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6. Which of the following interest income derived within the...

6. Which of the following interest income derived within the Philippines is subject to basic income tax? a. Interest income from bank deposits b. Interest income from loans c. Interest income from deposit substitutes d. Interest income from trust funds 7. Which of the following interest income by a resident taxpayer is subject to 15% upon effectivity of the TRAIN Law? a. Interest income from peso bank deposits b. Interest income from deposit substitutes c. Interest income trust funds d. Interest income from dollar deposits 8. A non-resident alien derived interest income from his bank deposit here in the Philippines under the FCDU system of a domestic bank. The interest amounted to $500. How much is the income tax due of the said alien? ($1=Php50) a. P0 c. P3,750 b. P1,875 d. P10,000 9. If an account in a depository bank under the foreign currency deposit system is jointly in the name of a nonresident citizen such as an overseas contract worker, or a Filipino seaman, and his spouse or dependent who is a resident of the Philippines, the interest on such deposit for 2018 taxable year shall be: a. Exempted in its entirety. b. Subject to final withholding tax of 15% in its entirety. c. 50% exempt and 50% subject to final withholding tax of 15%. d. Subject to regular income tax rates for individuals. 10. Which of the following royalties earned within the Philippines is not subject to 10% final withholding tax? a. Royalties from computer software b. Royalties from books c. Royalties from literary works d. Royalties from musical compositions

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