Ctrl + F is the shortcut in your browser or operating system that allows you to find words or questions quickly.
Ctrl + Tab to move to the next tab to the right and Ctrl + Shift + Tab to move to the next tab to the left.
On a phone or tablet, tap the menu icon in the upper-right corner of the window; Select "Find in Page" to search a question.
Share UsSharing is Caring
It's the biggest motivation to help us to make the site better by sharing this to your friends or classmates.
A tax on a person's income, emoluments, profits arising from property, practice of profession, conduct of trade or business or on the gross income.
Tax exemption is transferable and assignable.
Fringe benefits include only salaries and services or similar benefits given by employer to a managerial employee.
A senior citizen's income is exempted from all income taxes.
He shall be responsible for the withholding and remittance of the right amount of tax needed by deducting and withholding from his employees’ compensation. He is required to collect, account and remit any tax.
Which of the following companies would report release reserved funds as part of gross income in the year of release?
The income of several irrevocable trusts shall be included in the consolidated income of the grantor to avail of one personal exemptions.
Dividend income earned by general commercial partnership is no longer taxable against the partner upon its distribution as share of the partner.
In general, bills need not to be signed by the President to become a law.
Which of the following taxes are not allowed as deductions from reportable gross income, except
A general professional partnership is not required to file its annual income tax return.
The royalty income in pursuit of business received by franchising companies like Jollibee Corporation is subject to
The tabular rates of tax prescribed for individuals shall be used in computing the income tax of trusts or estates.
Interest on loans granted by the employer to employee are taxable fringe benefit when the interest rate is
The income of co-ownership that is distributed to the beneficiary is subjected to 10% withholding tax if less than 720,000php per year.
If a taxpayer dies during the taxable year, his estate may claim the personal exemption as if he died at the close of such year.
Cash method of reporting income can deduct prepaid expenses in the year of payment.
Which of the following taxes included in the conduct of business is allowed as deduction from business income?
The deferred payment method adopts the present value of reporting income.
The following incomes are not allowed to deduct business expenses except
The following are business taxes except
The benefits from taxation have to be experienced to justify the legitimacy of collection of taxes from the people.
Which of the following is a party in a joint venture?
A general professional partnership engaged in the practice of profession and trading of goods is subject to
It refers to the disposal through sale or exchange of ordinary assets or capital assets.
Income that is not realized is taxable.
There is no need to file a tax return if the income of estates or irrevocable trusts is 20,000php and below.
They provide current and future benefits in business operations.
Dividends received by a cooperative from a domestic corporation are tax exempt.
Illegal source of income
These resident foreign corporations are subjected to a 10% final tax on interest income derived from foreign currency loans granted to residents.
A Filipino citizen who stayed outside the Philippines and worked abroad for 183 days during the taxable year is classified as
The creation of trusts may be either expressed or implied.
As a rule, excess amount of liquidating dividends over cost of shares surrendered is taxable.
The allowances for personal exemptions of a single mother with a dependent child out of wedlock are 50,000php and 25,000php, respectively.
Each beneficiary must include in his return his distributive share of the net income of the trust.
The distributive share of a partner in a commercial partnership is subjected to final tax of 10%.
By hour, day, week.
It is used frequently to transfer property from one generation to another.
Gain from redemption of shares in mutual fund is exempted from income tax.
It is an inter-corporate dividend received by a nonresident foreign corporation from a domestic corporation is subject to 15% final withholding tax provided that foreign law allows taxpayer clause
The existence of a Constitution is necessary for the exercise of the inherent powers of the Sovereign State.
Real and personal properties not used in trade or business like residential house and lot, car, jewelries, etc are example of capital assets.
Estates and trusts are treated as separate taxable entities.
Distinctions of Income
Statement 1: The grantor is liable for the income of revocable trust,
The power to tax includes the power to destroy because the taxpayer has no option but to pay the tax imposed to him.
The tax doctrine of Marshall Dictum explains that tax is a power to destroy.
Which of the following is the correct amount of additional personal exemption?
Which of the following corporate tax is not yet implemented in the Philippines?
An increase in the value of property is income.
Which of the following taxes incurred in the conduct of business is not allowed as deduction from business income?
Normal taxes are usually subject to creditable withholding tax.
It terminates or condenses the taxpayer's period.
It paid or payable of 100,000php for any quarter.
If the only source of income of the partner is his share in a general commercial partnership, he is no longer required to file the annual income tax return.
A trustee is the person who establishes a trust.
The share of the beneficiary of the income of estates during the taxable year Is subject to a
The business income of a domestic corporation may be subject to any of the following except
It is a system of collecting taxes in accordance with the country’s tax policies.
Which of the following is not within the scope of authority of the BIR Commissioner?
Sovereign equality dictates that a nation cannot impose taxes on the property of another country.
It is a foreign-born person who is not qualified to acquire Philippine citizenship by birth or after birth.
Taxes withheld in certain payments are intended to equal or at least approximate the tax due of the payee on said income.
The share of a partner in the income of a commercial partnership is
These are procedures or actions available both to the government to collect taxes and to the taxpayer to avoid abuses in the payment of taxes.
It is composed of all properties, rights and obligations including those properties, or obligations that have accrued thereto since the opening of the succession the estate is to be transferred from the decent to his successors.
All of the following are not taxes except
It is a legal claim granted to the government to secure the proper payment of the tax, surcharges, interest and costs on all property subject to levy or distraint.
Which of the following income is subjected to a monthly creditable withholding tax?
Who is the BIR Commissioner?
The income of a trust for the taxable year which is to be distributed to the beneficiaries is returnable and will be taxed to the respective beneficiaries.
The trustor (grantor) reserves the power to change at any time any part of the terms of the trust.
Reward for an event.
They are usually called “period cost” because they are related to a particular period of time of business operation.
Co-ownership income is not taxable.
As an option of a resident taxpayer, income taxes paid in foreign countries can be claimed as deduction from gross income or tax credit subject to limit.
The fringe benefit tax is the income on income earned by the employee.
Below are the legal sources of income. Select three sources of income.
The grossed-up monetary value is the benefit expense of the employer.
The State can still exercise its taxing powers over its citizen, even if he resides outside the taxing State's territory.
Which of the following interest expense is deductible in full?
It is the exhaustion of the natural resources like mines, oil and gas wells due to production.
Which of the following tax rates behaves in the same direction with the taxable value?
The income of irrevocable trust is taxable in the same manner as the income of the estate.
This tax assessment is being asked to be cancelled because there is a question as to its validity or legality.
If the amount to be distributed to a partner of a general professional partnership is more than 720,000php, it is to be withheld with 15% creditable tax.
It is a business activity that is organized or established only for temporary or short-period of time.
This refers to the process of taxation to determine the amount of tax based on existing tax law.
Which of the following is not an activity involving tax administration?
If the casual loss on business property is partial, the deductible loss is the
Reward for a contest.
A citizen who works abroad most of the time during the taxable year is a nonresident citizen.
Leasehold improvement is recognized.
The absolute exemption allowed to estates and trusts is
The share of co-ventures in a taxable joint venture is subjected to a final tax of 10%.
All partnerships are taxed in the same manner as corporation.
It is one formed by two or several persons for the sole purpose of exercising their common profession of which no part of income derived from engaging in any trade or business.
Tax affects the area or nation as a community rather than as individuals. This is a specific explanation of
A corporation cannot enter into a partnership contract, but it can engage in a joint venture.
The income of the trust which is accumulated for future distribution is taxed against the beneficiaries.
The taxable of the estates or trusts is to be computed in the same manner as
Which of the following co-ownership is not subjected to tax as a corporation?
Taxation is the primary source of government revenue. Hence, all government funds come from taxes.
The taxpayer’s income tax is fixed or computed based on the gross income. The usual allowable deductions are completely disregarded in computing this income tax.
Trust device is usually used to transfer property from one generation to another.
~Hasnewline~In corporation, the capital loss is no holding period and deductible from capital gain only.
A Filipino citizen classified as special taxpayer is required to be taxed based on his gross compensation income subject to a final tax of 15%.
Fringe Benefits are forms of incentives to managerial employees.
Statement 1: Both revocable and irrevocable trust are taxable for their income earned.
Which of the following co-ownership is subject to income tax?
Professional or talent fees for services rendered by an individual shall be subjected to a creditable withholding value-added tax.
Statement 1: The income of the undistributed estate is subject to income tax.
Taxation is the government's legitimate means of interfering with private properties of its subjects.
Which of the following statements is not correct?
A net taxable income of a nonresident alien sole proprietor of a cinematographic film is subjected to a
Domestic and foreign corporations shall be taxed with 2% based on gross income and not on their net taxable income
In general, which of the following incomes is not allowed to be reduced with personal exemption
It is absorption of a corporation by another corporation, the latter retaining its own name and identity and acquiring the assets, liabilities, franchises, and powers of the former, and the absorbed corporation ceasing to exist as a separate juridical person.
Total earnings from whatever source.
It is a civil penalty imposed by law in addition to the main tax required to be paid dud to delinquency or misrepresentation of taxes.
For self-employed taxpayers, their quarterly income tax returns are to be reduced with corresponding personal exemption.
De minimisWhich of the following fringe benefit received by a managerial employee is taxable with final income tax?
It is an obligation imposed or a right to administer over a property given to a person for the benefit of another.
The tax rate on special aliens is 15% of their gross compensation income derived within the Philippines from special employment by multinational corporation.
The requisites of wash sale must be the sale of stock or securities is at a gain.
The fringe benefit tax rate shall be the same with the normal corporate tax rate for income taxes.
The additional fringe benefits received by the rank-and-file employees are not subject to final fringe benefit tax rate, but are to be reported in the annual income t ax return.
It is a sale or disposition of stock or securities where substantially identical securities are acquired or purchased within a 61-day period, beginning 30 days before the sale and ending 30 days after the sale.
The amount of income tax withheld by the withholding agent is constituted as a full and final payment of the income tax due from the payee on the said income.
It is defined as a contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund to engage in profitable activities with the intention of dividing the profits among themselves.
The monetary value of availed vacation and sick leaves is compensation income.
All of the following are National taxes as to collecting authority except
Which of the following is required to be filed with quarterly income tax return?
Which of the following is classified as deductible loss?
Revenues derived from taxes cannot be used for the exclusive use of private persons.
In tax capitalization, the buyer absorbs the payment if tax and includes the same as part of the cost of the acquired property.
Protection is the basic consideration that justifies tax situs.
The special deduction from trust is allowed to reduce the income of trust if such trust is administered in foreign country.
All damage recoveries are not taxable.
All housing benefits provided by employer to managerial employee are subject to fringe benefit tax.
All government entities regardless of their functions are exempted from taxes because it would be impractical for the government to be taxing itself.
Merchandise inventory is a capital asset.
Capital Gain refers to the excess of the determined cost over the value received from the sale or exchange of a capital asset.
It refers to the use of regular domestic income tax rates on corporate taxable income which 30%
Passive income is subjected to normal tax only if not subjected to final tax.
It represents basic interest of ownership in a corporation. Stockholders holding common shares are called common stockholders.
Partner's contributions to the partnership are subjected to a final tax of 10%.
Which of the following remedies against double taxation requires tax treaty?
Which of the following nature of laws describes tax laws?
Capital assets are not subjected to normal tax.
It must be imposed directly upon the taxpayer.
Nonresident aliens engaged in Philippines are allowed with personal exemptions and additional exemptions is subjected to reciprocity.
The share of partners from the 700,000 net income of a general professional partnership is subjected to
It is a partnership wherein part of all of its income is derived from the conduct of trade or business.
It is the government agency primarily in charge to assess and collect all taxes and charges imposed.
Which of the following is entitled to claim NOLCO?
Allowance on his retirement.
Taxation could be described as a power, as a process, or as a means. As a power, taxation is a way of apportioning the cost of government among those who are privileged to enjoy its benefits.
Additional remuneration for overtime and separation pay does not include fringe benefits.
Which of the following is a taxable fringe benefit?
The exemption allowed to estate or trust is 50,000php.
Installment of payments.
Most taxpayers elect to report income in a fiscal year basis.
Which of the following is a subject to a creditable withholding tax at source?
One of the following is not creditable against the total computed tax per ITR.
All amounts received from a life insurance annuity are taxable.
In case of two or more trusts created by the same person for the same beneficiary, the taxable income of all trusts shall be consolidated and the tax shall be computed based on the consolidated income.
Where are the sources of Income come from?
“Any good, service, or other benefit furnished or granted by an employer, in cash or in kind, in addition to basic salaries, to an individual.
The share of partners in the general professional partnership is taxable in the conventional manner of computing the normal income tax of individual.
Which of the following business travel expenses is not subjected to fringe benefit tax?
An individual taxpayer is exempted from filing income tax return if his sole income has been subjected to final withholding tax.
A lotto or sweepstakes winnings derived by a resident Filipino citizen within and outside the Philippines are exempted from Philippine income tax.
The personal exemption of a nonresident alien not engaged in business in the Philippines is subjected to reciprocity agreement.
All of the following taxes are classified as income taxes, except 20% royalty tax
Taxation co-exist with the four elements of the state which includes all, except
It exists when more than one person acquired the right to own a piece of property or mass of properties. The ownership acquisition by more than one person over a property or properties may be due to succession of an estate or donation.
The capital gains on sale of partner's interest is subjected to a final tax of 5% if the amount is 100,000php and 10% in excess of the first 100,000php.
It is a systematic way of collecting taxes at source, an indispensable method of collecting taxes to ensure adequate revenue for the government.
It is a contract whereby the parties, by reciprocal concessions, avoid litigation or put an end to one already commenced.
An income of a professional entertainer can be reduced by OSD.
It is a class of the stock refer to the shares of stock to be issued by the charter or by-laws with respect to dividends and/or assets in case of liquidation over the remainder of the stocks of the corporation which are called common stock.
If the taxpayer is an individual, his taxable income shall be computed on the basis of calendar year.
The beneficiary of the income of estate has the status of
One of the following is not creditable against the total computed tax per ITR
All of the following are inherent restrictions on the exercise of taxation power, except
If the professional or talent fee of an entertainer exceeds 720,000php per year, the creditable withholding tax should be 20%.
The portion of income from irrevocable trust that would be distributed during the year is taxable against the
Amount of wealth plus savings and earnings.
Which value should be used as tax base to compute the fringe benefit on the property assigned for the use of employers?
The net worth method is commonly used in determining the taxable income of taxpayers with complete accounting records.
The following individual taxpayers are granted basic and additional personal exemption except
All of the following taxes are classified as income taxes, except
The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the basis or adjusted basis.
In taxation, it is one's civil liability to pay taxes which gives rise to criminal liability.
The net income received by a partner of a general co-partnership is subjected to
It is a corporation’s own stock that has been issued and then reacquired but not cancelled.
The co-venture in a tax-exempt joint venture are also exempt from income tax.
Tips are taxable.
Interest income from foreign currency deposit of a nonresident Filipino is subjected to final withholding tax of 7.5%.
These refer to the last day for filing return and payment of tax.
The liability of the employer is to withhold the corresponding income tax from the fringe benefit earned by the employee.
Which of the following is deductible from related gross income?
The share of a partner in the general professional partnership is subjected to final withholding tax of 10% if the amount is below 720,000php.
The income of general commercial partnership is also subjected to MCIT or Normal Corporate Tax whichever is applicable.
Dealings in property refers to the disposal through sale or exchange of ordinary assets or capital assets.
The properties left by the decedent transferable to the successors are called
Which of the following is not included as entertainment, amusement and recreation expenses of a business?
A trust is a right of property, real or personal, held by one party for the benefit of another.
A government officer considered as tax enforcer by having the power to ascertain the validity of tax laws subject to the review of the Courts of Justice
Which of the following will be an appropriate deductible expense for the exhaustion of intangible asset of wasting asset corporation?
Income accumulated in trust for the benefit of unborn person is not reported income.
The gains or losses on short sales are capital asset transactions.
A joint venture is taxed like a corporation.
The 13th month pay and other benefits amounting to P82,000 and below are not taxable.
Gross income includes other income from other sources.
It is twenty five percent (25%) surcharge.
Which of the following is subjected to tax?
An allowance paid to a widow or heir out of the corpus of the estate trust is not deductible from gross income.
Dependent senior citizen is not entitled for additional exemption of 25,000php.
Which of the following characteristics describes our internal revenue laws?
Taxes collected by the BIR are local taxes.
A tax evader sidesteps the law, while the tax avoider breaks it.
It paid or payable of 1,000,000php for the preceding taxable year.
In ordinary assets, 30% of the net taxable income for individual taxpayers.
A beneficiary of an estate engaged in business has the status of self-employed individual player.
An alien residing and doing business in the Philippines is allowed to have a tax credit for income taxes paid other country.
Those who are citizens of the Philippines at the time of the adoption of the 1987 Philippine Constitution.
Income earned outside the Philippines by domestic helpers is tax-exempt because they are corresponded nonresident citizen.
The tax-exempt joint venture is not required to file an ITR.
A taxpayer that allowed with both personal exemption and additional exemption is a/an
These represent reductions of resources due to unintended destruction or deprivation of things.
Tax Administration is a system involving enforcement of taxes through the use of
The Philippine tax laws are not political and penal in nature.
Which of the following income is allowed to be reduced with itemized deductions?
The general professional partnerships and joint ventures are not classified as a corporation.
Individual taxpayers are allowed to elect installment payment of their income taxes when the tax due is 2,000php.
It is a scheme of reducing payment of taxes through legally permissible means.
Which of the following is not true?
As a rule, the original issue by a corporation of its shares of stock at more or less than the par value or stated value shall have no recognition of gain or loss. Hence, it is not subject to capital gains tax.
The absolute exemption applicable to the income of estate or trusts amounts to
The fringe benefit tax is the final tax of the employer.
Which of the following amount of winnings/prizes is subjected to final tax of 20%?
This income tax system is a combination of gross compensation income and/or net income from business, trade or profession to arrive at the total income subject to tabular tax rates.
The gross receipts of a professional entertainer is subjected to a 10% creditable withholding tax his/her income during the year.
No taxable income is realized from the passage of property to the executor or administrator on the death of the descendant.
The computation of the net taxable income of the estate is the same manner as individual taxpayer, except that the personal exemption is limited to 20,000php.
All BIR approved retirement pays are exempted from income tax.
Co, ownership which exists in 10 years for more than 10 years, is subjected to tax if less than 720,000php per year.
No person shall be imprisoned for nonpayment of income taxes.
By month.
The monetary value of fringe benefit if given in money is:
It is an activity intended to make profit
As a rule, business expenses are deductible only if they are incurred in relation to the business income taxable in the Philippines. If a business expense could not be traced whether incurred within or not, such expense shall be allocated based on the gross income within and without.
All of the following are administrative functions of taxation except
Which statement is wrong? A revenue bill
A CPA certificate is required if the quarterly gross sales, gross receipts or earnings of an individual taxpayer
In installment method, the excess of mortgage assumed over cost of property sold is considered as part of the initial payment.
Local tax ordinances must be uniformly and equally applied throughout the country.
To keep up this site, we need your assistance. A little gift will help us alot.
Donate- The more you give the more you receive.
Related SubjectAccounting
Entrepreneurial Behavior
Basic Microeconomics
Tax Accounting Assistant
Small Business Management
Bookkeeper and Clerk
Business Administration
Law on Obligations and Contracts
Introduction to Information Systems
Information Management
Fundamentals of Accounting Theory and Practice
Fundamentals of Business Analytics
Franchising
Accounting Information System
Basic Finance
Drone Technlogy and Applications
Pricing Strategy and Tactics
Principles of Marketing
Product Management
Personal Finance
Operations Auditing
Monetary Policy and Central Banking
New Market Development
Management Information Systems
Managerial Economics
Marketing Management
Marketing Research
Logistics Management
Macroeconomics Theory and Practice
Management Accounting
Labor Law and Legislation
Labor Relations and Negotiations
Introduction to Basic Accounting
Investment and Portfolio Management
Intermediate Accounting
Intermediate Accounting 3
International Business and Trade
International Issues for Human Resources Management
International Marketing
Internet Marketing and Entrepreneurship
Internet Technology in Real Estate
Environmental Marketing
Entrepreneurship in Tourism and Hospitality
Financial Management
Financial Analysis and Reporting
Financial Accounting and Reporting
Distribution Management
Entrepreneurial Management
Entrepreneurship
Capital Markets
Cost Accounting and Control System
Technopreneurship
Business Research
Business Laws and Regulation
Business Ethics with Good Governance and Social Res
Auditing and Assurance Concepts and Applications
Political Science
Public Service
Legal Aspects in Tourism and Hospitality
Understanding Culture Society and Politics
Administrative Office Procedures and Management
Shopee Helmet
Shopee 3D Floor
Lazada Smart TV Box