1. Adrian is a PURELY SEP. His Gross Sales/receipts and other non-operating income was P130,000. Determine the income tax due of Alex.*

1 point

P 1,000

P 1,600

P 2,600

P 0.00

2. Mae is a PURELY SEP individual. Using the data below of her income for the year, determine her tax due if she opt to use the graduated tax rate: Gross Sales P 1,400,000 Cost of Sales (P 500,000) Operating Expenses ( P 200,000)*

1 point

P 105,000

P125,000

P 100,000

P 130,000

3. In item no.2, is Mae liable for business tax?*

1 point

No

Yes

4. Using the same data on no. 2 but instead, Mae opt to avail the 8% tax under the TRAIN Law and that she is also qualified to avail the same, determine her tax due.*

1 point

P 92,000

P112,000

P120,000

P108,000

5. Base on No.4, is Mae still liable to pay business tax?*

1 point

No

Yes

6. Henry is a PURELY SEP individual. Determine his income tax due with his income as follows: Gross Sales P 4, 800,000 Cost of Sales(P 750,000) Operating Expenses ( P 100,000)*

1 point

P490,000

P 1,950,000

P1,114,000

P 1,264,000

7. Is Henry in No. 6 can opt to avail the 8% tax under TRAIN Law? Why?*

1 point

No, because he is non-VAT registered

No, because his income exceeds the VAT threshold of P3,000,000

Yes, because he satisfy all the requisites

Yes, because he has the privilege to avail under TRAIN Law

8. Is Henry in No. 6 still subject to business tax?*

1 point

No, because he is subject to VAT

No, because he already availed of the 8% tax

Yes, because he is subject to 8% tax under the TRAIN Law

Yes, because he is subject to VAT

9. Mia is a purely SEP individual. She is VAT registered. Her income is stated below. Determine her income tax due. Gross Sales P 1,800,000 Cost of Sales P 200,000 Operating Expenses P 50,000*

1 point

P 550,000

P 355,000

P 465,000

P 130,000

10. Base on No.9, can Mia avail of the 8% tax?*

1 point

Yes, because she is qualified to avail the 8% tax.

No, because she is a VAT registered person.

No, because she is exempt

Yes, because her income does not exceed the VAT Threshold of P3,000,000

11. Base on No.9, is Mia subject to business tax?*

1 point

Yes

No

FOR QUESTION NO. 12

12. Lycie is a PURELY SEP individual. She signified her intention to be taxed at 8% income tax rate on gross sales in her 1st quarter income tax return. However, her gross sales during the taxable year exceeded the VAT Threshold of P3 Million as follows: *

1 point

P 4, 200,000

P 4,500, 000

P 3, 500, 000

P 4, 000,000

13. Base on No. 12, what is the Net Taxable Income for the year?*

1 point

P2, 700,000

P2,550,000

P2,725,000

P2,500, 000

14. Base on No. 12, what should be used in computing her income tax due for the year?*

1 point

Graduated tax Rate because her Gross Sales exceeds the P 3Million Threshold

8% tax because she signified her intention to be taxed at 8%

15. Base on No. 12, what is the income tax due of Lycie for the year?*

1 point

P 850,000

P710,000

P722,000

P815,000