Year-End Reminders and Annualized Compensation and Expanded
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- Q1
What is the deadline for filing and payment of BIR Form 0605 Annual Registration Fee?
February 15, 2024
January 31, 2024
January 25, 2024
January 15, 2024
30s - Q2
Which of the following is NOT a consideration for fiscal year-end filings?
Expanded Withholding Taxes
Value-Added Tax
Inventory Listing
Income Tax
30s - Q3
For computerized books, what is the deadline for submitting soft copies of accounting records to the BIR RDO?
January 15 of the next calendar year
February 1 of the next calendar year
January 30 of the next calendar year
January 25 of the next calendar year
30s - Q4
What is the deadline for filing the Annual Information Return of Income Taxes Withheld on Compensation (BIR Form 1604C)?
February 28, 2024
January 15, 2024
March 1, 2024
January 31, 2024
30s - Q5
What is the primary responsibility of RT&Co Outsource Inc. for the Statement of Management’s Responsibility (SMR)?
Prepare the entire SMR
Complete all forms downloadable from SEC and BIR
File the SMR with SEC
Identify proper signatories and ensure proper dates of signing off
30s - Q6
What is the Annual Registration Fee worth each new year?
P500
P100
P1,000
P5,000
30s - Q7
What is the deadline for filing the Monthly Remittance Return of Income Taxes Withheld on Compensation for December 2023 (BIR Form 1601C)?
January 10, 2024
January 25, 2024
January 15, 2024
February 1, 2024
30s - Q8
Which of the following is NOT a BIR Registered Book?
Computerized Books
Loose-Leaf Books
Manual Books
E-books
30s - Q9
What is the primary responsibility of RT&Co Outsource Inc. regarding Confirmation Letters during the audit process?
Facilitating and assisting
Accuracy of information
Filing with SEC
Completing forms
30s - Q10
Which document is NOT required for the successful submission of hardbound loose-leaf books of accounts?
Notarized Sworn Statement
Quarterly Alphalist of Payees
Copy of BIR Form 2303 Certificate of Registration
Filled-Up BIR Form 1905
30s - Q11
What is the primary reason for the monthly withholding of income taxes on compensation?
To reduce employee salaries
To facilitate one-time payment at year-end
To avoid paying income taxes
To minimize adjustments during year-end computation
30s - Q12
What are the final outputs of the annualization process?
All of the above
Final and adjusted BIR form 1601C for the month of December
Annual Alphalist of Employees
Adjusted income tax computation for each employee
30s - Q13
Which of the following is included in the components of Gross Compensation?
Only Overtime and Hazard Pays
Only Basic Salary
Only Allowances
Basic Salary, Allowances, Bonuses, and other benefits from employer
30s - Q14
When should the 13th-month pay be paid according to the presentation?
On or before December 31
On or before January 31 of the following year
On or before December 24
On or before December 15
30s - Q15
What is the purpose of annualizing Expanded Withholding Tax (EWT)?
To update supplier information
To determine the total tax withheld for the entire year
To calculate the monthly tax liability
To request a tax refund
30s