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Questions and Answers
What is the definition of 'taxable income' as applied to individuals under the TRAIN?
What is the definition of 'taxable income' as applied to individuals under the TRAIN?
- The pertinent items of gross income specified in the Tax Code, less deductions if any, authorized for such types of income by the Tax Code or other special laws.
- The pertinent items of gross income specified in the Tax Code, less deductions including personal exemptions, if any, authorized for such types of income by the Tax Code or other special laws. (correct)
- The pertinent items of gross income specified in the Tax Code.
- The pertinent items of gross income specified in the Tax Code excluding salaries received from employment.
How is the income tax due from compensation income calculated under the TRAIN?
How is the income tax due from compensation income calculated under the TRAIN?
- Based on taxable income after deducting expenses and exemptions
- Either graduated income tax rate or 8% income tax rate on gross sales/receipts and other non-operating income in excess of P250,000
- 8% income tax rate on gross sales/receipts and other nonoperating income in excess of P250,000
- Based on graduated income tax rates (correct)
Which of the following may be subject to income tax for a minimum wage earner like Jackie?
Which of the following may be subject to income tax for a minimum wage earner like Jackie?
- Overtime pay
- Hazard pay (correct)
- Holiday pay
- Night differential pay
Under the CREATE Act, which entity shall not be subject to the Minimum Corporate Income Tax (MCIT)?
Under the CREATE Act, which entity shall not be subject to the Minimum Corporate Income Tax (MCIT)?
What type of income derived from sources within the Philippines by a non-resident alien engaged in trade or business is NOT subject to 20% final withholding tax?
What type of income derived from sources within the Philippines by a non-resident alien engaged in trade or business is NOT subject to 20% final withholding tax?
Why is it important to know the situs of income for tax purposes?
Why is it important to know the situs of income for tax purposes?
Why may the Congress of the Philippines impose a 5% tax on a specific transaction?
Why may the Congress of the Philippines impose a 5% tax on a specific transaction?
What power is the BIR exercising when it conducts summary proceedings to collect delinquent taxes and levies real properties?
What power is the BIR exercising when it conducts summary proceedings to collect delinquent taxes and levies real properties?
Which statement is false regarding the principle of Fiscal Adequacy in case of deficit?
Which statement is false regarding the principle of Fiscal Adequacy in case of deficit?
