Proof
27. Which of the following is TRUE in
A. The cost of plane is exempted from FBT B. The traveling expenses are exempted from FBT
C. Proof of expenses is required in all cases
D. The cost of lodging is subject to FBT if it's expensive
28. Which is FALSE in fringe benefits tax?
S1 - Generally, fringe benefits are subject to fringe benefits if given to managerial employees
S2 - Fringe benefits when given to rank-and- file are exempted from fringe benefits tax
53 - The employer is the person statutorily liable to pay the fringe benefits tax
54 - The basis of the fringe benefits tax is the monetary value of the fringe benefits
A. S1
B. S2
C. S3
D. S4
29. Which of the following is FALSE? Income (is / are):
A. All wealth which flows to the taxpayer
B. An amount of money coming to a person or corporation within a specified time, whether as payment for services, interest or profit from investment
C. Flow of service rendered by capital by the payment of money from it or any other benefit rendered by a fund of capital in relation to such fund through period of time
D. Includes earnings, lawfully or unlawfully acquired, without consensual recognition, express or implied,
of an obligation to repay and without restriction as to their disposition
30. Which is FALSE?
S1 - An individual employee has no choice but to use graduated tax table in computing his annual tax S2 - An individual engaged in trade may opt to use either graduated tax or 8% tax
S3 - An individual purely engaged in practice of profession can only use 8% tax
A. S1
B. S2
C. S3
D. S1, S2, S3
32. S1 - If there was over-withholding, the employer is required to credit or refund the excess withholding tax of the employee not later than January 25 of the following year.
S2 - In case of termination of employment before December, the refund shall be given to the employee at
the payment of the last compensation during the year.
A. Only S1 is True
B. Only S2 is True
C. Both are True
D. Both are False
34. Who is required to file an Annual Income Tax Return (AITR)?
Nicanor who has simultaneous (two) employers during the year.
Jose whose income tax due on his compensation is Php 50,000 while the tax withheld by employer is Php 60,000. The overpayment has been refunded to him already.
Andres who was employed from January 1 but was terminated upon end of contract on June 30. He was later employed in another company from July 1 to December 31.
Goyo, a non-resident alien engaged in trade or business
A. Nicanor and Andres
B. Nicanor, Andres and Goyo
C. Nicanor and Goyo
D. All of them
35. Which of the following income MAY BE EXCLUDED from Gross Income due to its nature?
S1 - Pension
S2 Foreign-sourced dividends
53 - Raffle Prize in the amount of Php 20,000
54 Retirement Pay
A. All
C. 52, 54
B. S1, S3
D. S1, S2, S3
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