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NAME

SECTION & TIME


ODD / EVEN SCORE:

INSTRUCTIONS: 1. Fill up Name: Lira, Alain S. 2. Encircle Odd or Even and answer
accordingly

1. Differ Tax and Taxation


Tax - is the charge or burden upon the taxpayer
Taxation - power inherent in every sovereign to charge or burden their citizen to
defray the expenses of the government
2. Differ Taxation and Income Tax
Income Tax - is a tax on income, wether gross or net (Statuory Definition, Reyes)
3. Mr. Mark Tamayo is a native of Pasig City who stayed inside the Philippines for one
hundred eighty two days by the end of the year will be considered as what kind of
taxpayer?
NRC - the rules provide that a citizen of the Philippines who stayed outside the
country for 183 days or more is considered as such, hence, he stayed inside for 182
conversely, 183 days abroad he is a NRC
4. Ms. Earica Silla is a local of Manilena . For Income Tax Purposes, she stayed inside
Manila City and Sagada Province for one hundred eighty two days by the end of the year
will be considered as what kind of tax payer at year end?

NRC - the rules provide that a citizen of the Philippines who stayed outside the
country for 183 days or more is considered as such, hence, he stayed inside for 182
conversely, 183 days abroad he is a NRC

5. Mr. Vance Larena, a Spaniard earned compensation income in the 1st half 2013 in
Portugal amounting to 1,000,000.00. He was offered a job in the Colegio de San Lorenzo,
Quezon City as a cook. There was no intention of permanently residing in the Philippines
except for that he was married to a Filipina named Ms. Irah Joy Teczon and eventually
sired triplets named Alpha Phi & Beta in the year 2014.
a) Enumerate the kinds of exemptions available to a Resident Citizen
Personal and Additional
b) Determine and discuss the total exemption of Vance Larena and/or Irah Teczon
Irah Teczon - will have a personal exemption of 50k
Vance Larena - will also get a personal exemption of 50k for year 2013 and
additional exemption of 75k for 2014.
6. Mr. Czarinna Galang, a Spaniard earned compensation income in the 1st half 2013 in
Portugal amounting to 1,000,000.00. She was offered a job at the National Bureau of
Investigation as an international super confidential sexy & smart & chubby agent. There
was no intention of permanently residing in the Philippines except for that she was
married to a Filipino named Jireh Bringasn and eventually sired triplets named Lambda
Rho & Sigma in the year 2014.
a) Enumerate the kinds of additional exemptions available to a Resident Citizen
Personal & Additional
b) Determine and discuss the personal exemption of Czarinna Galang and/or Jireh
Bringas
Czarrina Galang will get a personal exemption of 50k
Jireh Bringas will get a personal and additional exemption totaling to 125k
NAME
SECTION & TIME
ODD / EVEN SCORE:

7. Provide the formula of MCIT Gross Income on Merchandising and Service Concerns
and site the Revenue Regulation No. And date/year issued
Merchandising -
Service -
8. Provide the Formula MCIT Gross Income on Manufacturing and Merchandising
Concern and site the Revenue Regulation No., and date/year issued
Manufacturing
Merchandising
9. Final Tax on Passive Income, give the final tax and basis
a) Taxable Income (Others within the Philippines) of a Resident Alien 5-32%
b) Capital Gain Tax on sale of real property in the Philippines of a Non Resident
Alien in Business 6%
c) Dividend Received from a domestic corporation listed and traded thru a local
stock exchange by a SEC Registered Corporation not listed and traded thru a
local stock exchange? exempted
d) Interest received from foreign currency bank deposits by a Resident Citizen
7.5%
e) Sales of Shares of stock of a domestic corporation, not listed and traded in the
local stock exchange held as ordinary asset of a domestic corporation. 5-32% or
not subject to cgt or ft%

10. Final Tax on Passive Income, give the final tax and basis
a) Taxable Income (Others within the Philippines) of a Resident Alien 5-32%
b) Capital Gain Tax on sale of real property in the Philippines of a Non Resident
Alien in Business 6%
c) Dividend Received from a domestic corporation listed and traded thru a local
stock exchange by a SEC Registered Corporation not listed and traded thru a
local stock exchange?exempt
d) Interest received from foreign currency bank deposits by a Resident Citizen
7.5%
e) Sales of Shares of stock of a domestic corporation, not listed and traded in the
local stock exchange held as ordinary asset of a domestic corporation. 5-32% or
not subj to cgt or ft

11. Team32 Corporation, a SEC registered corporation is a service enterprise. In its


second year of operations, the corporation yielded the following data.
Gross Income from business 2,000,000
Business Expenses and Losses 1,000,000
Capital Gain on land sold for
5,000,000 900,000
Interest on Philippine Currency Bank Deposit yield 20,000

Compute for the Taxable Income 2m-1m=1m

12. 48 Hour Friends Inc. Is a domestic corporation needs a finance and marketing
NAME
SECTION & TIME
ODD / EVEN SCORE:

manager who understands the MCIT effects and consequences.


Utilities Expense 55,000, Gross Receipts 900,000, Discounts and Allowances 50,000
Salaries of Service personnel 160,000, Depreciation of Equipment used in rendering of
services 10,000, Office Rental 140,000, supplies used 12,000, accounts receivable 6,000,
repairs 5,000, other operating expense 110,000 accounts payable 12,000

Compute for the MCIT service industry

13. 48 Hour Friends Inc. Is a domestic corporation needs a finance and marketing
manager who understands the MCIT effects and consequences.
Utilities Expense 55,000, Gross Receipts 900,000, Discounts and Allowances 50,000
Salaries of Service personnel 160,000, Depreciation of Equipment used in rendering of
services 10,000, Office Rental 140,000, supplies used 12,000, accounts receivable 6,000,
repairs 5,000, other operating expense 110,000 accounts payable 12,000

Compute for the MCIT service industry

14. Team32 Corporation, a SEC registered corporation is a service enterprise. In its


second year of operations, the corporation yielded the following data.
Gross Income from business 2,000,000
Business Expenses and Losses 1,000,000
Capital Gain on land sold for
5,000,000 900,000
Interest on Philippine Currency Bank Deposit yield 20,000

Compute for the Taxable Income 1m

15,17,19 & 16,18,20

Mr. A is a resident citizen of the Philippines with 4 children and 2 Senior Citizens living
with him in the same household where he is the one with the highest salary. His childrens
names are as follows, April is 17 years of age. Jem is 20 years old whose income is from
modeling nail polish and re-bonding hair for international beauty parlors. Dexter is 17
years old with a child and no employment. Paolo is 16 years of age and a high school
delinquent. Lolo Temyong is 61 years old with income from business who pays an annual
income tax of 250,000. Lola Mabiiisa is 59 years old and is chiefly dependent on Mr. A.

A. Breakdown the total exemption into personal and additional? Provide names.
Personal 50kAdditional April, Dexter, Paolo 75k
B. If Paolo died within the year, how will you treat the exemption?
Same, status at year end determines the exemption
C. If Jem becomes jobless the following year, how will you treat the exemption?
Jem will be added in the ff. Year as additional exemption, also lola mabiisa is
added being 60 yo
D. Would the answer be the same the following year? Site differences only if any.
Lola mabiisa and jem would be added nevertheless the total will be 150k
NAME
SECTION & TIME
ODD / EVEN SCORE:

E. If Mr. A sold land an building in the Philippines held as capital asset for 2M when
the current FMV was 1.950M and a cost of 2.5M
i. How much is the Capital Gain Tax due (basis and compoutation) 2m x6%
ii. If the thing sold is in pakistan? Is your answer the same? Explain No. CGT
applies on on sale of real property in the Philippines

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