Personal Taxation Quiz 2

Personal Taxation

Quiz 2: Taxable and Non-taxable income

Multiple Choice

Trade income refers to income received as a self-employed person or sole-proprietor or through a partnership.

• True

• False

Multiple Choice

All of the following are examples of sole-proprietor except

• Taxi drivers

• Freelancers

• Cashiers

• Hawkers

Multiple Choice

All self-employed persons must report the income earned as salary from their business operations.

• True

• False

Fill in the Blanks

Identify the following employment income.

(Salary. Bonus. Director's fee, Commission, Gains)

Payment received for the services you have provided as an employee to an employer.

Fill in the Blanks

Identify the following employment income.

(Salary. Bonus. Director's fee, Commission, Gains)

Received from Employee Share Options plans and other forms of Employee Share Ownership (ESOW) plans that are granted to an employee when he/she is employed in Singapore.

Multiple Choice

Income received from overseas is taxable.

• True

• False

Fill in the Blanks

Payment is a payment made to an individual after his

Multiple Choice

The full sum of government pensions received in Singapore is exempt from tax if you are a Singapore tax resident.

• True

• False

Multiple Choice

Retrenchment benefits are payments made to employees when their employment is terminated prematurely by employers.

All of them are taxable except

• Payment for restrictive covenants

• Payment, Ex-gratia, Gratuity

• Compensation for loss of employment

• Outplacement support

Multiple Choice

Rental income is subjected to tax and must be declared.

• True

• False

Multiple Choice

Interest from which source is non taxable?

• Loans to companies or persons.

• Pawnshops in Singapore.

• Deposits from approved banks in Singapore.

• Deposits from non-approved banks in Singapore.

Multiple Choice

Which of the following dividend income is non-taxable?

• Foreign-sourced dividends derived by individuals through a partnership in Singapore.

• Dividends paid by co-operatives.

• Dividends paid to shareholders by a Singapore resident company unde the one-tier coporate tax system.

Multiple Choice

Genrally, annuities received in Singapore are not taxable.

• True

• False

Multiple Choice

Charge refers to income received under a deed or court order in Singapore is taxable.

• True

• False

Fill in the Blanks

Ms Chew received $400 interest from a fixed deposit account with an approved bank in Singapore.

Multiple Choice

Estate/Trust income are taxable.

• True

• False

Multiple Choice

Winnings are not taxable as they are considered windfalls and not considered as an income.

• True

• False

Fill in the Blanks

Remittance of rental income derived from a property in Taiwan which is owned by a Singaporean, Ms Christine Ng.

Fill in the Blanks

Mr Alan Carter received $20,000 dividend issued by a Singapore resident company under the one-tier corporate tax system.

Fill in the Blanks

Rental income received by Ms Afia from renting out an apartment in Singapore to her friend.

Fill in the Blanks

Mr Kelvin Chan received $150,000 royalty fees from a book he recently published.