WorksheetsPre Final 6148 Income Tax
Total questions: 26
Worksheet time: 33mins
As a general rule, all expenses claimed for deduction for income taxation purposes must be NECESSARY, ORDINARY, and SUBSTANTIATED, otherwise, these expenses cannot be allowed for deduction.
True
False
As general rule, compensation income earners under employer-employee relationship and self-employed taxpayers or those having business may deduct pertinent items from their gross income to arrive at net taxable income.
True
False
995,000
760,000
825,000
550,000
Rentals on lease of property are deductible provided taxpayer does not acquire interest other than as a mere possessor
True
False
In the case of a nonresident alien individual engaged in trade or business in the Philippines and a resident foreign corporation, the deductions for taxes shall be allowed only if and to the extent that they are connected with income from sources within the Philippines.
True
False
Taxpayer should signify his intention to claim Optional Standard Deduction during the filling of the first quarterly return, and such election would be irrevocable for the taxable year in which return is made.
True
False
Fringe Benefit Tax is computed based on:
Grossed-up monetary value
Monetary value
Gross conpensation
Net compensation
The excess of the de minimis benefits over their respective ceilings prescribed under the regulations shall be
considered as part of other benefits to tax only on the excess over the Pho 90,000 ceiling
Not be considered in determining the Php 90,000 ceiling of other benefits excluded from the gross income under the Code, as amended
Both "a" and "b"
Neither "a" and "b"
Classify the following income of a resident citizen into compensation, self employment, passive income or tax exempt.
salary
compensation
prizes
passive
income from farming
self employment
interest on 6-year time deposit
exempt
13th mo pay
compensation
Which of the following statements is true about optional standard deductions?
It is based on 40% of the total compensation and business income
It is based on 40% of the compensation income
It is allowed to a taxpayer even if he did not signify his intention to elect optional standard deduction
optional standard deduction are allowed also on corporations
in general, means all remuneration for services performed by an employee for his employer under an employer-employee relationship, unless specifically excluded by this Code
(a)
Earned by a sole proprietor or an independent contractor who reports income earned from self-employment
(a)
Which of the following is subject to income tax?
Minimum wage
De minimis benefit
Interest on dollar deposit
13th mo pay of a rank and file employee
Gunggong had the following data in taxable year 2021
Gross income, Phils Php 500,000
Gross income, U.S. Php 300,000
Expenses, Phils Php 250,000
Expenses, U.S. Php 150,000
Question: If the taxpayer is a resident citizen of the Philippines who is married, his taxable income is-
Php 350,000
Php 400,000
Php 200,000
Php 250,000
Gunggong had the following data in taxable year 2021
Gross income, Phils Php 500,000
Gross income, U.S. Php 300,000
Expenses, Phils Php 250,000
Expenses, U.S. Php 150,000
Question: If the taxpayer is a citizen of the Philippines with residence in the United States who is married, the taxable income is
Php 350,000
Php 400,000
Php 200,000
Php 250,000
Gunggong had the following data in taxable year 2021
Gross income, Phils Php 500,000
Gross income, U.S. Php 300,000
Expenses, Phils Php 250,000
Expenses, U.S. Php 150,000
Question: If the taxpayer is a resident alien who is married, the taxable income is
Php 350,000
Php 400,000
Php 200,000
Php 250,000
Dawn married, with one (1) dependent child had the following data:
Compensation income Php 53,000
Gross receipts - profession Php 350,000
Expenses from profession - Php 140,000
Question: The tax payable under the 8% income tax option is:
Php 43,250
Php 28,000
Php 34,500
Php 30,000
Dawn married, with one (1) dependent child had the following data:
Compensation income Php 53,000
Gross receipts - profession Php 350,000
Expenses from profession - Php 140,000
Question: The tax payable under under the graduated rates of tax is:
Php 2,600
Php 28,000
Php 34,500
Php 30,000
Miss Ty, single, had the following data during the year:
Salary (net of withholding tax of Php 25,000) Php 191,000
13th month pay Php 18,000
Other benefits Php 67,000
Question: The total 13th month pay and other benefits not taxable to Miss Ty
Php 18,000
Php 82,000
Php 85,000
Php 0
Miss Ty, single, had the following data during the year:
Salary (net of withholding tax of Php 25,000) Php 191,000
13th month pay Php 18,000
Other benefits Php 67,000
Question: The income tax due is:
Php 4,750
Php 15,280
Php 37,250
Php 0
Match the following income:
Rent Income of apartment
Self employment
Royalty as book author
Passive income subject to Final Withholding Tax
Travel allowance
Compensation
Share in net income of Business Patnership
Passive income subject to Final Withholding Tax
Overtime pay
Compensation
Taxable only on income from sources within the Philippines. except
resident citizen
non resident citizen
resident alien
non resident alien
It is important to know the source of income for income tax purposes (i.e from within and without in the Philippines) because:
some individuals and corporate taxpayers are taxable based on their worldwide income while others are not
The Philippines imposes income tax only on income from sources within
Some individual taxpayers are citizens while others are aliens
Export sales are not subject to income tax
A non-resident alien not engaged in trade or business derived Php 50,000 interest income from his long-term bank deposits here in the Philippines. How much is the income tax due on the said alien?
Php 10,000
Php 12,500
Php 5,000
none
Proceeds of sale of real property classified as capital asset may be exempt from the 6% capital gains tax
True
False
Gain on sale of real property classified as capital asset to the Government may be taxed under Section 24 (A) at the option of the individual taxpayer
True
False
