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Year-End Reminders and Annualized Compensation and Expanded

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20 questions
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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

  • Q2

    Which of the following is NOT a consideration for fiscal year-end filings?

    Expanded Withholding Taxes

    Value-Added Tax

    Inventory Listing

    Income Tax

  • 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 

  • 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 

  • 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 

  • Q6

    What is the Annual Registration Fee worth each new year? 





  • 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

  • Q8

    Which of the following is NOT a BIR Registered Book? 

    Computerized Books

    Loose-Leaf Books 

    Manual Books 


  • 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 

  • 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 

  • 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 

  • 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 

  • 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

  • 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 

  • 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 


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