1. Read the RA 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law. 2. All answers shall be consistent to the provisions of the TRAIN Law. Write your answers in a separate sheet of paper. Re-write the Question next to your Answer. 3. Use MSOffice-Word; Font Size 12; Century Gothic Regular Font in answering the Questions. [Example: Century Gothic-Regular Font Size 12] Questions: A.Personal Income Tax 1. What forms part of taxable income of a "compensation income eamer' or a salaried employee: 2. How does TRAIN Law tax the fringe benefits given to employees by their employer? 3. How do you distinguish the two [2) modes or tax regimes in taxing "self- employed individuals and professionals" under the TRAIN Low? 4. Briefly explain the scheme of "Simplified Taxation Regime" for self- employed individuals and professionals in the computation of fox due and payable under the TRAIN Law? 5. What is the rationale behind the 8%% tax rate for self-employed individuals and professionals under the TRAIN Low? 6. Briefly explain the "Graduated Taxation Regime" for self-employed individuals and professionals in the computation of tax due and payable under the TRAIN Law? 7. What is the difference between the 8% simplified taxation scheme and the 40% Optional Standard Deduction (OSD) scheme for self-employed individuals and professionals under the TRAIN Low? 8. What are the considerations before an individual taxpayer can avail of the "Simplified Taxation Regime"? 9. What are the considerations in determining the appropriate scheme (i.e. Simplified Taxation; Graduated Tax Rate and/or Optional Standard Deduction) for self-employed individuals and professionals? 10. What is the impact of the TRAIN Low on the taxability of the income of partners comprising the General Professional Partnership (GPP)? 11. How is the tax of "mixed income taxpayer", meaning a taxpayer earning both compensation and business/professional income at the same in one taxable year? 12. Briefly explain the computation of the individual income tax due and payable using the graduated tax rate under the TRAIN Law? B. Business Tax - Sales Tax 13. What is Value-added Tax System (VAT) as followed in the Philippines? 14. What is "VATABLE Transaction" under the TRAIN Law? 15. What is "VAT-Exempt transaction" under the TRAIN Law? 16.What is "Zero-rated sale transaction" under the TRAIN Law? C. Excise Tax 17.What is "Vanity Tax" under the Section on "Non-essential goods and services similar to taxes on jewelry, semi-precious stones, semi-precious metals, perfumes, toilet water, yachts and similar items of the TRAIN Low? 18. What are non-essential services subject to tax under the TRAIN Low? 19.Which "sweetened beverages" are subject to tax under the TRAIN Law