NEW
Font size
WorksheetsGROUP 1 BSBAFM 2-7S
Total questions: 10
Worksheet time: 6mins
A non-resident alien individual who shall come to the Philippines and stay therein for an aggregate period of more than one hundred fifty (150) days during any calendar year shall be deemed as non-resident alien engaged in business in the Philippines.
TRUE
FALSE
An individual whose sole income has been subjected to final withholding tax is not required to file an income tax return.
TRUE
FALSE
Compensation for injuries and sickness is not an exclusion from Gross Income.
TRUE
FALSE
Refers to an individual earning compensation income from employment, and income from business, practice of profession and/or other sources aside from employment.
Minimum Wage Earner
Mixed Income Earner
Self-employed
Professionals
Refers to an employee holding neither managerial, nor supervisory position as defined under existing provisions of the Labor Code of the Philippines, as amended.
Mixed Income Earner
Minimum Wage Earner
Self-employed
Rank and File Employee
The following are the people who can’t avail the 8% income tax rate, EXCEPT:
VAT taxpayers
Non-VAT taxpayers whose gross receipt did not exceed by P3 million
Taxpayers who are subject to other percentage taxes
Partner in a general partnership with regards to the distributive share in the partnership
The rate for itemized deductions or Optional Standard Deduction (OSD) should be at:
10%
20%
30%
40%
Which is not an exclusion from gross income?
Life Insurance
Compensation for services
Income Exempt under Treaty
Compensation for Injuries or Sickness
Nayeon, a young artist and designer, joined an “on-the-spot poster making contest” which she received a price of P100,000. Is the prize taxable?
Yes, it is taxable.
No, it is not taxable.
Maybe
Undefined
Hidilyn Diaz, a weightlifter, won a silver medal in RIO OLYMPICS 2016. She received the following prizes and awards:
P10,000,000 cash prize from the Philippine Government
P10,000,000 worth of house and lot donated by Matatag Corporation
P4,000,000 talent fee as a product endorser of Smart Ako Communications
How much is the foregoing amounts received by Hidilyn is EXEMPT from income tax?
P14,000,000
P20,000,000
P24,000,000
P6,000,000
