True or False

1. Taxable income is the amount or tax base upon which the tax rate is applied to arrive at the tax due

2. Married individuals must always file their income tax return jointly

3. Allowable deductions are amounts which the law allows to be added to the gross income in order to arrive at the taxable income

4. An overseas contract worker is taxable only on his income from the sources within the Philippines

5. Resident Citizens are taxable only on his income derived from sources within the Philippines