Phil Tax System and Income Tax 

CREATED BY JMJAMES 

Is the income tax return being prepared a short period return?

Select one:
True
False
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The correct answer is 'False'.
The total amount of tax credits/payments is:
Select one:
a. P5,826,876
b. P4,614,346
c. P575,000
d. P5,189,346
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The correct answer is: P5,189,346

If the company is to use all the line items of expenses as presented in its income statement
in the computation of taxable income, what method of deduction should the company use?
Select one:
a. All of the answers correct
b. Itemized Deduction
c. Personal Exemption Deduction
d. Optional Standard Deduction
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The correct answer is: Itemized Deduction

Question 2
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The total amount of taxes withheld per BIR Form 2307 that should used as tax credit is:
Select one:
a. P250,000
b. P175,000
c. P575,000
d. P150,000
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The correct answer is: P575,000

Question 3
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The total amount of income tax payments under NCIT that should used as tax credit is:
Select one:
a. P1,496,126
b. P1,370,157
c. P4,614,346
d. P1,748,063
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The correct answer is: P4,614,346

Question 4
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Is the income tax return being prepared an amended return?

Select one:
True
False
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The correct answer is 'False'.

Question 5
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Total income tax due is
Select one:
a. P575,000
b. P637,530
c. P5,189,346
d. P5,826,876
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The correct answer is: P5,826,876
Question 6
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In the preparation of BIR Form No. 1702-MX, what is/are the Alphanumeric Tax Code (ATC)
that the company should use?
Select one:
a. IC 057 only
b. IC 055 only
c. IC 055 and IC 057
d. No correct answer
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The correct answer is: IC 055 and IC 057

Question 7
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Total amount of tax still payable is
Select one:
a. P5,189,346
b. P637,530
c. P5,826,876
d. P575,000
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The correct answer is: P637,530

Question 8
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In the preparation of BIR Form No. 1702-MX, at what business year reporting should be
marked?
Select one:
a. Calendar
b. Fiscal
c. Leave it blank
d. Cannot be determined
Feedback
The correct answer is: Fiscal

The amount of final tax to be withheld on the royalty income earned as an author of a book
is:
Select one:
a. P9,000
b. P11,250
c. P4,500
d. P14,400
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The correct answer is: P4,500

Question 2
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The amount of prizes and winnings that would be subjected to final tax is:
Select one:
a. P235,000
b. P230,000
c. P0
d. P5,000
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The correct answer is: P230,000

Question 3
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Is the income tax return being prepared a short period return.
Select one:
a. Cannot be determined
b. Neither
c. Yes
d. No
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The correct answer is: No

Question 4
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How much is the net taxable compensation income?
Select one:
a. P613,500
b. P92,000
c. P371,500
d. P521,500
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The correct answer is: P371,500
Question 5
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The amount of non-taxable 13th month and other benefits of the taxpayer is:
Select one:
a. P0
b. P8,000
c. P82,000
d. P90,000
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The correct answer is: P82,000

Question 6
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The amount of prizes and winnings that would be included in that taxpayer's gross income
subjected to basic tax is:
Select one:
a. P5,000
b. P235,000
c. P0
d. P230,000
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The correct answer is: P5,000

Question 7
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The total amount of personal exemptions is:
Select one:
a. P100,000
b. P150,000
c. P50,000
d. P225,000
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The correct answer is: P150,000

Question 8
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Is the taxpayer allowed to claim additional personal exemptions?
Select one:
a. Cannot be determined
b. Neither yes nor no
c. Yes
d. No
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The correct answer is: Yes

Question 9
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The tax filer type that should be marked is:
Select one:
a. Professional
b. Trust
c. Single proprietor
d. Estate
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The correct answer is: Single proprietor

Question 10
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The amount of final tax to be withheld on the royalty income earned as a franchisee is:
Select one:
a. P32,000
b. P10,000
c. P25,000
d. P20,000
Feedback
The correct answer is: P20,000

How much is the total gross income from business?

Select one:
a. P613,500
b. P620,000
c. P1,238,500
d. P625,000
Feedback
The correct answer is: P625,000

How much is the total net taxable income of Mr. Pedro Juan Cruz?
Select one:
a. P1,114,600
b. P748,500
c. P1,111,600
d. P741,500
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The correct answer is: P748,500

The amount of taxable income from the business of the taxpayer is:
Select one:
a. P370,000
b. P743,100
c. P740,100
d. P377,000
Feedback
The correct answer is: P377,000

How much is the taxable compensation income?

Select one:
a. P521,500
b. P92,000
c. P613,500
d. P371,500
Feedback
The correct answer is: P521,500

The amount of final tax to be withheld on the interest income earned from savings account
is:
Select one:
a. P10,750
b. P13,760
c. P4,300
d. P8,600
Feedback
The correct answer is: P8,600

The total amount of excess deductions is:

Select one:
a. P24,800
b. P0
c. P575,000
d. P5,000
Feedback
The correct answer is: P0
In the preparation of BIR Form No. 1701, what is/are the Alphanumeric Tax Code (ATC) that
the company should use?
Select one:
a. IC 013
b. No correct answer
c. IC 011
d. IC 012
Feedback
The correct answer is: IC 013

The amount of taxable 13th month and other benefits of the taxpayer is:
Select one:
a. P90,000
b. P82,000
c. P8,000
d. P0
Feedback
The correct answer is: P8,000

How much is the total amount of allowable additional personal exemptions for his
dependents?
Select one:
a. P100,000
b. P25,000
c. P175,000
d. P50,000
Feedback
The correct answer is: P100,000

Total income tax due is

Select one:
a. P320,712
b. P204,520
c. P202,280
d. P321,672
Feedback
The correct answer is: P204,520

How much is the gross compensation income?

Select one:
a. P92,000
b. P521,500
c. P371,500
d. P613,500
Feedback
The correct answer is: P613,500

Question 2
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The amount to be included as part of taxable from the allowance given during the annual
convention of the taxpayer's profession is:
Select one:
a. P1,500
b. P21,500
c. P0
d. P20,000
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The correct answer is: P0

Question 3
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In the preparation of BIR Form No. 1701, at what business year reporting should be
marked?
Select one:
a. Leave it blank
b. Calendar
c. Fiscal
d. Cannot be determined
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The correct answer is: Calendar

Question 4
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The civil status that Mr. Pedro Juan Cruz should marked on his BIR Form No.1701 is,
Select one:
a. Widow/er
b. Married
c. Legally separated
d. Single
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The correct answer is: Married

Question 5
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If Mr. Pedro Juan Cruz is not going to use all the line items of expenses as incurred, what
method of deduction should he use?
Select one:
a. All of the answers correct
b. Itemized Deduction
c. Personal Exemption Deduction
d. Optional Standard Deduction
Feedback
The correct answer is: Optional Standard Deduction

Question 6
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How much is the nontaxable compensation income?
Select one:
a. P371,500
b. P613,500
c. P521,500
d. P92,000
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The correct answer is: P92,000

Question 7
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Is the income tax return being prepared an amended return?
Select one:
a. No
b. Neither
c. Cannot be determined
d. Yes
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The correct answer is: No

Question 8
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The total amount of 13th month and other benefits to be included in the gross income of the
taxpayer is:
Select one:
a. P82,000
b. P90,000
c. P0
d. P8,000
Feedback
The correct answer is: P90,000
Question 9
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If the taxpayer opted to use the Optional Standard Deduction, the amount of such deduction
is:
Select one:
a. P250,000
b. P495,400
c. P248,000
d. P493,400
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The correct answer is: P248,000

Question 10
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The amount of final tax to be withheld on the dividend income earned is:
Select one:
a. P5,000
b. P4,000
c. P2,000
d. P6,400
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The correct answer is: P2,000

The total amount of 13th month and other benefits to be included in the gross income of the
taxpayer is:
Select one:
a. P0
b. P82,000
c. P90,000
d. P8,000
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The correct answer is: P90,000

Question 2
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The total amount of personal exemptions is:
Select one:
a. P150,000
b. P225,000
c. P100,000
d. P50,000
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The correct answer is: P150,000

Question 3
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The amount to be included as part of taxable from the allowance given during the annual
convention of the taxpayer's profession is:
Select one:
a. P20,000
b. P21,500
c. P1,500
d. P0
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The correct answer is: P0

Question 4
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Is the income tax return being prepared a short period return.
Select one:
a. Neither
b. No
c. Yes
d. Cannot be determined
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The correct answer is: No

Question 5
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In the preparation of BIR Form No. 1701, what is/are the Alphanumeric Tax Code (ATC) that
the company should use?
Select one:
a. No correct answer
b. IC 011
c. IC 013
d. IC 012
Feedback
The correct answer is: IC 013

Question 6
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In the preparation of BIR Form No. 1701, at what business year reporting should be
marked?
Select one:
a. Fiscal
b. Leave it blank
c. Cannot be determined
d. Calendar
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The correct answer is: Calendar

Question 7
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The tax filer type that should be marked is:
Select one:
a. Estate
b. Professional
c. Single proprietor
d. Trust
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The correct answer is: Single proprietor

Question 8
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The amount of taxable 13th month and other benefits of the taxpayer is:
Select one:
a. P90,000
b. P82,000
c. P0
d. P8,000
Feedback
The correct answer is: P8,000

Question 9
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How much is the total net taxable income of Mr. Pedro Juan Cruz?
Select one:
a. P748,500
b. P741,500
c. P1,114,600
d. P1,111,600
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The correct answer is: P748,500

Question 10
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The amount of taxable income from the business of the taxpayer is:
Select one:
a. P740,100
b. P743,100
c. P377,000
d. P370,000
Feedback
The correct answer is: P377,000