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WorksheetsPrinciples of Taxation
Total questions: 20
Worksheet time: 11mins
The power to demand proportionate contribution from persons and property to defray the necessary expenses of the government is the ________________________.
Police Power
Power of Eminent Domain
Power of Taxation
Power of Contribution
A calculation of all employees' compensation, statutory contributions, taxes, deductions and net payment of a certain time period is called ___________
payslip
payroll
payroll register
net pay
A payroll register is a formal, internal, and confidential document to present payroll.
True
False
It refers to all remuneration for services performed by an employee for his employer under an employer-employee relationship.
payslip
payroll
compensation
tax
What do you call a system of raising money to finance government expenditures?
Fund-raising
Bayanihan
Taxation
Contribution
Which of the following is exempted from paying taxes?
Corporations
Minimum Wage Earners
Mixed Income Earners
Purely Compensation Income Earners
The following are the relevant statutory contributions of an employer EXCEPT:
Social Security System (SSS)
Home Mutual Development Fund (HDMF) or Pag-ibig
Philippine Health Insurance Corporation (PHIC) or PhilHealth
De Minimis Benefits
Under the TRAIN law, the total amount of mandatory 13th month pay and other additional benefits granted by employers, such as 14th month pay, performance bonus, health bonus, perfect attendance bonus, and all other types of bonuses, may be considered non-taxable compensation but only up to an amount of ninety thousand pesos (₱90,000).
True
False
Under the TRAIN law, if the annual income of an individual is beyond ₱250,000.00, he/she does not have to pay and file an annual ITR.
True
False
De minimis benefits are benefits of relatively small values provided by the employers to the employee on top of the basic compensation intended for the general welfare of the employees.
True
False
The Philippine labor laws require employers to pay their employees overtime pay for work performed beyond 8 hours a day with additional 25% of their hourly rate on regular working days and 30% of the hourly rate during rest days, regular, and special holidays.
True
False
Income Tax Return will be filed every 15th day of April on the same year.
True
False
Based on the 2023 Graduated Tax Rates, if an individual has an income of over ₱66,667.00 but not over ₱166,666.00 the additional rate is 25%.
True
False
This form will be used by an individual with no other sources of income other than employment.
BIR Form 1700
BIR Form 1701
BIR Form 1701A
BIR Form 2316
This form will be used by a mixed-income individual or if you have chosen Graduated Tax rate with an Itemized Deduction Method
BIR Form 1700
BIR Form 1701
BIR Form 1701A
BIR Form 2316
This form will be used if an individual is earning purely business income or income from your profession.
BIR Form 1700
BIR Form 1701
BIR Form 1701A
BIR Form 2316
It is a tax on the net income of an individual or a business.
Income Tax
Estate Tax
Capital Gains Tax
Value-added Tax
It is a tax on the net income of an individual or a business.
Income Tax
Estate Tax
Donor's Tax
Value-added Tax
The following are taxable income EXCEPT:
Basic Pay
Overtime Pay
Night Shift Differential
Rice Allowance
To compute for the taxable income, nontaxable deductions must be subtracted from the taxable earnings.
True
False
