WorksheetsChapter 4: Tax Planning
Total questions: 30
Worksheet time: 15mins
The individual taxpayers are also called__.
Jurisdictional Person
Artificial Person
Natural Person
Super Natural Person
According to the Philippine Tax Code Sec.22 E, immigrants are defined as___ .
A citizen of the Philippines who leaves the Philippines during the taxable year to reside abroad, either as an immigrant or for employment on a permanent basis.
A citizen of the Philippines who establishes to the satisfaction of the Commissioner the fact of his physical presence abroad with a definite intention to reside therein.
A citizen of the Philippines who works and derives income from abroad and whose employment thereat requires him to be physically present abroad most of the time during the taxable year.
Individuals whose residence is within the Philippines and who is not a citizen thereof.
Under the Create Act, these are the corporations who has a flat tax rate of 20%
Domestic Corporations
Domestic Corporations (MSMEs)
Foreign Corporations
Foreign Corporations (MSMEs)
Who are taxed only on their income derived from the Philippines?
Resident Alien
Non Resident Alien
Resident Foreign Corporations
All of the above
Jollibee is a famous fast food chain in the Philippines. It also now globally operates in 33 countries including Singapore, Taiwan and the United States. What is the situs of taxation of the said branches?
Within the Philippines
Without the Philippines
Both a and b
No correct answer
This is where the Place of Sale is considered.
Rentals
Gain on sale of personal property
Dividends
Income from services
Statement: A gain from sale of shares of a domestic corporation shall be considered derived from the Philippines regardless of where the shares were sold.
The Statement is false
The Statement is true
The Statement is either false or true
No answer
Statement 1: Rentals Involves physical assets like real estate, vehicles, or equipment.
Statement 2: Royalties are the intangible assets like intellectual property.
Statement 1 and 2 are false.
Statement 1 and 2 are true.
Statement 1 is false and statement 2 is true.
Statement 1 is true and Statement 2 is false.
Which of the following test of source of income is incorrect?
Interest income residence of the debtor
Income from services - place of performance
Royalties place of use of intangible
Gain on sale of real property - place of sale (should be the location of real property)
The following are considered the source of income under rentals and royalties except one?
Copyright
Design
Shares
Trade brand
When is the deadline of filing income taxes return?
May 15
April 15
Feb 15
August 15
Who are required to file income taxes return?
Non-individuals
Individuals
Groups of people
A and B
What is the acronym of RDO?
Revenue District Officials
Real District Office
Revenue District Office
None of the above
What are the ways to file an income tax return?
Manually
Electronically
Traditional way
All of the above
What are the examples of non-individuals in business?
Domestic Corporations
Partnerships
Foreign Resident Corporations
All of the above
When you choose to delay receiving money until a later time. This is often done to avoid paying taxes on that money right now, and instead pay those taxes in the future, when you might have a lower income and could pay less in taxes.
Maximizing deductions
Tax efficient investments
Tax loss harvesting
Income deferral
Types of investments designed to minimize the amount of taxes you pay on the income or gains they generate.
Maximizing deductions
Income deferral
Tax efficient investments
Tax credits
Secure BIR Form No. _______ from clients to claim advance tax payments as deductions from your annual taxes.
2307
2305
2207
3207
Means ensuring you don’t mistakenly pay taxes on income that should be exempt from tax, such as unrealized foreign exchange gains or other non-taxable items.
Keep up with tax law changes
Avoiding taxing non-taxable income
Optimize retirement accounts
Decide on excess tax payments
What is the meaning of the deduction method “OSD” ?
Optional Standard Deduction
Optional Sales Deduction
Optional Strategy Deduction
Optional Stock Deduction
In this system, different kinds of income are treated as discretely independent and governed by different sets of rules and tax rates, which can be more complicated but enables provision of differential tax treatment.
Schedular Tax System
Income Tax System
Tax Planning System
Global Tax System
It means the income from earnings which is allocated and paid to shareholders by a corporation.
Dividend Income
Net Income
Gross Income
Global Tax System
Its taxes are charged and computed on income that is obtained after authorized deductions have been taken in to consideration that include operational costs and business activities.
Gross Income Taxation
Net Income Taxation
Dividend Income
Tax Planning System
Knowing this is important in determining the taxable income as some taxpayers are taxable on their income from all sources while others are taxable only on their income derived from the Philippines.
Situs of income
Interest
Revenue
Net of income
It is assessed on entire income without the deduction of any costs thereby simpler but giving this type of taxation suggests higher tax liabilities.
Gross Income Taxation
Net Income Taxation
Tax Planning
Income Tax System
Which government sector should taxpayers pay compliance to?
Bureau of Customs
Banko Sentral ng Pilipinas
Bureau of Internal Revenue
Bureau of Treasury
What is the first step in calculating of your income tax in The Philippines?
Use the BIR table to tell if you qualify for certain benefits
Apply all salary deductions under the Philippine law
Determine the taxable income
Determine what type of taxpayer you are
Which does not belong to the group?
Pantawid Pamilyang Pilipino Program
Philhealth contribution
Social Security System
Pag-IBIG
What are the two types of taxpayers in The Philippines?
Individual and Business
Social and Corporation
Individual and Corporation
Personal and Business
How do you get an accurate estimation for your taxable income?
Apply all salary deductions
Use the BIR table
Check the compensation range
Know what type of taxpayer you are
