Individual taxpayers are subject to the following income tax: I. Basic tax in graduated tax table (progressive – Sec. 24A) II. Final withholding tax on passive income derived from sources within the Philippines III. Capital gains tax IV. Stock transaction tax of 6/10 of 1% of gross selling price. I, II, and III only I and II only All of the above I and III only

Individual taxpayers are subject to the following income tax: I. Basic tax in graduated tax table (progressive – Sec. 24A) II. Final withholding tax on passive income derived from sources within the Philippines III. Capital gains tax IV. Stock transaction tax of 6/10 of 1% of gross selling price. I, II, and III only I and II only All of the above I and III only

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 20MCQ

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On each transaction below, determine the tax type whether it is subject to Basic Income Tax (BIT), Final Withholding Tax (FWT) or Exempt (E) from income tax. On the tax rate column, write the respective rates of the tax type from 0% to 32% , Exempt or Graduated Tax Rate (GTR).
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