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Taxation of Individual Taxpayers

Authored by Vic Vic

Professional Development

KG

Used 9+ times

Taxation of Individual Taxpayers
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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

True

False

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

True

False

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

True

False

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

True

False

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

1st quarter filing

2nd quarter filing

3rd quarter filing

any period

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

1st Quarter ITR's deadline is

April 15

May 15

April 30

August 15

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