5/13/2020 Quiz: Quiz on Returns Part IV

Quiz on Returns Part IV

Started: May 13 at 8:48pm

Quiz Instructions
Assume that:
Today is March 31, 2020
You are married with 2 children, 9 and 21 years old respectively. You opted to file separately from your
husband/wife.
You are an employee of Wonderland Corp. located in Nicanor Reyes St., Sampaloc, Manila from June
2018 up to present. The Tax Identification Number (TIN) of Wonderland Corp is 156-245-004-000
January 2019, You also put up your own line of Business and named it, Yoon-Seri-Gaming Consoles
which is located at your rented apartment in Dominga St., Brgy. 42, Pasay City
However, verification from Bureau of Internal Revenue (BIR) records shows that you have a TIN of 143-
686-541-000 which has address located in Evangelista St., Brgy. Bangkal, Makati City and currently
registered on the RDO based on your address.
Gross Compensation from Wonderland Corp for the Year 2018 is 250,000, your company didn’t withheld
any taxes from you.
Gross Compensation from Wonderland Corp for the Year 2019 is 810,000 inclusive of your 13th month
pay and other Benefits (P 110,000), Deductions from SSS,Pagibig, medicare and other union dues
(P12,000). On your Form 2316, the company withheld a total of P107,000 from you.
Net Sales, Yoon-Seri Gaming Consoles 2019), P1,104,000
Sales Return, Allowances and Discounts (2019), P24,000
Cost of Sales (2019) P740,000 ( Cost of buying 2nd Hand/New Console Games)
Monthly Rent of P8,000 for your apartment
Entertainment, Amusement and Recreation (you spent P50,000 in a Night Club as a form of bribery to
your Suppliers so they will not sell to your competitors)
Delivery Fee of your items for the year (P45,000)
Other Fees related to your Business (P70,000)
Form 2307 received for the year (P15,037)
Dividend Income from Domestic Corporation (2019) P50,000
Dividend Income from Foreign Corporation (2019) P40,000
Interest income from peso bank-deposit (2019) P20,000
Interest income from bank deposits abroad (2019) P30,000
PCSO Winnings (2019) P200,000
You opted for Graduated Tax Rate and Optional Standard Deduction.

Question 1 1 pts

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5/13/2020 Quiz: Quiz on Returns Part IV

Total Income tax due if you choosed Graduated- Itemized Deduction

a. P169,300

b. P322,120

c. 200,920

d. 0

Question 2 1 pts

Total Income tax due if you choosed Graduated-OSD

a. P169,300

b. P322,120

c. 200,920

d. 0

Question 3 1 pts

Total Income tax due if you choosed Flat 8%

a. P169,300

b. P322,120

c. 200,920

d. 0

Question 4 1 pts
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Percentage tax due if you choosed Graduated Itemized Deduction

a. P33,120

b. P35,220

c. 73,920

d. 93,920

Question 5 1 pts

Percentage tax due if you choosed Flat 8%

a. P33,120

b. P35,220

c. 73,920

d. 0

Question 6 1 pts

Income Tax due including percentage tax due, What is the total tax due for
Graduated-Itemized Deductions

a. P204,520

b. P357,340

c. 200,920

d. 0

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Question 7 1 pts

Income Tax due including percentage tax due, what is the total tax due from
Graduated-OSD

a. P204,520

b. P357,340

c. 200,920

d. 0

Question 8 1 pts

Income Tax due including percentage tax due,what is the total tax due from Flat 8%

a. P204,520

b. P357,340

c. 200,920

d. 0

Question 9 1 pts

Income Tax due including percentage tax due, What method/tax rate you will be most
benefited?

a. Graduated-Itemized

b. Graduated-OSD

c. Flat rate 8%

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d. All of the above

Question 10 1 pts

How much is the Final Taxes on Winnings

a. P20,000

b. P40,000

c. subject to regular tax

d. 0

Question 11 1 pts

How much is the Final Taxes on Dividends

a. P5,000

b. P4,000

c. P9,000

d. 0

Question 12 1 pts

How much is the Final Taxes on Interest

a. P4,000

b. P6,000

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c. P10,000

d. 0

Question 13 1 pts

Total Final taxes on Passive Income'

a. P59,000

b. P49,000

c. P30,000

d. 0

Question 14 1 pts

Do YOU still need to file a return for passive incomes?

a. Yes

b. No

Quiz saved at 9:41pm Submit Quiz

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