A resident Filipino decedent is an unmarried head of family with
the following data:
Real and Personal Php 5,000,000.00
Properties Family Home 2,000,000.00 Ordinary Deductions Funeral Php Expenses 200,000.00 Claims against 500,000.00 the estate Unpaid 300,000.00 mortgages Judicial Expense 450,000.00 Losses 50,000.00 1,500,000.00 Medical Expenses 600,000.00
The taxable net estate is: (Open-ended)
EASY - QUESTION NO. 2 30 SECONDS
MGL, a VAT-registered practitioner, single and a resident citizen,
has five (5) dependents living with and dependent upon him for chief support. Two (2) of the dependents are minors who are legally adopted. One is a child from his previous marriage, 15 years old. The other two (2) are his brothers, who are both minors. During the current year, he earns and spends the following (net of applicable taxes):
Gross receipts from practice of
Php 1,710,000.00 profession, net of 15% withholding tax Cost of services (40% VAT-subject) 500,000.00 Salary from part-time teaching job, net 123,500.00 of 5% withholding tax Expenses in connection with the practice of profession (80% VAT- 100,000.00 subject) VAT payments for January and 100,000.00 February
How much is the total exemption for the year?
A. P150,000 B. P75,000 C. P125,000 D. None of the choices EASY - QUESTION NO. 3 30 SECONDS
LBMR Corp., trader of appliances, made the following sales of
goods for the quarter ended March 2015:
Cash sales, net of vat Php 500,000.00
Open account sales, gross of vat 280,000.00 Installment sales, exclusive of vat Note: Initial payment received from installment 220,000.00 sales is Php60,000.00 Consigned goods not sold as of 31 March 2015, net of VAT: January 15, 2015 50,000.00 February 15, 2015 150,000.00 March 15, 2015 100,000.00
Output tax for the quarter ended 31 March 2015:
A. 122,400 C. 126,000 B. 120,000 D. 128,571 EASY - QUESTION NO. 4 10 SECONDS
When will Nherwin Hernandez, a self-employed individual, file his
first (1st) quarter income tax return? A. April 30 of the current year B. May 15 of the current year C. April 15 of the current year D. June 15 of the current year EASY - QUESTION NO. 5 30 SECONDS
Eddie Ong, a service provider, showed to you the following data:
Accounts Receivables, End Php 2,430.00
Accounts Receivables, Beg 1,120.00 Service Income 6,169.64 Cash collected 5,600.00 Purchase of services supported with valid VAT 2,240.00 ORs, net of VAT Purchase of goods supported with valid VAT 980.00 ORs, net of VAT Purchase of services with complete invoicing 550.00 requirements, net of VAT, supported with valid VAT ORs
How much is the value added tax payable? (Open-ended)
EASY - QUESTION NO. 6 10 SECONDS
A system of taxation that places emphasis on direct rather than
indirect taxation, with the ability to pay as the principal criterion A. Regressive tax system B. Progressive tax system C. Global tax system D. Gross Income tax system EASY - QUESTION NO. 7 10 SECONDS
Statement 1: Tips or gratuities paid directly to an employee (by a
customer of the employer) which are not accounted for by the employee to the employer are not considered taxable income. Statement 2: Stock dividends are never subject to income tax. A. True, True B. True, False C. False, True D. False, False EASY - QUESTION NO. 8 30 SECONDS
MSM Corporation has the following data for the current year:
Gross Business Income Php 750,000.00
Deductions (excluding charitable and other 200,000.00 contributions) Contributions to International Rice Research 10,000.00 Institute Contributions to an accredited non-profit 30,000.00 religious domestic corporation Contribution of office equipment to an accredited non-profit organization for the rehabilitation of veterans (acquisition cost - Php20,000.00; FMV Php15,000.00)