What are the most common violations of the taxpayers in the Philippines that cause tax penalties? Enumerate at least 3 and how can you avoid such violations.
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What are the most common violations of the taxpayers in the Philippines that cause tax penalties? Enumerate at least 3 and how can you avoid such violations.
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- Can any nonrefundable credits, other than the foreign tax credit, reduce the regular income tax liability below the amount of the TMT? Explain.Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?Give three examples of tax evasion in the Philippines
- Which of the following statements is incorrect? * A. If 5% special tax on gross income is granted to taxpayers, they are not required to remit compensation taxes of their employees.. B. If 5% special tax on gross income is granted to taxpayers, they are not required to pay business permits. C. If 5% special tax on gross income is granted to taxpayers, they are not required to pay value added tax. D. Resident foreign corporations may be exempted from paying income tax.Federal income taxes have a significant effect on businesses and investors, and affect the personal decisions of every taxpayer in the United States. If we consider that the tax rates of corporations and individuals can reach up to 37% of contributions, certainly, all transactions have their tax impact. Argument about Internal Revenue Services of USA. Do you think the tax filing requirements that the IRS demands of taxpayers is fair? Why?A person who is outside Philippine territory may be subject to tax and a person who is within the Philippine territory may not be subject to tax. True or False? Explain concisely in 3- 5 sentences.
- 5. Do you agree that rich [Filipinos and aliens working in the Philippines] are not paying their taxes? Why do you say so? What is the effect of such tax system?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 taxpayer1. Who is required to file a federal return in Puerto Rico (US Territories) and the United States? Why? 2. Explain the difference between an individual and a company at the time of paying taxes when they file taxes?
- 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. 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 not deductible from gross income? a. Transportation expense from the main office to the branch b. Transportation expense from home to the office and from the office back to home c. Travel expenses on business trips d. Travel expenses while away from home in the pursuit of trade, business or profession. 2. Examples of taxes that are deductible except: a. Occupation tax b. Privilege tax c. Documentary stamp tax d. Philippine income taxWhich of the following taxpayers is ineligible to claim the American Opportuniy Tax Credit? A taxpayer who: 1) is enrolled at a Military Academy. 2) is 26 years old. 3) has AGI of $55,000. 4) Uses the single filing status.
