`m`a`k`e` `a` `s`u`m`m`a`r`y` `o`f` `l`e`a`r`n`i`n`g`s` `a`b`o`u`t` `t`h`e` `f`o`l`l`o`w`i`n`g`)` w`h`a`t` `i`s` `y`o`u`r` `un`d`e`r`s`t`a`n`d`i`n`g` `a`b`o`u`t` `t`h`e` `t`a`x`a`t`i`o`n` `o`n`:` ` `I`m`p`o`r`t`a`n`t` `n`o`t`e`:` `t`h`i`s` `i`s` `b`a`s`e` `i`n` `P`h`i`l`i`p`p`i`n`e` `I`n`c`o`m`e` `t`a`x`a`t`i`o`n` `c`o`m`p`e`n`s`a`t`i`o`n` `i`n`c`o`m`e` `b`u`s`i`n`e`s`s` `i`n`c`o`m`e`/`i`n`c`o`m`e` `f`r`o`m` `p`r`a`c`t`i`c`e` `o`f` `p`r`o`f`e`s`s`i`o`n` `p`a`r`t`n`e`r`s` `i`n` `a` `g`e`n`e`r`a`l` `p`r`o`f`e`s`s`i`o`n`a`l` `p`a`r`t`n`e`r`s`h`i`p`
`m`a`k`e` `a` `s`u`m`m`a`r`y` `o`f` `l`e`a`r`n`i`n`g`s` `a`b`o`u`t` `t`h`e` `f`o`l`l`o`w`i`n`g`)` w`h`a`t` `i`s` `y`o`u`r` `un`d`e`r`s`t`a`n`d`i`n`g` `a`b`o`u`t` `t`h`e` `t`a`x`a`t`i`o`n` `o`n`:` ` `I`m`p`o`r`t`a`n`t` `n`o`t`e`:` `t`h`i`s` `i`s` `b`a`s`e` `i`n` `P`h`i`l`i`p`p`i`n`e` `I`n`c`o`m`e` `t`a`x`a`t`i`o`n` `c`o`m`p`e`n`s`a`t`i`o`n` `i`n`c`o`m`e` `b`u`s`i`n`e`s`s` `i`n`c`o`m`e`/`i`n`c`o`m`e` `f`r`o`m` `p`r`a`c`t`i`c`e` `o`f` `p`r`o`f`e`s`s`i`o`n` `p`a`r`t`n`e`r`s` `i`n` `a` `g`e`n`e`r`a`l` `p`r`o`f`e`s`s`i`o`n`a`l` `p`a`r`t`n`e`r`s`h`i`p`
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(`m`a`k`e` `a` `s`u`m`m`a`r`y` `o`f` `l`e`a`r`n`i`n`g`s` `a`b`o`u`t` `t`h`e` `f`o`l`l`o`w`i`n`g`)`
w`h`a`t` `i`s` `y`o`u`r` `un`d`e`r`s`t`a`n`d`i`n`g` `a`b`o`u`t` `t`h`e` `t`a`x`a`t`i`o`n` `o`n`:` `
`I`m`p`o`r`t`a`n`t` `n`o`t`e`:` `t`h`i`s` `i`s` `b`a`s`e` `i`n` `P`h`i`l`i`p`p`i`n`e` `I`n`c`o`m`e` `t`a`x`a`t`i`o`n`
- `c`o`m`p`e`n`s`a`t`i`o`n` `i`n`c`o`m`e`
- `b`u`s`i`n`e`s`s` `i`n`c`o`m`e`/`i`n`c`o`m`e` `f`r`o`m` `p`r`a`c`t`i`c`e` `o`f` `p`r`o`f`e`s`s`i`o`n`
- `p`a`r`t`n`e`r`s` `i`n` `a` `g`e`n`e`r`a`l` `p`r`o`f`e`s`s`i`o`n`a`l` `p`a`r`t`n`e`r`s`h`i`p`
- `i`n`c`o`m`e` `o`f` `a` `t`a`x`a`b`l`e` `e`s`t`a`t`e` `a`n`d` `t`r`u`s`t`
- `p`a`s`s`i`v`e` `i`n`c`o`m`e`
- `c`a`p`i`t`a`l` `g`a`i`n`s`
`U`n`d`e`r`s`t`a`n`d`i`n`g` `a`b`o`u`t` `t`h`e` `i`n`d`i`v`i`d`u`a`l` `t`a`x`p`a`y`e`r`s` `e`x`e`m`p`t` `f`r`o`m` `P`h`i`l`p`p`i`n`e` `i`n`c`o`m`e` `t`a`x`a`t`i`o`n`
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