Taxation 2

31問 • 2年前

Mark Anthony Germono

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問題一覧

The latest amendment to the Tax Code was introduced by the following laws, except

PWD Law

The Philippine income tax system follows a:

Semi-schedular system

Statement 1: Income tax is an excise tax. Statement 2: Income tax is a personal tax.

Only Statement 2 is true.

Statement 1: Income tax is a national tax. Statement 2: Considering that the impact and incidence of taxation in income tax rests on the same person, income tax is considered as a direct tax.

Both statements are true.

All of the following are sources of exemption or exclusions to income tax except:

Local ordinances

Which of the following is not a test to determine the timing of taxability of income?

Immediacy Test

Under the all events test, income is recognized when there is:

An available reasonable accurate determination of such income

Statement 1: Individuals can only use the calendar year. Statement 2: Corporations can only use the fiscal year.

Only Statement 1 is true.

A fiscal year is:

Any twelve-month period that begins on the first day of the month

Under the accrual method of income recognition:

Income is recognized when earned.

Under BIR regulations, income in long-term construction contracts is recognized through:

Percentage of completion method only.

Installment basis of reporting of income shall apply to casual sale of personal property upon compliance with all of the following requisites, except

The price will be paid in at least three (3) installments.

Sana is a resident citizen, Tzuyu is a non-resident citizen, while Mina is a resident alien. Who among them is subject to income tax on income derived from sources within and outside the Philippines?

Sana only.

Momo is a resident citizen, Nayeon is a non-resident citizen, while Dahyun is a resident alien. Who among them is subiect to income tax only on income derived from sources outside the Philippines?

Neither Momo, Nayeon, or Dahyun.

Big Hit Corporation is a domestic corporation. Which of the following items of income is subject to tax? I. Gain from sale of personal property in the Philippines. II. Gain from sale of personal property in South Korea.

Both I and II

JYP Corporation is a resident foreign corporation. Which of the following items of income is not subject to tax? I. Income from Philippine operations II. Income from American operations

Il only.

The situs of service income is:

Where the services are performed

The situs of income from sale of real property is determined by:

The place where the real property is located.

Statement 1: If an income is already subjected to creditable withholding tax, it is no longer reported as part of gross income subject to regular income tax. Statement 2: If an income is already subjected to final withholding tax, it is reported as part of gross income at an amount net of the amount of tax withheld.

Both statements are not true.

Assuming the taxpayer follows the calendar year, the deadline for the filing of the second quarter Quarterly Remittance Return of Creditable Income Taxes Withheld (BIR Form No. 1601EQ) is:

July 31

Interest income of resident citizens from short-term currency bank deposits is subiect to a final withholding tax rate of twenty percent (20%). As a result,

Such interest income should still be declared as part of the gross income of the resident taxpayer in his/her annual income tax return, but in an amount net of the withholding tax.

Final withholding tax is:

The full and final payment of income tax due.

This is an attachment to the quarterly remittance returns which lists the name of income payees, their TINS, the amount of income paid segregated per month, and the total amount of taxes withheld, if any.

Quarterly Alphabetical List of Payees (QAP)

When is the deadline for the filing of the Annual Information Return on Income Taxes Withheld on Compensation (BIR Form No. 1604-C)?

January 31 of the following year

Statement 1: In filing the BIR Form No. 1604-E, remittance will be simultaneously made by the withholding agent of the withholding taxes so declared. Statement 2: In case of termination of employment, a Certificate of Creditable Tax Withheld at Source (BIR Form No.2307) must be issued to the employee on the same day the last payment of wages is made.

Both statements are not true.

Which of the following is not a characteristic of an income tax?

Property tax

It is a type of income tax system whereby all income of the taxpayer will be reported in a single income tax return and will be subjected to a single income tax rate?

Global income tax system

As to subject matter, what type of tax is an income tax?

Personal tax

What tax remedy is provided by the Tax Code to minimize the impact of indirect double taxation on those income that have already been subject to tax in countries but still taxable in the Philippines?

Tax credit

What is the basis for the determination of the taxability of an income?

Provision of National Internal Revenue Code

Which of the following is not compensation income?

Professional fee

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Mark Anthony Germono · 60問 · 2年前

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60問 • 2年前

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48問 • 1年前

Mark Anthony Germono

問題一覧

The latest amendment to the Tax Code was introduced by the following laws, except

PWD Law

The Philippine income tax system follows a:

Semi-schedular system

Statement 1: Income tax is an excise tax. Statement 2: Income tax is a personal tax.

Only Statement 2 is true.

Statement 1: Income tax is a national tax. Statement 2: Considering that the impact and incidence of taxation in income tax rests on the same person, income tax is considered as a direct tax.

Both statements are true.

All of the following are sources of exemption or exclusions to income tax except:

Local ordinances

Which of the following is not a test to determine the timing of taxability of income?

Immediacy Test

Under the all events test, income is recognized when there is:

An available reasonable accurate determination of such income

Statement 1: Individuals can only use the calendar year. Statement 2: Corporations can only use the fiscal year.

Only Statement 1 is true.

A fiscal year is:

Any twelve-month period that begins on the first day of the month

Under the accrual method of income recognition:

Income is recognized when earned.

Under BIR regulations, income in long-term construction contracts is recognized through:

Percentage of completion method only.

Installment basis of reporting of income shall apply to casual sale of personal property upon compliance with all of the following requisites, except

The price will be paid in at least three (3) installments.

Sana is a resident citizen, Tzuyu is a non-resident citizen, while Mina is a resident alien. Who among them is subject to income tax on income derived from sources within and outside the Philippines?

Sana only.

Momo is a resident citizen, Nayeon is a non-resident citizen, while Dahyun is a resident alien. Who among them is subiect to income tax only on income derived from sources outside the Philippines?

Neither Momo, Nayeon, or Dahyun.

Both I and II

JYP Corporation is a resident foreign corporation. Which of the following items of income is not subject to tax? I. Income from Philippine operations II. Income from American operations

Il only.

The situs of service income is:

Where the services are performed

The situs of income from sale of real property is determined by:

The place where the real property is located.

Both statements are not true.

Assuming the taxpayer follows the calendar year, the deadline for the filing of the second quarter Quarterly Remittance Return of Creditable Income Taxes Withheld (BIR Form No. 1601EQ) is:

July 31

Interest income of resident citizens from short-term currency bank deposits is subiect to a final withholding tax rate of twenty percent (20%). As a result,

Such interest income should still be declared as part of the gross income of the resident taxpayer in his/her annual income tax return, but in an amount net of the withholding tax.

Final withholding tax is:

The full and final payment of income tax due.

Quarterly Alphabetical List of Payees (QAP)

When is the deadline for the filing of the Annual Information Return on Income Taxes Withheld on Compensation (BIR Form No. 1604-C)?

January 31 of the following year

Both statements are not true.

Which of the following is not a characteristic of an income tax?

Property tax

It is a type of income tax system whereby all income of the taxpayer will be reported in a single income tax return and will be subjected to a single income tax rate?

Global income tax system

As to subject matter, what type of tax is an income tax?

Personal tax

What tax remedy is provided by the Tax Code to minimize the impact of indirect double taxation on those income that have already been subject to tax in countries but still taxable in the Philippines?

Tax credit

What is the basis for the determination of the taxability of an income?

Provision of National Internal Revenue Code

Which of the following is not compensation income?

Professional fee