Regular Income Taxation: Individuals

THEORY PART $2$

A taxpayer who is both engaged in business and employment is not

a$.$ subject to the withholding tax on salaries by his employer.

b$.$ required to file quarterly income tax on business income.

c$.$ required to consolidate his quarterly mixed income for quarterly tax reporting.

d$.$ required to file an annual consolidated income tax return.

Which of the following may be subject to final tax?

a$.13$th month pay and other benefits

c$.$ Fringe benefits

b$.$ Supplemental compensation

d$.$ Regular compensation income

Which of the following cannot claim deduction from gross income?

a$.$ Resident citizens deriving income solely from employment

b$.$ Non$-$resident citizens engaged in business

c$.$ Resident citizens deriving mixed income from employment and business

d$.$ Resident aliens deriving a mix of passive income and business income

To which of the following does the substituted filing system apply?

a$.$ Purely employed taxpayers

c$.$ Mixed income taxpayers

b$.$ Taxpayers purely engaged in business

d$.$ Any of these

Regular Income Taxation: Individuals

$5.$ Which is not a requisite of the substituted filing system?

a$.$ The taxpayer must have only one source of business income.

b$.$ The taxpayer must have only one employer during the year.

c$.$ The taxpayer has no other source of gross income subject to regular tax other than compensation.

d$.$ The employer did not commit errors in the computation of the employee's income tax.

$6.$ Which of the following employees is not required to file an annual consolidated income tax return?

a$.$ Those with concurrent employment during the year

b$.$ Those with successive employment during the year

c$.$ Those deriving income distribution from a general professional partnership, taxable trusts, or taxable estates

d$.$ Those earning purely compensation income when the employer correctly withheld the tax

$7.$ Which individual income taxpayer can claim tax credit for foreign taxes paid?

a$.$ Resident citizen

b$.$ Resident alien

c$.$ Non$-$resident citizen

d$.$ All of these

$8.$ What is the optional standard deduction claimable by individual income taxpayers who are engaged in business?

a$.25\%$ of gross income

c$.40\%$ of gross income

b$.25\%$ of sales or receipts

d$.40\%$ of gross receipt or sales

Regular Income Taxation: Individuals

$9.$ When should individual income taxpayers submit their annual or consolidated return for the year $2021?$

a$.$ April $15,2021$

b$.$ November $15,2021$

c$.$ April $15,2022$

d$.15$th day of the fourth month following the fiscal year of the taxpayer

$10.$ Which of the following taxes is a resident citizen or alien subject?

a$.$ Final Tax

b$.$ Capital gains tax

c$.$ Regular tax

d$.$ All of these

$11.$ A non$-$resident alien, not engaged in trade or business is not subject to

a$.$ final tax.

b$.$ capital gains tax.

c$.$ regular tax.

d$.$ None of these