Taxation of Individual Taxpayers

A purely self-employed professional reported gross receipts of 1 Million and Cost and expenses amounted to Php 500,000, the taxable income if he opt for 8% is

• 500,000

• 750,000

• 1,000,000

• 0

An individual who opted 8% can claim the cost of service/cost of sale as a deduction

• True

• False

Salaries and wages of mixed income earner can be subjected to 8% tax

• True

• False

If an individual opted 8%, he is liable to pay 1% percentage tax

• True

• False

If an individual opted for itemized deduction, the 8% option is no longer available

• True

• False

Choice of taxation, whether graduated or 8%, should be made in

• 1st quarter filing

• 2nd quarter filing

• 3rd quarter filing

• any period

1st Quarter ITR's deadline is

• April 15

• May 15

• April 30

• August 15

BMBE is exempt from paying

• income tax only

• income tax and percentage tax

• income tax and VAT

• income tax and business tax

Validity of BMBE Certificate of Authority is

• 1 year

• 2 years

• 3 years

• No expiration

Asset requirement for BMBEs

• not exceeding 3M

• not exceeding 1M

• not exceeding 5M

• not exceeding 10M