Course Hero Logo

ST-3.pdf - Grade 11 FUNDAMENTALS OF ACCOUNTANCY, BUSINESS...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 2 out of 2 pages.

1SUMMATIVE TEST 3Direction: Read and analyze each statement below. Determine whether the statement is TRUEOR FALSE. Shade the letter T if the statement is correct and F if the statement is not correct.1. A taxpayer who is a Minimum Wage Earner(MWE) is tax exempt.2. Aliens, whether resident or not, receivingincome from sources within the Philippinesneed NOT to file Income Tax Return.3. BIR form 1700 will be used if an individual isearning purely business income or incomefrom your profession.4. BIR form 1701A will be used by a mixed-income individual or those who opt for chosenGraduated Tax rate with an Itemized DeductionMethod.5. Final Income Tax Return will be filed every 15thday of April on the same year.6. Foreign corporations receiving income fromSources within the Philippines needs to fileIncomeTax Return.7. If a taxpayer failed to signify her intention to betaxed at 8% income tax rate on gross sales in herinitial quarter income tax return, the taxpayer tax due will be computed based on thegraduated income tax rate and the tax payer is also liable to pay business tax.8. If a taxpayer source of income is purely from self-employment, thus, she is entitled to theamount as deduction of ₱200,000.9.If an individual has an income of over ₱400,000.00 but not over ₱800,000.00 theadditional rate is 25%.10.If the annual income of an individual is beyond ₱ 250,000.00, he/she does not have topay and file an annual ITR.11. If the gross sales/receipts and other non-operating income exceeds the VAT threshold,the individual shall be subject to the 8% income tax rate.
End of preview. Want to read all 2 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
NoProfessor
Tags
Taxation in the United States, income tax return

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture