitable purposes.
• Robert Owen, a Welshman, was a part-owner and manager of a cotton mill in Scotland.
• The working climate in the cotton mill was akin to virtual slavery, with workers mostly being women and children aged 5-12 years old.
• When Robert Owen became the manager of the cotton mill, he implemented the following programs: replacement of all liquor stores in his community, more and better housing units constructed for workers, community beautification and health sanitation projects, reduction of working hours from 17 to 10 3/4 hours, and adult education for factory workers and members of the community.
• Robert Owen returned to continue his programs but died without seeing the fruits of his labor.
• The Rochdale Pioneers, a group of 28 artisans working in the cotton mills in the town of Rochdale, in the north of England, established the first modern cooperative business, the Rochdale Equitable Pioneers Society, also known as the Rochdale Pioneers, in 1884.
• The objectives of the Rochdale Pioneers were to establish a store for the sale of essential commodities, build or purchase a number of houses for their members, manufacture articles for the employment of their members, purchase or rent lands for the cultivation of the members, organize a self-supporting and cooperative society, and open a temperance hotel for drunk people, visitors, and workers.
• The Rochdale Pioneers followed six rules: the store was open to all, it charged ordinary market prices, there was a small mark up but no credit was given, dividends were given in proportion to purchases of members, all were equal in voting power whether they had few or many shares, and the store sold genuine articles.
• The Rochdale Pioneers had an honest manager and active committee, insisted on an efficient and intelligent audit, and maintained political and religious neutrality.
• Friedrich Wilhelm Raiffeisen, a young mayor, witnessed the oppression of the farmers by the money lenders and is known as the father of Credit Cooperative.
• Raiffeisen advocated for self-help and the establishment of credit unions.
• In England, the Wholesale Society in Manchester is a cooperative movement.
• The Farmers Mutual Fire Insurance Company was established in Quebec, Canada in 1852 as a cooperative movement.
• Vladimir Lenin planned to create a network of consumer cooperatives and stressed that the whole society should be one big cooperative as far as supply and distribution are concerned.
• In the United States, early cooperative efforts included cheese rings, which processed surplus milk to cheese.
• Husking bees were another early cooperative effort, where participants husked or harvested corn.
• Bull rings were a type of early cooperative effort, where participants produced dairy products.
• Cooperation is not the first time in the Philippines as it is part of the custom which is BAYANIHAN.
• The first attempt in cooperative society was made in 1907 when Governor Teodoro Sandiko of Bulacan drafted a bill for the creation of raiffeisen type of cooperative.