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- 8 Direct tax can be shifted to another taxpayer. Group of answer choices True False1. ) Which of the follwing types of tax may not be shifted a. Percentage Tax b. Excise Tax c. Income Tax 2.) Which pay is not tax exempt for a statutory minimum wage earner a. Holiday pay b. Commissions c. Overtime Pay d. Hazard Pay1.Determine the business tax applicable for the following independent assumptions. Put a check mark on the applicable law. Put the applicable tax rate. Situation OLD LAW TRAIN LAW CREATE LAW GS/GR does not exceedP1,919,500 and the taxpayer isVAT-registered GS/GR exceed P1,919,500 andthe taxpayer is VAT-registered GS/GR exceed P1,919,500 and the taxpayer is not VAT-registered GS/GR does not exceedP3,000,000 and the taxpayer isVAT-registered GS/GR exceed P3,000,000 andthe taxpayer is VAT-registered GS/GR exceed P3,000,000 and the taxpayer is not VAT-registered GS/GR does not exceedP3,000,000 and the taxpayer isnot VAT-registered; taxpayeropted to use 8% preferentialincome tax on individuals Cooperatives Self-Employed andProfessionals with AnnualGross Sales/Gross Receipts notexceeding P500,000
- 5. How do you call a deductible temporary difference? a. Current tax asset. b. Deferred tax asset. c. Current tax liability. d. Deferred tax liability.1.Briefly explain the concepts of temporary difference and permanent difference. 2.Briefly explain the concepts of taxable temporarydifference, deductible temporary difference, deferred tax assets and deferred tax liability. 3.Briefly explain the recognition criteria of deferred tax assets and deferred tax liability. 4.Why is the income taxpayable not the same as income tax expense?QUESTION 13 The practice of including the income tax effect of a particular transaction with the transaction itself on the income statement is known as intraperiod tax allocation. True False
- Read Section 1374 for built-in-gain tax 1. When does the tax apply?In T1 General Tax Form, Total Income is reported on Line??1. Deferred tax expense or benefit is the net change in DTL and DTA for the period. If the increase in D.TL exceeds the increase in DTA, the difference is a deferred tax expense. 2. When DTA reverses, income tax payable is reduced, while when DTL reverses, income tax payable is increased True or False
- 26. Which is FALSE? S1 – All income is taxable. S2 – All exclusions from gross income are exempted. S3 – All passive income subjected to final tax are not items of gross income S4 – All income exempted by law or treaty are exempted from income tax Group of answer choices a. S1 c. S3 d. S4 b. S2I. Compensation and business income are returnable income that are subject to final income tax. II. When a taxable income is subjected to final tax, that income shall be excluded in the computation of taxable net income subject to basic income tax under the graduated tax rate. a. TT b. FF c. TF d. FTV4. 5. For each the Regressive, Proportional, and Progressive Income Tax Systems, write a paragraph documenting the advantages another paragraph documenting the disadvantages of each system. Provide 3 reasons or arguments for each "pro" and "con" paragraph