Incomes earned outside the Philippines by OFWs are tax exempt because they are considered nonresident citizen.

A foreigner who shall live in the Philippines with no definite intention as to his stay is a nonresident alien.

Generally, a nonresident alien not engaged in trade or business is subject to 25% creditable withholding tax on his gross income in the Philippines.

Sale of real property classified as capital asset to the government is subject to 6% capital gains tax or basic income tax, at the option of the taxpayer.

A fringe benefit is any goods, service or other benefits furnished or granted by an employer in cash or in kind, including basic salaries to individual employees.

A fringe benefit which is subject to the fringe benefit tax is taxable income of the employee.

A fringe benefit which is subject to the fringe benefit tax is taxable income of the employee.

Fringe benefits subject to fringe benefit tax cover only those fringe benefits given or furnished to managerial or supervisory employee.

The grossed up monetary value of fringe benefit shall be determined by dividing the monetary value of the fringe benefit by the grossed up monetary value factor.

Partnerships, no matter how created or organized, are taxable as corporations for income tax purposes.

The term “domestic”, when applied to corporation, means created or organized in the Philippines or under the laws of a foreign country as long as it maintains Philippine branch.

Resident foreign corporations are subject to income tax based on net income from sources within the Philippines.

Corporations exempt from income tax are subject to income tax on income of whatever kind and character from any of their properties (real or personal) or from any other activity conducted for profit, regardless of the disposition of such income.

Private educational corporations are subject to income tax based on the net income from sources within the Philippines at the tax rate of 10%.

Which of the following is an income subject to basic tax?

The following are the requirement for

substituted filing of your income tax return, except

Cash and/or property dividends shall be subject to 10% final withholding tax if actually or constructively received from

I.          Domestic companies or from joint stock companies.

II.         Insurance or mutual fund companies.

III.        Regional operating headquarters of multinationals

IV.        Philippine branch of a foreign corporation

A resident citizen received a prize of P50,000. Which of the following statements is correct in connection with the imposition of final tax on the prize?  

Statement I. If an employee had multiple employers within the year, an income tax return must be filed at the end of the year.

Statement II.  If an employee had three employers on succession, for each of the past three years, substituted filing of tax return is not allowed.

Which of the following is a fringe benefit

not covered by the fringe benefit tax?

The following earnings are subject to fringe benefit tax except      

The monetary value of fringe benefit if given in money is

Which of the following benefits are not subject to fringe benefit tax?

Fringe benefit tax is computed based on the

For the purpose of the fringe benefit tax, the monetary value of a housing benefit granted by the employer to employee where the housing unit provided for use by the employee as his usual place of residence is owned by the employer.

The term “Corporation” shall include

I.          Partnerships, no matter how created or organized

II.         Joint stock companies.

III.        Joint accounts

IV.        Associations

V.         Insurance companies

VI.        Mutual fund companies

VII.       Regional headquarters of multinational corporations

Which of the following corporations is not subject to income tax?   

Which of the following government-owned and controlled corporations shall be subject to the corporate income tax?

I.          Philippine Amusement and Gaming Corporation (PAGCOR)

II.         National Development Corporation (NDC)

III.        Philippine Charity Sweepstakes Office (PCSO)

IV.        Social Security System (SSS)

Which of the following is subject to income tax?

If the taxpayer is a resident citizen, married, his taxable income is

If the taxpayer is a non-resident citizen, married, his taxable income is

If the taxpayer is a resident alien, married, his taxable income is

If the taxpayer is a non-resident alien engage in trade or business in the Philippines, married, and his country grants P40,000 as a personal exemption for married individuals, his taxable income is

If the taxpayer is a non-resident alien not engage in trade or business in the Philippines, married, and his country grants P40,000 as a personal exemption for married individuals, his taxable income is

How much is the total final tax on Yeuna’s income?

How much is the income tax due and payable of Yeuna in 2018?

How much is the allowable deduction from business income of a domestic corporation which granted and paid P97,500 fringe benefits to its key officers in 2022?

The income subject to tax should be:

Jose’s income tax due should be:

Determine the tax due if the corporation is a Domestic Corporation

Determine the tax due if the corporation is a Resident Foreign Corporation    

Determine the tax due if the corporation is a Non-Resident Foreign Corporation

A proprietary hospital had the following data for 2022:

·         Gross receipts from patients and laboratory services, P8,500,000

·         Rental income net of 5% withholding tax, P1,425,000

·         Hospital operating expenses, P8,200,000

            The income tax payable of the hospital for 2022 is

Geelicious University is a private educational institution had the following data for 2022:

·         Tuition fees, P4,800,000

·         Rental Income (net), P4,940,000

·         Total school expenses, P9,450,000

            The income tax payable for 2022 is