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What is subject to final tax?
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- Which of the following taxpayers cannot claim deductions from gross income? General professional partnership Domestic corporation Resident foreign corporation Non-resident foreign corporationOne of following is taxed on gross income nonresident foreign corporation non-profit cemetery domestic corporation resident foreign corporationWhich of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC? a. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner. d. A gain on sale of a real property for private use of the family of the taxpayer.
- 1. Which of the following is required to file an income tax return? A. An employee covered by the substituted filing system. B. A taxpayer deriving purely passive income subject to final tax. C. A special alien with respect to his compensation income. D. A non-resident citizen who derives his entire income form sources outside the Philippines. 2. The taxable income of a mixed income earner is the : A. Net income from business less personal exemption B. Net income from business C. Taxable compensation income D. Taxable compensation income plus net income from business.Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? a. A gain from sale of a motor vehicle as another income of a taxpayer who is a compensation income earner b. A passive income in the form of prize won in a raffle amounting to PHP 4,000 c. Salary received by a managing partner of a general professional partnership d. A gain on sale of a real property for private use of the family of the taxpayerWhich of the following should not be claimed as deductions from gross income? A. Interest payment on loans for the purchase of machinery and equipment used in business. B. Salaries and bonuses paid to employees. C. Discounts given to senior citizens on certain goods and services D. Advertising expense to maintain some form of goodwill for the taxpayer’s business. Which of the following is NOT income tax exempt?* A. BOI-registered enterprise enjoying tax holiday B. Forex transaction income of a Foreign Currency Depositary Unit from another Foreign Currency Depositary Unit C. Forex income in the Philippines of an Offshore Banking Unit D. Regional area headquarter of a multinational company E. None of the Above A resident corporation is one that is: A. Organized under the laws of a foreign country that engages in business in Makati City,Philippines. B. Organized under the laws of the Philippines that…
- Which of the following may be exempt from Canadian withholding tax when paid to a non-resident? a. dividends b. interest paid to an arm's-length party c. Pension benefits d. Registered retirement income fund paymentsThe following individuals are required to file an income tax return, except: a. Non-resident aliens not engaged in trade or business b. Resident Citizen c. Non-resident alien engaged in trade or business d. Non-resident citizenWhich of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and iv
- A _____________________________ is a means of ensuring that the expatriate’s after-tax income in the host country is similar to what the person’s after-tax income would be in the home country A) International tax management system B) HRM system C) Nucor sytem D) Tax deduction system E) Tax equalization systemCompute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: A.Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? B.Using the same data in the previous question, what is the income tax due if Sandbox is a non-resident foreign corporation? C.Using the same data in the previous question, what is the income tax due if Sandbox is a private proprietary educational institution?Which corporate taxpayer is not subject to regular income tax? Resident foreign corporation Domestic corporation Non-resident foreign corporation Business partnership