A domestic corporation provides fixed daily meal

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9. A domestic corporation provides fixed daily meal allowance to all its regular employees. The meal allowance is: a. Exempt from basic income tax b. Subject to fringe benefit tax if the recipient is a rank and file employee c. Subject to fringe benefit tax if the recipient is a managerial employee d. Subject to basic income tax
10. The notarized sworn declaration that the company or corporation’s gross income is estimated no to exceed P720,000 during the taxable year shall be executed by the:
b. Chief Finance Officer c. General accountant d. President/managing partner of the corporation/company/general professional partnerships 11. Pedro’s income tax due for the year amounted to P80,000. He may elect to pay the tax due on instalment as follows:
12. Income received by the estate during the period of administration or settlement of the estate, for tax purposes is known as
13. Which of the following is subject to income tax? a. SSS and GSIS b. Philippine Health Insurance Corporation (PHIC) c. Local Water Districts d. Philippine Amusement and Gaming Corporation (PAGCOR)
14. Which of the following corporations shall pay a tax equal to thirty percent (30%) of the gross income received during each taxable year from all sources within the Philippines?
15. Interest income receive from a depository bank under expanded foreign currency deposit system beginning January 1, 2018 or upon effectivity of the TRAIN Law shall be subject to: DC RFC NRFC
c. 15% 15% Exempt d. 15% 7 ½% Exempt 16. Statement 1: Gain on sale of all kinds of capital assets are subject to the final tax on capital gains. Statement 2: Gain from sale of real property classified as capital asset and located in Miami, Florida is not subject to the final tax on capital gain.

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