Understanding Income Tax Concepts

What is the essential characteristic of gross income?

How is 'taxable income' best defined?

What condition must an income meet to be classified as non-taxable?

In taxation, what differentiates a 'return of capital' from 'return on capital'?

ABC Company purchased goods for $300 and sold them for $500. According to the illustration, what is the return on capital?

When is a sale considered income for tax purposes?

What is a primary characteristic that income must possess to be considered taxable?

A realtor purchased a property for ₱1,000,000. At the end of the next year, the property had a market value of ₱1,500,000. Two years later, the realtor sold the property for ₱2,000,000. What is the realized income from the sale?

Which of the following taxpayers is taxed on income earned within the Philippines?

What is the 'situs of income' fundamentally related to?

Where is the income from royalties typically taxed?

For a resident citizen, how are interest income from a foreign bank and professional fees for services rendered in the Philippines taxed?

When determining whether income is taxable, what does 'source' refer to?

Which of the following income is considered derived from within the Philippines?

Under what condition is income earned outside the Philippines taxable?

Which type of income is derived from an employer-employee relationship?

What is generally categorized as passive income?

How would compensation typically be received?

How is the fair value of property received as payment for income earned, valued?

What does gross income include, according to Section 32 (A) of the Tax Code?

Which of the following are included in gross income?

What establishes an employer-employee relationship?

What type of compensation is based on a percentage of total sales?

If the total amount received is ₱100,000, is thirteenth month pay and other benefits taxable?

What constitutes a 'business' for tax purposes?

In a merchandising business, how shall 'gross income' be derived?

Under Section 24(B) of the Tax Code, how are passive income of citizen taxed?

What condition means the amount or values that are not taxable according to law?

If a worker is considered minimum wage earner may also receive income from conduct of trade, business, or practice of profession.

What category does the benefit usually falls when amount is of relatively small value given by the employer to his employees?

The employee receiving other benefits exceeding the P90,000 limit shall be on salary, wages and allowances.

Ms. Alvarez, single, is employed as supervisor. Her salary during the year is P400,000. For the months ended of the year, she also received 13th month pay and productivity pay amounting of P70,000. How should her income should be treated?

A radio station is not allowed of deducting for income tax purposes. Is this correct?

What is the primary factor in determining the tax situs of service income?

How are dividends income typically treated for tax purposes?

Which of these is exempt from income tax?

Which of the following is an example of a de minimis benefit?