(Draft) INCOME TAX RETURN TRAINING
Quiz by Jhod
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- Q1
True or False: Income Tax is a direct tax.
True
False
15s - Q2
Upon effectivity of CREATE, what is the corporate income tax rate for domestic corporation?
30%
35%
25%
32%
15s - Q3
Which of the following income is subject to final withholding tax.
Royalties
Pension
Rent
Income from business or profession
15s - Q4
Compute for the Gross income of a domestic corporation with the following detail.
40,000
48,000
32,000
56,000
45s - Q5
True or False: Generally, charitable and other contributions expenses are deductible in full amount.
False
True
15s - Q6
How much is the total allowable interest expense deduction? Assume that the taxpayer is subject to 25% RCIT.
Interest Income net of FWT 8,000.00
Interest Expense 20,000.00
18,000
20,000
16,000
14,000
45s - Q7
What is the purpose of Minimum Corporate Income Tax (MCIT)?
To encourage corporations to invest in certain industries
To reduce the income tax burden on corporations
To ensure that corporations pay a minimum amount of income tax regardless of their income
To exempt corporations from paying income tax
15s - Q8
True or False: Excess MCIT can be used as a tax credit, against MCIT tax due in the succeeding three years
True
False
15s - Q9
When did the MCIT return to its previous rate of 2% of gross income?
July 10, 2023
July 1, 2023
July 2, 2023
July 15, 2023
15s - Q10
A resident citizen is taxable on all income derived from sources
Within the Philippines only
Without the Philippines only
Partly within and partly without the Philippines
Within and without the Philippines
15s - Q11
For income taxation purposes, the term “corporation” includes one of the following except:
Ordinary partnership
An incorporated business organization
General professional partnership
Business partnership
15s - Q12
Public educational institutions, like the University of the Philippines is deemed by law:
Subject to preferential corporate income tax for special corporations.
Subject to the basic corporate income tax
Subject to both the preferential income tax and the basic corporate income tax.
Exempt from the corporate income tax
15s - Q13
Compute the net taxable income in 2018.
50,000
0
150,000
12,500
45s - Q14
Compute the taxable net income in 2019
-40,000
40,000
110,000
0
45s - Q15
John is a dealer of car. During the year, he sold a Ferrari to Romeo for P15M at a margin of 20% on sales. 20% downpayment is the required and the balance is due in 24 monthly installments. Romeo made 6 monthly installments during the taxable year. How much is the initial payment?
3,000,000
6,000,000
9,000,000
500,000
60s
