9 Questions
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 including personal exemptions, if any, authorized for such types of income by the Tax Code or other special laws.
How is the income tax due from compensation income calculated under the TRAIN?
Based on graduated income tax rates
Which of the following may be subject to income tax for a minimum wage earner like Jackie?
Hazard pay
Under the CREATE Act, which entity shall not be subject to the Minimum Corporate Income Tax (MCIT)?
Non-resident foreign corporation
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?
Royalties on books, as well as other literary works and musical compositions
Why is it important to know the situs of income for tax purposes?
Some individuals and corporate taxpayers are taxed on their worldwide income while others are taxable only upon income from sources within the Philippines.
Why may the Congress of the Philippines impose a 5% tax on a specific transaction?
It is for public purpose
What power is the BIR exercising when it conducts summary proceedings to collect delinquent taxes and levies real properties?
Power of Taxation
Which statement is false regarding the principle of Fiscal Adequacy in case of deficit?
The government may suspend capital expenditures
Test your knowledge of taxable income under the Tax Reform for Acceleration and Inclusion (TRAIN) law. Answer questions about the definition and specifics of taxable income for individuals as per the law.
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