The 6% capital gains tax does not apply to a) Resident citizen b) Domestic corporation c) Foreign corporation d) Non-resident citizen
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- An S corporation is subject to the following tax(es). a.Corporate income tax. b.Built-in gains tax. c.Alternative minimum tax. d.None of these choices are correct.Which of the following taxpayers cannot claim deductions from gross income? General professional partnership Domestic corporation Resident foreign corporation Non-resident foreign corporationThe following individuals are required to file an income tax return, except: a. Non-resident aliens not engaged in trade or business b. Resident Citizen c. Non-resident alien engaged in trade or business d. Non-resident citizen
- 23. Which is TRUE? S1: All taxpayers engaged in trade are allowed to use either itemized or optional standard deduction. S2: Exempt corporations are required to report their income. S3: A registered barangay-micro business enterprise who is exempt from paying income tax is also exempt from filing income tax return. S4: A senior citizen who is engaged in trade or business is exempt from taxation. Group of answer choices a. S1 d. S4 b. S2 c. S31. Which of the following is required to file an income tax return? A. An employee covered by the substituted filing system. B. A taxpayer deriving purely passive income subject to final tax. C. A special alien with respect to his compensation income. D. A non-resident citizen who derives his entire income form sources outside the Philippines. 2. The taxable income of a mixed income earner is the : A. Net income from business less personal exemption B. Net income from business C. Taxable compensation income D. Taxable compensation income plus net income from business.Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residence
- Which corporate taxpayer is not subject to regular income tax? Resident foreign corporation Domestic corporation Non-resident foreign corporation Business partnershipS1- Individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration is non-VAT and their gross sales or receipts do not exceed the VAT threshold and their transactions are not exempted from business tax. S2-Non-individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration is non-VAT and their gross sales or receipts do not exceed the VAT threshold and their transactions are not exempted from business tax. O $1 is true O Both arce true O Both are false 52 is trueWhich of the following may be exempt from Canadian withholding tax when paid to a non-resident? a. dividends b. interest paid to an arm's-length party c. Pension benefits d. Registered retirement income fund payments
- Quarterly income tax payments made by a non-resident citizen taxpayer may be claimed asWhich of the following is not an income taxpayer classification? a. Resident citizen O b. Non-resident alien c. Resident foreign corporation O d. General professional partnershipWhich of the following statements are NOT correct? i. A registered taxpayer can claim input tax credit for items used for its exempt activities. ii. A registered taxpayer can claim input tax credit for items used for zero-rated activities. iii. The VAT rate Exempt supplies is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%. Question 21Answer a. None of the above b. i, ii and iv c. i only d. i, and iii