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Gmail TAXATION REVIEW Online Quiz PDF
Gmail TAXATION REVIEW Online Quiz PDF
TAXATION REVIEW
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TAXATION REVIEW
ONLINE QUIZ
Email address *
aife.myuki@gmail.com
Name *
Aife D. Ocubillo
Class schedule *
Sunday 1:00-4:00 PM
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The power to regulate liberty and property to promote the general welfare.
Power of taxation
Police power
Power of recall
The power to demand proportionate contributions from persons and property to defray the expenses
of the government.
Power of taxation
Police power
Power of recall
The power to acquire private property upon payment of just compensation for public purpose
Power of taxation
Police power
Power of recall
Taxes may be imposed retroactively by law, but unless so expressed by such law, these taxes must only
be imposed prospectively.
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The manufacturer transfers the tax to the consumer by adding the tax to the selling price of the goods
sold;
The purchaser asks for a discount or refuse to buy at regular prices unless it is reduced by the amount
equal to the tax he will pay;
Changing the terms of the sale like FOB shipping point in the Philippines to FOB destination abroad, so
that the title passes abroad instead of in the Philippines;
The manufacturer transfers the sales tax to the distributor, then in turn to the wholesaler, in turn to the
retailer and finally to the consumer.
based on law
A charge imposed on land for special benefits derived resulting from public improvements.
Tax
Toll
License
Special assessment
It is important to know the source of income for income tax purposes, i.e. from within or without the
Philippines because:
The Philippines imposes income tax on income from sources within and without of a non-resident
citizen.
Some individual taxpayers are citizens while others are aliens.
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Under this basic principle of a sound tax system, the Government should not incur a deficit:
Theoretical justice
Administrative feasibility
Fiscal Adequacy
Uniformity in taxation
Which of the following is not acceptable for legally refusing to pay the tax?
That the right of the state to collect the tax has prescribed.
Which of the following is not acceptable for legally refusing to pay the tax?
That the right of the state to collect the tax has prescribed.
In the case of married individuals, where only one of the spouses is deriving gross income, only such
spouse shall be allowed the personal exemption.
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In the case of married individuals, the additional exemptions maybe claimed by only one of the spouses
As a rule, the husband shall be the head of the family and proper claimant of the additional exemption
In the case of legally separated spouses, additional exemption maybe claimed by the spouses who has
custody of the children but shall not exceed four(4) for each spouse
Which of the following individual taxpayers cannot avail of the allowed deductions for health and
hospitalization insurance premiums?
Non-Resident citizen
Resident alien
Who among the individuals below may not claim personal exemption?
Non-Resident citizen
Non-resident alien engaged in trade or business in the Phil. Under certain conditions
Resident alien
The number of dependent children who will qualify for additional exemption purposes shall not
exceed?
4 including a son who turned 21 years of age during the previous taxable year
5 including a the daughter who died during the taxable year
2 plus a daughter who turned 18 years of age during the taxable year
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Where both husband and wife receive compensation income, the additional exemption shall be claimed
by wife unless she explicitly waives her right in favor of her husband in the withholding exemption certificate.
Husband and wife shall be treated as separate taxable units and each shall be allowed to claim
personal exemption
If the gross income does not exceed P20, 000, a special additional personal exemption of P4, 000 may
be claimed by the taxpayer.
Husband and wife shall be treated as separate taxable units and shall be allowed to claim only one
personal exemption either for the husband or wife at their option.
With regard to deduction for premiums on hospitalization and health insurance, which of the
following statements is wrong?
Allowed as deduction only if the taxpayer is taking itemized deductions from gross income
Which of the following statements is wrong? The premiums on hospitalization and health insurance
may be deducted?
Retrenchment pay
SSS/GSIS benefits
Separation pay due to resignation
Estate tax
Donor’s tax
Special assessment
Fringe benefit tax
Income tax payments to a foreign country, in the case of a resident citizen may be claimed as:
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X works as a secretary in an advertising firm in Manila. During the year, she received P10,000 a
month as salary or a total of P120,000. In addition she also received 13th month pay, Christmas
bonus, productivity bonus, mid year bonus and 14th month pay amounting to P40,000. The total
deductions for her SSS premiums, Medicare, Pag-ibig, and Union dues contributions amounted to
P5,000. X’s taxable income, if single is
P 90,000
P105,000
P 75,000
P100,000
The following concepts denote exemption from the fringe benefits tax, except
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de minimis benefits
With regard to the amount on which the fringe benefit tax rate is applied, which statement is wrong?
The tax benefit rate is applied on:
The holding period does not apply to corporation, hence, capital gains and losses are recognized at
50%
The net capital loss can be carried over in the next succeeding year
An individual taxpayer owns a ten (10)- door apartment with a monthly rental of P10,000 each
residential unit. He sold this property to another individual taxpayer. Which is not correct?
The rental income is subject to income tax using the graduated rates.
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