WorksheetsTAXATION QUIZ BEE
Total questions: 23
Worksheet time: 22mins
1. A company purchased a residential unit for P3M and transferred ownership to its supervisory employee. The property has a zonal value of P3.5M. Compute the monetary value.
a. P3M
b. P3.5M
c. P1.75M
d. P175K
2. Items of passive income are earned with very minimal involvement from the taxpayer and are generally regular in timing and amount.
True
False
3. Which of the following test of source of income is incorrect?
a. Interest income - residence of the debtor
b. Income from services - place of performance
c. Royalties - place of use of intangible
d. Gain on sale of real property - place of sale
4. Which of the following items that reduces salaries of employees is not an exclusion from gross income?
a. GSIS and SSS Contributions
b. Pag-ibig Contributions
c. Labor Union Dues
d. None of the choices
5. One of the following compensation income of an individual taxpayer is not an exclusion from gross income:
a. Monetized vacation leaves not exceeding 10 days a year.
b. Separation pay of an employee who resigned from his employment.
c. Retirement benefits of an employee under a qualified benefit plan who has worked for an employer for at least 10 years, who at the time of retirement is not less than 50 years of age, and who avails of the retirement for the first time
d. All of these.
6. There is constructive receipt of income when:
a. Payment is credited to payee's account
b. Payment is set aside for the payee, or otherwise made available so the payee may draw upon it at any time, or so the payee could have drawn upon it during the taxable year if notice of intention to withdraw had been given without substantial limitations.
c. Both "a" and "b"
d. Neither "a" nor "b"
7. Which of the following statements is incorrect?
a. Income from business is never subject to final withholding tax
b. Income from exercise of profession may be exempt from income tax
c. Income from business may be subject to capital gains tax
d. Income from exercise of profession may be subject to income tax
8. This is not part of the gross estate of the decedent
a. Conjugal property
b. Community property
c. Share of surviving spouse
d. Exclusive property of the surviving spouse
9. As a rule, an estate tax return should be filed under oath:
a. When the net estate is positive; or
b. When the transfer is subject to estate tax; or
c. When the estate includes registrable properties for which a BIR clearance is needed before transfer of ownership to the heirs is effected.
d. Any of the above
10. The estate tax return shall be supported with a statement duly certified by a CPA if the gross estate exceeds
a. P 1,000,000
b. P 2,000,000
c. P 5,000,000
d. P10,000,000
11. How much the allowable deduction of contributions
a. 50,000
b. 69,750
c. 100,000
d. 150,000
12. A taxpayer exchanged her A. Co. shares costing P90K for P20K cash plus B. Co. shares with fair value of P100K pursuant to a plan of merger between A Co. and B. Co. Compute the tax basis of the B Co. shares and the gain to be recognized.
a. P90K; P20K
b. P100K; P20K
c. P100K; 0
d. P120K; P40K
13. The amount to be included in gross estate of A
a. P 160,000
b. P 100,000
c. P 130,000
d. P 110,000
14. How much is the Percentage tax payable
1,250.00
1,530.00
1,200.00
1,350.00
15. How much is the common carrier's tax payable?
10,000
30,000
25,000
20,000
16. How much is the withholding percentage tax?
0.00
300.00
100.00
150.00
17. How much was the amusement tax due, if any?
150,000.00
125,000.00
130,800.00
105,000.00
18. Assuming the taxpayer uses the outright method. Determine the taxable income of lessor Bobby for year 2016?
a. 480,000
b. 490,000
c. 3,280,000
d. 3,290,000
19. Income tax due for the year 2021 is
a. 254,220
b. 258,610
c. 267,220
d. 373,610
20. How much is the overseas communication tax?
300,000.00
200,000.00
20,000.00
30,000.00
TIE BREAKER:
How much is the VAT billed to Mr. Espenilla?
3,420.00
3,200.00
3,240.00
3,000.00
TIE BREAKER:
It shall be the duty of every stock broker who effected the sale subject to the tax imposed under Section 127(A) to collect the tax and remit the same within:
Twenty (20) days after the end of the quarter.
Ten (10) working days after the end of the month.
Five (5) days from the date of collection.
Five (5) banking days from the date of collection.
TIE BREAKER:
Statement 1- The family home includes the house, and the lot where the house stands.
Statement 2 -The value of the family home, regardless of amount, is deductible from the estate of the decedent.
a. True, true
b. True, false
c. False, true
d. False, false
