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True or False:
1. Tips received by waiters in restaurants are not subject to income tax because they are actually donations coming from customers.
2. Representation and Travel Allowance (RATA) of government officials are subject to income tax.
3. A general professional
4. In a merchandising business, gross income means the total sales, less cost of sales plus any income from investment and other incidental operations.
5. Employees of BIR are disqualified to receive reward as tax informers
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- 18. The following are examples of corporate expenses deductible from gross income, except one a. Expenses paid to an advertising firm in order to create a favorable image for the corporation b. Contribution to drum up business like contribution of softdrinks to barrio fiesta c. Premiums on life insurance covering the life of an employee if the beneficiary is his heir d. Representation expenses designed to promote businessWhile meeting with a CPA, a new business owner finds out that the business is considered a pass-through entity. What does that mean? a) The profits of the business are taxed as income to the owner. b) The profits of the business are taxed as income to the company. c) The owner's personal assets are not at risk even if the business fails. d) The business will only have a few employees.What a qualified, business income, QBR, deduction, business owners, may receive a deduction of what percent of their business income Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- What statement is false? a. A tax on consumption will effectively result in virtually all residents of the State paying the tax. b. A tax on consumption would support savings initiative. c. The consumption tax for purchases of goods or services from foreign sources shall be payable by the buyer. d. Business taxes are usually included in the price of goods and services of the seller but are remitted by the seller to the government. e. All of the statements is correct.Case Study: Accounting for Tax on Business Travel Expenses Introduction: In the realm of corporate finance, the tax treatment of business travel expenses is a critical aspect that demands meticulous attention. This case study explores a scenario where a company, XYZ Corporation, navigates the complexities of accounting for tax on business travel expenses. Scenario: XYZ Corporation, a multinational company, has a robust business travel policy to facilitate its operations across various locations. Employees frequently travel for client meetings, conferences, and training sessions. The finance team faces the challenge of accounting for these travel expenses while ensuring compliance with tax regulations. Steps in Accounting for Tax on Business Travel Expenses: Expense Documentation: The finance team emphasizes the importance of comprehensive documentation. Employees are required to submit detailed receipts, itineraries, and purpose statements for each expense incurre during business…Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers from customers to be paid to tax authorities later. O b. Sales tax is recorded and paid by customers to tax authorities. O c. Sales tax is not required to be mentioned in the sales invoice prepared by a seller. O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.
- Which of the following is false regarding consumption and business tax? a. Importations of goods are subject to value-added tax whether the imported goods are to be used in business or not. b. All business taxes are consumption taxes but not all consumption taxes are business taxes. c. Business taxpayers with annual receipts higher than the VAT threshold who registered as VAT taxpayers may switch to a non-VAT registration provided such actual receipts during the year proved to be lower than the threshold. d. A business taxpayer subject to other percentage taxes shall register as a VAT taxpayer if its total sales or receipts exceeds the VAT threshold. e. All of the other choices is correct.Which 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 is true? Exempt corporations can claim the corporate OSD against gross income. The MCIT applies to domestic and resident corporations. Marketing expenses is a direct cost of service of a corporate car-parking operator. Dealers of securities are exempt from improperly accumulated earnings tax.
- Which one of the following statements is TRUE? O a. An example of an agency relationship is when a supervisor hires a forklift operator. b. An example of an agency cost is when the board of directors pays a dividend to shareholders. • c. An example of an agency relationship is when a private individual hires a lawyer to prepare her defense d. An agency cost is the wage required to pay someone who is hired to perform a service. e. The supervisor-emplovee relation between a production line supervisor and a production line operator isIf the client is not an employee, but works for himself or in partnership with others, or is an employee with one organization but also has additional sources of earned income, it is important to discover details of the business itself and the history of the non-employment income source(s) in order to assess the viability and consistency of the business income stream. Listed below are a number of statements relating to business income: 1. In the case of an employee, disability income replacement insurance coverage is generally based on a percentage of pre-tax income. 2. In the case of the self-employed, it is based on pre-tax but after-expense (net) income. 3. In the case of a self-employed client, it is not necessary to take business expenses into consideration. 4. If the business has substantial fixed overhead a separate business overhead expense (BOE) policy may be needed 5. A consultant working from home may only incur expenses while he is working and not require business overhead…Which of the following is not considered a purpose of taxation? A. To regulate B. To make the poor poorer C. To minimize the adverse effects of certain activities D. To have an equitable distribution of wealth among inhabitants True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s Office.