When Zorro slashes a "Z" into the Alcalde's clothing, the cuts cross the button placket of his vest, yet the vest remains flat against his body all the way down. The "Z" is white fabric placed atop the vest, not actual cuts into the material.
When Zorro, on the roof, pays the farmers' taxes to the Alcalde with a stolen bag of gold coins, he slices the money bag to let the coins fall down on the Alcalde's head. You can then briefly see a crew person's hand (at the bottom left corner of the screen) toss the emptied white money bag at the Alcalde's head. This is not Zorro's hand because Zorro wears black gloves.