RTOSI Income Tax Pretest

RTOSI Income Tax Pretest | Quizalize

20 questions

Which of the following is not an income tax on corporation?

30 sec

The minimum corporate income tax of a domestic or resident service corporation is:

30 sec

Which of the following is taxable?

30 sec

A citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines.

30 sec

In year 2023, domestic corporation had the following data:

SALES Php 10,000,000.00 COST OF SALES 2,500,000.00 BUSINESS EXPENSES 2,500,000.00

The income tax due of the corporation is:

60 sec

Tax Credits/Payments are consists of the following, except.

30 sec

Which of the following is taxable based on income from all sources, within and outside the Philippines?

30 sec

Ampie Corporation, already in its 5th year of operation as of 2022, has the following data for 2022:

Sales 2,300,000.00

Interest Income (net of final tax) 15,000.00

Cost of Sales 480,000.00

Operating Expenses 1,750,000.00

The income tax payable in 2022 was:

120 sec

Once the election to avail of the Optional Standard Deduction (OSD) is signified in the original return, it is revocable for the taxable year for the which the return is made.

30 sec

In pursuant to Section 4 of Bayanihan II under RR 25-2020, on which taxable years may the business or enterprise can be carried over its net operating losses as a deduction from gross income for the next five consecutive taxable years following the year of such loss.

30 sec

The following describes a deduction , except:

30 sec

Statement 1- Exclusions are items or amounts allowed to be subtracted from gross income to arrive at the taxable income.

Statement 2- Deductions from gross income are not presumed.

30 sec

The taxpayer is a domestic corporation:

Gross sales - P 9,350,000.00 Sales returns and allowances - 250,000 Sales discounts - 100,000 Other income - 200,000 Cost of sales - 3,000,000 Operating expenses with vouchers and receipts - 4,000,000 Operating expenses without vouchers and receipts - 500,000 Interest income from savings deposit - 80,000 Interest income from deposit under FCDS - 125,000

Royalty income-passive - 100,000

How much is the taxable income using itemized deduction?

120 sec

This is not a requisite for business expense to be deductible

30 sec

Statement 1: The taxpayer has the burden of justifying the allowance of any deduction.

Statement 2: Deductions are strictly construed against the government.

30 sec

In MCIT, the term gross income does not include the following, except

30 sec

A corporation which was registered with the Bureau of Internal Revenue in May 2018 shall be covered by MCIT in

30 sec

NOLCO is valid for

30 sec

NOLCO always exists when there is a net operating loss.

30 sec

Ron Corporation (Domestic Corp.) reveals the following data:

Total Assets (Exclusive of Land) 200,000,000.00

Gross Income 3,400,000.00

Expenses 3,800,000.00

Gross Income 3,960,000.00

Expenses 3,100,000.00

Royalty 340,000.00

Dividends payable 56,000.00

Compute for 2022 income tax payable

120 sec

Related quizzes

Related quizzes