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WorksheetsWEBINAR FOR DTI EMPLOYEES_AUG. 17, 2022
Total questions: 10
Worksheet time: 12mins
It refers to any inflow of wealth to a taxpayer from whatever source, legal or illegal, that increases net worth.
Net Income
Gross Income
Compensation
Dividends
The following are considered Taxable Compensation Income, except for:
Basic Salary and Fixed Allowances
Representation
Taxable 13th Month Benefits
De Minimis Benefits
When is the deadline of filing the Annual Income Tax Return for a calendar year?
on or before July 15 of the succeeding year
on or before October 15 of the succeeding year
On or before April 15 of the succeeding year
on or before November 15 of the succeeding year
It is tax on consumption levied on the sale, barter, exchange or lease of goods, properties and services.
Income Tax
Value Added Tax
Withholding Tax on Compensation
Capital Gains Tax
These are taxable transactions that will not result in any output tax.
VATable
Exempt
Zero-rated
Non-VATable
The following are VAT-exempt transactions, except for:
Educational services rendered by private educational institutions
Sale or importation of agricultural and marine food products in their original state
Sale of electricity by generation, transmission by any entity and distribution companies including electric cooperatives
Sale or lease of goods and services to senior citizens and persons with disabilities
This is a system of deduction (as from wages, fees) levied at a source of income as advance payment on income tax.
Withholding Tax System
Final Tax System
VAT
Excise Tax
The following individuals are qualified for substituted filing, except for:
Compensation from only one employer in the Philippines for the calendar year
Income tax has been withheld correctly by the employer
(tax due equals tax withheld)
Receives purely compensation income, regardless of amount
Those deriving compensation from two or more employers concurrently or successively at anytime during the taxable year
It is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition.
Donor's Tax
Estate Tax
Income Tax
Value Added Tax
Statement 1. Donor's Tax is imposed on the Transfer of Property by way of Donation or Gift.
Statement 2. The Donee is the one who is liable to pay for the Donor’s Tax.
Both statements are True.
Both statements are False.
Statement 1 is True while Statement 2 is False.
Statement 1 is False while Statement 2 is True.
