PUP_Assignment No.

3_Income
Taxation_2nd Sem AY 2020-2021
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X is engaged in business. His net income for 2018 is 250,000. Thus, 5 points

• No need to file ITR because his net income do not exceed 250,000

• Required to file Annual ITR on May 15, 2018

• Required to file Annual ITR on May 15, 2019

• Required to file Annual ITR on April 15, 2019

• None of the above

. I. The income from compensation and business net income shall be 5 points

combined to compute the basic income tax due under the Graduated
tax rate under Sec 24. II. Person earning purely compensation income
shall be subject to graduated tax rate only.

• True True

• False False

• True False

• False True
I. Before RA 10963, there is personal exemption. Additional exemption is 2 points

20,000 for all dependent children; but with a maximum of 4 children. II.
Before RA 10963, the basic personal exemption allowed to individual
taxpayer is 50,000

• True True

• False False

• True False

• False True

The following are required to file ITR except: 2 points

Employees deriving purely compensation income from two or more employers,

concurrently or successively at any time during the taxable year

Employees deriving purely compensation income regardless of the amount during

the calendar year, the income tax of which has been withheld correctly (i.e. tax due is
equal to the tax withheld) resulting to collectible or refundable return

Self-employed individuals receiving income from the conduct of trade or business

and/or practice of profession

Individuals deriving mixed income, i.e., compensation income and income from the
conduct of trade or business and/or practice of profession

Individuals deriving other non-business, non-professional related income in addition

to compensation income not otherwise subject to a final tax

None of the above

X, operates a restaurant in San Mateo. The restaurant provides delicious 5 points
foods and drinks to various customers at a very low price. In 2018, X has
a total sales of 3,500,000 (500,000 are still on credit) ; while the cost of
sales and expenses is 1,000,000. Under the tax code, what should be the
amount of taxable revenue (before deductions) that X must filed in BIR?

• 3,500,000

• 3,000,000

• 2,500,000 (3.5M – 1M)

• 2,000,000 (3M -1M)

• None of the above

Income tax is a 5 points

• Local tax

• Special tax

• Tax on persons

• Regressive tax

• None of the above

THE REQUISITES FOR INDIVIDUALS QUALIFIED FOR SUBSTITUTED FILING 3 points
OF BIR FORM NO. 1700 are the following except:

Receives purely compensation income regardless of amount;

Compensation from only one employer in the Philippines for the calendar year;

Income tax has been withheld correctly by the employer (tax due equals tax
withheld);

the employee's spouse also complies with all the three conditions stated above;

Employer files the BIR Form No. 1601-C

The employer issues each employee BIR Form No. 2316 (latest version)

None of the above

A, engaged in business of selling fish and vegetables in San Mateo 5 points

Market. His sales is 2,900,000. Cost of sales is 1,000,000 and OPEX is
300,000. A is registered as NON VAT taxpayer. A also earned
compensation income of 1M from ABC Corp as a Acctg manager. In
2019, A opted to be taxed at 8% Optional income tax rate claiming that
he can avail the 8% income tax rate since he is engaged in business of
selling products with sales below 3M threshold. Can he claim the 8%
optional income tax rate?

• Yes, bec his income is below 3M

• Yes, because he is covered by New tax code

• Yes, because he is NON VAT person with income below 3M

• None of the above

X, a minimum wage earner. In 2018, his salary and overtime pay totaled 5 points
200,000 and his hazard pay is 40,000. He received a 13th month pay of
100,000. At the same year, his business has net income of 700,000. He
also noticed that his bank account in BDO was increased by 1,000 due to
interest (from cr balance of 90,000; his bank account has credit balance
of 91,000). What is the taxable income of X in 2018 subject to graduated
tax rate?

• 700,000

• 710,000

• 711,000

• 1,040,000

• None of the above

In 2019, A, employee of MCDO Corp, has an annual salary of 2.5M only. 3 points
Can avail the 8%?

• Yes, bec his income is below 3M

• Yes, because he is covered by New tax code

• Yes, because he is NON VAT person with income below 3M

• None of the above

. X, operates a restaurant in San Mateo. The restaurant provides 5 points
delicious foods and drinks to various customers at a very low price. In
2018, X has a total sales of 3,500,000 (500,000 are still on credit) ; while
the cost of sales and expenses is 1,000,000. Can X avail the 8% optional
tax rate?

• Yes

• No, because his sales exceeded 3M

• No, because his sales, excluding on credit is 3M

• No, because he sells VAT exempt goods

• None of the above

X, a minimum wage earner. In 2018, his salary and overtime pay totaled 5 points
200,000 and his hazard pay is 40,000. He received a 13th month pay of
100,000. At the same year, his business has net income of 700,000. He
also noticed that his bank account in BDO was increased by 1,000 due to
interest (from cr balance of 90,000; his bank account increased to
91,000, credit balance). What are the total taxes due from X in 2018?

• 107,750

• 106,250

• 107,700

• 107,500

• None of the above

. Asta is a NON VAT registered person in 2020, subject to Sec 116. His 5 points
previous vatable sales in 2019 do not exceed the threshold of 3M. At the
beginning of 2020, he opted the 8% optional income tax rate. From Jan
to September 2020, his total sales is 3M. As of December 2020, total
sales for the whole year is 5M. Total expenses and cost of sales is 2.5M.
What is the income tax still due at end of year 2020?

• 650,000

• 430,000

• 380,000

• 520,000

• None of the above

X, RC, received a dividend income from C, Resident Foreign Corporation 5 points

amounting to 100,000 in 2018. C Corp operates in Philippine as
authorized by law. C’s gross income from the past 3 years earned within
the Philippines prior to declaration of dividend is 400M. While its gross
income outside the Phil for the past three years is 600M. Thus,

• The dividend income is 100% within the Philippines

• The dividend income is partly within and partly without. Based on ratio, 40% is partly
within and the 60% of dividend income received is without the Philippines and non-
taxable.

• The dividend income is partly with and partly without. 60% is taxable and the 40% is
not taxable

• The income is subject to final tax

• None of the above

Yr and section *

BSA 2-18

BSA 2-8

BSA 2-3

BSA SAN JUAN 2

X, RC, has the following data for 2019: Gross Sales is 2,000,000 and 5 points

Other income 200,000; Bus. Net Income=1.5M and Salary of 1M. X is

subject to Sec 116. He avails the 8% optional income tax rate. What is the
tax due of X?

• 366,000

• 220,000

• 346,000

• 350,000

• None of the above

X file his annual ITR on February 2019. On May 2020, he received a notice 5 points

of assessment from BIR for under payment of taxes. Thus, X file an

amended ITR of 2018 due to notice from BIR. Decide.

• X cannot file an amended ITR.

• X may file an amended or answer the notice of assessment from BIR

• X must file a new ITR and pay the correct taxes

• X must file an appeal in court

• None of the above

Asta, non-resident alien not engaged in business in the Philippines, has 5 points

the following income for 2019: Business income in USA of 7,000,000

and; Other income of 2,000,000 earned in the Philippines. How much is
the income tax due of Asta?

• 500,000

• 490,000

• Zero

• 420,000

• None of the above

Complete Name (Last Name, First Name MI) *

Your answer
A, engaged in business of selling fish and vegetables in San Mateo 5 points

Market. His sales is 2,900,000. Cost of sales is 1,000,000 and OPEX is

300,000. A is registered as NON VAT taxpayer. A also earned
compensation income of 1M from ABC Corp as a Acctg manager. In
2019, A choose 8% Optional income tax rate claiming that he can avail
the 8% income tax rate since he is engaged in business of selling fish
and vegetables with sales below 3M threshold. Given the above data,
what should be the basic income tax due of A?

• 422,000

• 232,000

• 190,000

• 682,000

None of the above

X, owner of Disco bar / Comedy bar in Manila. His total sales is 2M only. 3 points

Cost of sales and expenses is 500,000. NON VAT taxpayer registered to

BIR. Can he avail the 8% Optional Income Tax rate?

Yes

No

Maybe
. I. Compensation and business income are returnable income that are 5 points

subject to final income tax.II. When a taxable income is subjected to final

tax, that income shall be excluded in the computation of taxable net
income subject to basic income tax under the graduated tax rate.

• TT

• FF

• TF

• FT

Husband and Wife are engaged in business of selling product X in 5 points

Mindanao, where there are many terrorist groups operating in the

business area. In 2018, they have a total business net income of 250,000.
Decide.

• Need to file one ITR for 2018, unless impracticable

• NO need to file because they are exempted due to terrorist groups.

• File a separate ITR under Section 51 (D), unless impracticable

• File a consolidated return on May 15, 2019, under Sec 51 (D)

• None of the above

 X, bought a land in 2012 worth 1M (for used in business). In 2018, the land 2 points
appreciated in value and increased BY 4M. Later, X sold the land in 2018
at its fair value. What is the taxable gain?

• 5,000,000

• 4,000,000

• 3,000,000

• None, because it is still unrealized

• None of the above

. In 2019, A is classified as NRC. In Jan 1 to Nov 30, 2020, A stayed in 5 points

Japan as immigrant. While staying in Japan, he worked as Hotel manager

and earned 1M. However, in Dec 1, A arrived in the Philippines with
intention to reside in Manila permanently. A was able to submit
documents to prove his intention to stay here in Phil. In Dec 2-Jan 31,
2021, A earned a salary of 400,000 (for two months as a manager in
Hotel Manila). In 2020, A owned a Apartment located Italy with annual
rental income of 480,000 per year. In 2020, A is classified as a?

• RC only

• RA only

• NRC only

• None of the above

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