RTOSI Income Tax Pretest
Quiz by Ron Matthew Amago
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- Q1Which of the following is not an income tax on corporation?Regular corporate income taxMinimum corporate income taxStock transaction taxGross income tax30s
- Q2The minimum corporate income tax of a domestic or resident service corporation is:15% of gross receipts2% of gross receipts2% of gross income15% of gross income30s
- Q3Which of the following is taxable?Prize won as a MVP in professional basketball league amounting Php 5,000.00Agricultural land inheritedPrize exceeding Php 10,000.00Award for being promoted in the company30s
- Q4A citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines.truefalseTrue or False30s
- Q5
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:
1,750,0001,000,000500,0001,250,00060s - Q6Tax Credits/Payments are consists of the following, except.Net Operating Loss - Carry Over (NOLCO)Creditable Taxes Withheld for Quarters 1 to 4 Supported by BIR Form 2307 (CWT)Excess Tax credits from previous yearTax payments for the First 3 Quarters30s
- Q7Which of the following is taxable based on income from all sources, within and outside the Philippines?Domestic CorporationNon-resident Foreign CorporationsAll of the choicesResident Foreign Corporations30s
- Q8
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:
P18,200NILP18,350P14,0000120s - Q9Once 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.falsetrueTrue or False30s
- Q10In 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.2019,2020, & 20212020, 2021 & 20222020 & 20212021 & 202230s
- Q11The following describes a deduction , except:It is not a receiptIt has the effect of reducing the amount against which the income tax will be basedIt is the privilege from a charge or burden to which others are subjectedIt is charged against a taxpayers gross income to arrive at taxable income30s
- Q12
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.
False, TrueFalse, FalseTrue, TrueTrue, False30s - Q13
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?
P2,200,000P1,700,000P1,675,000P2,175,000120s - Q14This is not a requisite for business expense to be deductibleIt must be ordinary and necessaryIt must be paid during the taxable yearThe withholding tax otherwise required have been deducted and remitted to the BIRIt must be reasonable30s
- Q15
Statement 1: The taxpayer has the burden of justifying the allowance of any deduction.
Statement 2: Deductions are strictly construed against the government.
Only statement 2 is correctBoth statements are correctOnly statement 1 is correctBoth statements are incorrect30s