Gmail Taxation Review Online Quiz

1/17/2019 Gmail - TAXATION REVIEW
Aife Ocubillo <aife.myuki@gmail.com>
TAXATION REVIEW
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Google Forms <forms-receipts-noreply@google.com> 17 January 2019 at 23:47

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TAXATION REVIEW
ONLINE QUIZ
Email address *
aife.myuki@gmail.com
Name *
Aife D. Ocubillo
Class schedule *
Sunday 1:00-4:00 PM
https://mail.google.com/mail/u/0?ik=44c2362d98&view=pt&search=all&permthid=thread-f%3A1622923090621572167&simpl=msg-f%3A1622923090621572167 1/10
The power to regulate liberty and property to promote the general welfare.
Power of taxation
Police power
Power of imminent domain
Power of recall
The power to demand proportionate contributions from persons and property to defray the expenses
of the government.
Power of taxation
Police power
Power of recall
The power to acquire private property upon payment of just compensation for public purpose
Power of taxation
Police power
Power of recall
Which of the following statements is not correct?
An inherent limitation of taxation may be disregarded by the application of a constitutional limitation.

Income tax liabilities shall be paid by the inhabitants even if foreign invaders occupy our country.
Taxes may be imposed retroactively by law, but unless so expressed by such law, these taxes must only
be imposed prospectively.
Tax laws are either political or penal in nature.
Which of the following is not a scheme of shifting the incidence of taxation?
The manufacturer transfers the tax to the consumer by adding the tax to the selling price of the goods
sold;
The purchaser asks for a discount or refuse to buy at regular prices unless it is reduced by the amount
equal to the tax he will pay;
Changing the terms of the sale like FOB shipping point in the Philippines to FOB destination abroad, so
that the title passes abroad instead of in the Philippines;
The manufacturer transfers the sales tax to the distributor, then in turn to the wholesaler, in turn to the
retailer and finally to the consumer.
Tax as distinguished from debt
no imprisonment for non-payment
may be paid in kind

based on contract
based on law
A charge imposed on land for special benefits derived resulting from public improvements.
Tax
Toll
License
Special assessment
It is important to know the source of income for income tax purposes, i.e. from within or without the
Philippines because:
The Philippines imposes income tax on income from sources within and without of a non-resident
citizen.
Some individual taxpayers are citizens while others are aliens.
Separate graduated rates are imposed on different types of income.

Some taxpayers are taxed on their worldwide income while others are taxable only upon income from
sources within the Philippines
Under this basic principle of a sound tax system, the Government should not incur a deficit:
Theoretical justice
Administrative feasibility
Fiscal Adequacy
Uniformity in taxation
Which of the following is not acceptable for legally refusing to pay the tax?
That the right of the state to collect the tax has prescribed.
That there is no jurisdiction to collect the tax.

That the tax law was declared as unconstitutional.
That there is no benefit derived from the tax.
Which of the following is not acceptable for legally refusing to pay the tax?
That the right of the state to collect the tax has prescribed.
That there is no jurisdiction to collect the tax.

That the tax law was declared as unconstitutional.
That there is no benefit derived from the tax.
Which of the following statements is not correct?
In the case of married individuals, where only one of the spouses is deriving gross income, only such
spouse shall be allowed the personal exemption.
In the case of married individuals, the additional exemptions maybe claimed by only one of the spouses
As a rule, the husband shall be the head of the family and proper claimant of the additional exemption
In the case of legally separated spouses, additional exemption maybe claimed by the spouses who has
custody of the children but shall not exceed four(4) for each spouse
Which of the following individual taxpayers cannot avail of the allowed deductions for health and
hospitalization insurance premiums?
Non-Resident citizen
Resident alien
Non-resident alien engaged in business in the Phil.

Non-resident alien not engaged in business in the Phil.
Who among the individuals below may not claim personal exemption?
Non-Resident citizen
Non-resident alien engaged in trade or business in the Phil. Under certain conditions
Resident alien
Non-resident alien who stayed in the Phil. For 175 days
The number of dependent children who will qualify for additional exemption purposes shall not
exceed?
3 excluding a newly born child during the taxable year
4 including a son who turned 21 years of age during the previous taxable year
5 including a the daughter who died during the taxable year
2 plus a daughter who turned 18 years of age during the taxable year
Only one statement is correct, which is it?
Where both husband and wife receive compensation income, the additional exemption shall be claimed
by wife unless she explicitly waives her right in favor of her husband in the withholding exemption certificate.
Husband and wife shall be treated as separate taxable units and each shall be allowed to claim
personal exemption
If the gross income does not exceed P20, 000, a special additional personal exemption of P4, 000 may
be claimed by the taxpayer.
Husband and wife shall be treated as separate taxable units and shall be allowed to claim only one
personal exemption either for the husband or wife at their option.
With regard to deduction for premiums on hospitalization and health insurance, which of the
following statements is wrong?
Allowed as deduction even if income is from compensation only
Allowed as deduction even if income is from business or practice of Profession

Allowed as deduction even if mixed income
Allowed as deduction only if the taxpayer is taking itemized deductions from gross income
Which of the following statements is wrong? The premiums on hospitalization and health insurance
may be deducted?
Not exceed P2, 400 a year per family

Not exceed P200 per month
By either spouse in the case of married individuals

If the family income doesn’t exceed P250, 000
Which is not a creditable withholding income tax?
Expanded withholding income tax

Withholding income tax on passive income
Withholding income tax at source
Withholding income tax on compensation income

This is taxable income:
Retrenchment pay
SSS/GSIS benefits
Separation pay due to resignation
Refund of Philippine Income tax
Which of the following is part of gross income?
PCSO & Phil Lotto winnings
Bank interest on long-term deposit

Proceeds of life insurance
Raffle prize not exceeding P10,000
If refunded, this is taxable
Estate tax
Donor’s tax
Special assessment
Fringe benefit tax
Income tax payments to a foreign country, in the case of a resident citizen may be claimed as:
Tax credit and deduction from gross income
Tax credit only
Tax credit or deduction from gross income

Deduction from gross income only
X works as a secretary in an advertising firm in Manila. During the year, she received P10,000 a
month as salary or a total of P120,000. In addition she also received 13th month pay, Christmas
bonus, productivity bonus, mid year bonus and 14th month pay amounting to P40,000. The total
deductions for her SSS premiums, Medicare, Pag-ibig, and Union dues contributions amounted to
P5,000. X’s taxable income, if single is
P 90,000
P105,000
P 75,000
P100,000
This is not part of gross compensation income:
Salary of P 20,000 a month
Fringe benefits of P10,000 of an employee
Salary of P10,000 a month of a partner in a general professional partnership
Honorarium and allowances of P10,000 of a member of the board of directors of a corporation
Which of the following is subject to fringe benefit tax?
compensation income of the rank and file employees
fringe benefit of the rank and file employees

compensation income of the managerial employees
fringe benefit of the managerial employees
The following concepts denote exemption from the fringe benefits tax, except
convenience of the employer

necessity to the business or trade
welfare and benefits of the employee
de minimis benefits
With regard to the amount on which the fringe benefit tax rate is applied, which statement is wrong?
The tax benefit rate is applied on:
The monetary value of the fringe benefit
The gross-up monetary value of the fringe benefit
The amount deductible by the employer from gross income

Both accounts of the fringe benefit and the fringe benefit tax
Where the taxpayer is a corporation, which of the following statements is true?
The holding period does not apply to corporation, hence, capital gains and losses are recognized at
50%
The net capital loss can be carried over in the next succeeding year
Capital loss is deductible only up to the extent of ordinary gains
Ordinary loss is deductible from capital gains
An individual taxpayer owns a ten (10)- door apartment with a monthly rental of P10,000 each
residential unit. He sold this property to another individual taxpayer. Which is not correct?
The seller is not liable to pay the capital gains tax.
The property sold is a capital asset.

The taxpayer is engaged in business
The rental income is subject to income tax using the graduated rates.
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1/17/2019 Gmail - TAXATION REVIEW

Aife Ocubillo <aife.myuki@gmail.com>

Google Forms <forms-receipts-noreply@google.com> 17 January 2019 at 23:47

Thanks for filling in TAXATION REVIEW

Here's what we've received from you:

Power of imminent domain

Power of imminent domain

Power of imminent domain

Which of the following statements is not correct?

An inherent limitation of taxation may be disregarded by the application of a constitutional limitation.

Tax laws are either political or penal in nature.

Which of the following is not a scheme of shifting the incidence of taxation?

Tax as distinguished from debt

no imprisonment for non-payment

may be paid in kind

Separate graduated rates are imposed on different types of income.

That there is no jurisdiction to collect the tax.

That there is no benefit derived from the tax.

That there is no jurisdiction to collect the tax.

That there is no benefit derived from the tax.

Which of the following statements is not correct?

Non-resident alien engaged in business in the Phil.

Non-resident alien who stayed in the Phil. For 175 days

3 excluding a newly born child during the taxable year

Only one statement is correct, which is it?

Allowed as deduction even if income is from compensation only

Allowed as deduction even if income is from business or practice of Profession

Not exceed P2, 400 a year per family

By either spouse in the case of married individuals

Which is not a creditable withholding income tax?

Expanded withholding income tax

Withholding income tax at source

Withholding income tax on compensation income

This is taxable income:

Refund of Philippine Income tax

Which of the following is part of gross income?

PCSO & Phil Lotto winnings

Bank interest on long-term deposit

Raffle prize not exceeding P10,000

If refunded, this is taxable

Tax credit and deduction from gross income

Tax credit only

Tax credit or deduction from gross income

This is not part of gross compensation income:

Salary of P 20,000 a month

Fringe benefits of P10,000 of an employee

Salary of P10,000 a month of a partner in a general professional partnership

Honorarium and allowances of P10,000 of a member of the board of directors of a corporation

Which of the following is subject to fringe benefit tax?

compensation income of the rank and file employees

fringe benefit of the rank and file employees

fringe benefit of the managerial employees

convenience of the employer

welfare and benefits of the employee

The monetary value of the fringe benefit

The gross-up monetary value of the fringe benefit

The amount deductible by the employer from gross income

Where the taxpayer is a corporation, which of the following statements is true?

Capital loss is deductible only up to the extent of ordinary gains

Ordinary loss is deductible from capital gains

The seller is not liable to pay the capital gains tax.

The property sold is a capital asset.

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