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    Intro To Regular Income Taxation

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    hotgirlsummer
    There are two types of regular income tax: proportional income tax for corporations and progressive income tax for individuals. For all taxpayers, taxable income means gross income not subject to capital gains tax and final tax less allowable deductions. Items of gross income subject to final tax and capital gains tax are excluded from gross income subject to regular income tax.

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    Intro To Regular Income Taxation

    Uploaded by

    hotgirlsummer
    401 views2 pages
    There are two types of regular income tax: proportional income tax for corporations and progressive income tax for individuals. For all taxpayers, taxable income means gross income not subject to capital gains tax and final tax less allowable deductions. Items of gross income subject to final tax and capital gains tax are excluded from gross income subject to regular income tax.

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    intro to Regular Income taxation

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    There are two types of regular income tax: proportional income tax for corporations and progressive income tax for individuals. For all taxpayers, taxable income means gross income not subject to capital gains tax and final tax less allowable deductions. Items of gross income subject to final tax and capital gains tax are excluded from gross income subject to regular income tax.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    401 views2 pages

    Intro To Regular Income Taxation

    Uploaded by

    hotgirlsummer
    There are two types of regular income tax: proportional income tax for corporations and progressive income tax for individuals. For all taxpayers, taxable income means gross income not subject to capital gains tax and final tax less allowable deductions. Items of gross income subject to final tax and capital gains tax are excluded from gross income subject to regular income tax.

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    © All Rights Reserved
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    TF There are two types of regular income tax: proportional income tax corporations and

    progressive income tax for individuals. true

    TF Non-Resident Alien Engaged in trade or Business (NRA-NETBs) and Non Resident Foreign
    Corporations (NRFCs) are also subject to regular income tax. false

    TF All taxpayers are subject to final tax. false

    TF Taxable income is synonymous to net income. false

    TF For all taxpayers, taxable income means the pertinent items of gross income not subject to
    capital gains tax and final tax less allowable deductions. true

    TF All taxpayers are subject to regular income tax. true

    TF Employed taxpayers can claim expense from their employment as deductions against their
    compensation income. false

    TF Items of gross income subject to final tax and capital gains tax are excluded in gross income
    subject to regular income tax. true

    TF The P250,000 income tax for individuals is designed to be in lieu of their personal and business
    expenses. false

    TF Non-taxable compensation are items of compensation that are excluded against gross income.
    true

    MC The general rule in income taxation is Final income taxation Incorrect Capital gains
    taxation Incorrect Regular income taxation Correct Fringe benefit taxation
    Incorrect

    MC Active income is subject to Regular tax Correct Capital gains tax Incorrect
    Final tax Incorrect Any of these Incorrect

    MC The net amount of regular income subject to regular tax is called Taxable income Correct
    Compensation income Incorrect Net income Incorrect Gross income
    Incorrect

    MC Which is not generally subject to regular income tax? Compensation income Incorrect
    Business income Incorrect Professional income Incorrect Passive income
    Correct

    MC What are allowable deductions against gross income? Business expenses Correct Family
    supportIncorrect Personal expenses by the taxpayer Incorrect Expenses of
    employment Incorrect
    MC Deductions are allowed to Employed taxpayers Incorrect Individual taxpayers
    only Incorrect Corporate taxpayers only Incorrect Taxpayers engaged in business
    Correct

    MC Personal exemptions are allowed Employed taxpayers Incorrect Individual


    taxpayers only Correct Corporate taxpayers only Incorrect Taxpayers engaged in business
    Incorrect

    MC Which is not a feature of the regular income tax? Net income tax Incorrect Final
    withholding tax Correct Annual tax Incorrect Creditable withholding tax Incorrect

    MC Which is true with the final withholding tax? The taxpayer still needs to file an annual
    consolidated return. Incorrect It applies to all items of gross income Incorrect It
    constitutes a partial payment of income tax. Incorrect It applies to certain passive income
    Correct

    MC Which is not true with the creditable withholding tax? advances to the annual tax due
    Incorrect no need to pay further taxes Correct need to file annual income return
    Incorrect applicable to items of gross income Incorrect

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