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Quiz 2 – Philippine Tax System

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Question 1
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Moreover, the company had an excess tax payment of P12,500 in 2016 from which it
had decided to claim tax credit on the excess.
The income tax still payable for the year 2017
Select one:

a. P63,750

b. P25,090

c. P75,900

d. P68,610

Clear my choice

Question 2
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If the company opted to use the OSD, NCIT would be:

Select one:

a. P810,000

b. P720,000

c. P510,000

d. P0

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Question 3
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The income tax to be paid is:

Select one:

a. P90,000

b. P70,000

c. P150,000

d. P60,000

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Moreover, the company had an excess tax payment of P12,500 in 2016 from which it had
decided to claim tax credit on the excess.
What is the income tax still payable at the end of first quarter?
Select one:

a. P36,720

b. P21,500

c. P40,800

d. P28,300

Clear my choice

Question 5
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The taxable income of Ms. Lee is:

Select one:

a. P190,000
b. P165,000

c. P240,000

d. P188,200

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Question 6
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The income tax to be paid, if the company opted to use the OSD is:
Select one:

a. P810,000

b. P0

c. P90,000

d. P510,000

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Question 7
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The allowable deductions for health and hospitalization insurance of Mr. Dy is:
Select one:

a. No correct answer

b. P1,800

c. P2,400d

d. P13,800

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Question 8
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Moreover, the company had an excess tax payment of P12,500 in 2016 from which it
had decided to claim tax credit on the excess.

The income tax due at the end of second quarter

Select one:

a. P75,600

b. P31,800

c. P28,320

d. P26,000

Clear my choice

Question 9
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The allowable deductions for health and hospitalization insurance of Mr. Dy is:
Select one:

a. P2,400

b. P13,800

c. No correct answer

d. P1,800

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Question 10
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The total personal exemptions of Mr. Dy is:

Select one:

a. P 75,000

b. P 150,000

c. P 50,000

d. P 100,000

Question 1
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The British Aircraft, a non-resident foreign corporation, leased aircraft to Bacolod Golden
Airlines, a domestic corporation, presented the following data in its Philippine operation:
Gross taxable income P15,000,000
Operating expenses P9,750,000.
The amount of income tax payable in the Philippines would be:

Select one:
a. P393,750
b. P1,575,000
c. P4,500,000
d. P1,125,000
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Question 2
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The allowable deductions for health and hospitalization insurance of Mr. Dy is:

Select one:
a. P1,800 possible answer
b. No correct answer
c. P13,800
d. P2,400d
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Question 3
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The taxable income of Ms. Lee is:

Select one:
a. P240,000
b. P165,000
c. P188,200
d. P190,000
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Question 4
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The total personal exemptions of Mr. Dy is:

Select one:
a. P 50,000
b. P 100,000 possible answer
c. P 75,000
d. P 150,000
Clear my choice

Question 5
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Moreover, the company had an excess tax payment of P12,500 in 2016 from which it
had decided to claim tax credit on the excess.
The income tax due at the end of second quarter

Select one:
a. P28,320
b. P31,800
c. P26,000
d. P75,600
Clear my choice

Question 6
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The additional personal exemption of Ms. Lee is:

Select one:
a. P25,000
b. P75,000
c. P50,000
d. P100,000
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Question 7
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The income tax to be paid is:

Select one:
a. P70,000
b. P150,000
c. P90,000
d. P60,000
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Question 8
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The filing status of Ms. Lee is:

Select one:
a. Cannot be determined
b. Head of Family POssible
c. Marriedd.
d. Single
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Question 9
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The total personal exemptions of Ms. Lee is:

Select one:
a. P50,000
b. P150,000
c. P75,000
d. P100,000
Clear my choice

Question 10
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The taxable income of Mr. Dy is:

Select one:
a. P253,200
b. P278,200
c. P255,000
d. P280,000 possible answer