BSA_Final Exam_Income Taxation
Authored by Abes Beth
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1st Grade
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50 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Jeremiah earned a compensation income of P120,000 and net income from business of P300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties from his musical composition. Jeremiah has P150,000 personal expenses. Compute the taxable income.
P473,000
P465,000
P428,000
P420,000
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Sir Josh with P250,000 personal exemption, had the following data in 2020:
Philippines transactions:
Gross income from sales – P4,000,000
Interest income on deposits – P40,000
Less: Deductions – P2,000,000
Transactions abroad:
Gross income from sales – P6,000,000
Interest income on dividends – P80,000
Less: Deductions – P3,600,000
Compute the taxable income if Sir Josh is a resident citizen.
P4,480,000
P4,520,000
P4,270,000
P4,230,000
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Sir Josh with P250,000 personal exemption, had the following data in 2020:
Philippines transactions:
Gross income from sales – P4,000,000
Interest income on deposits – P40,000
Less: Deductions – P2,000,000
Transactions abroad:
Gross income from sales – P6,000,000
Interest income on dividends – P80,000
Less: Deductions – P3,600,000
Compute the taxable income if Sir Josh is a non-resident citizen.
P1,750,000
P1,790,000
P4,270,000
P4,150,000
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Jyhan, Inc had the following income in the Philippines: Rent Income – P10,000,000; Business Expenses – P8,700,000; Royalties – P80,000 and Dividend from domestic – P50,000. Also generated this income from Korea: Rent income – P12,000,000; Business expenses – P9,800,000; Royalties – P200,000
Compute the taxable income if Jyhan Inc was a domestic Corporation.
P3,500,000
P3,700,000
P1,380,000
P1,300,000
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Jyhan, Inc had the following income in the Philippines: Rent Income – P10,000,000; Business Expenses – P8,700,000; Royalties – P80,000 and Dividend from domestic – P50,000. Also generated this income from Korea: Rent income – P12,000,000; Business expenses – P9,800,000; Royalties – P200,000
Compute the income tax due, assuming Jyhan Inc was a domestic Corporation.
P1,149,000
P390,000
P1,110,000
P381,000
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Jyhan, Inc had the following income in the Philippines: Rent Income – P10,000,000; Business Expenses – P8,700,000; Royalties – P80,000 and Dividend from domestic – P50,000. Also generated this income from Korea: Rent income – P12,000,000; Business expenses – P9,800,000; Royalties – P200,000
Compute the income tax due, assuming Jyhan Inc was a resident foreign Corporation.
P390,000
P1,110,000
P1,149,000
P381,000
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Statement 1: If income item is subject to final tax, the said income is not subject to regular income tax.
Statement 2: Income item that is subject to capital gains tax is subject to regular income tax too.
Only statement 1 is true
Only statement 2 is true
Both statements are true
Both statements are false
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