ate
P 90,000
13th month pay and other benefits is exempt up to a maximum amount of
P 91,800
1. Decedent, died January 10, 2018 had the following data: Gross estate P 10,000,000 Funeral expenses 250,000 Judicial expenses 150,000 Claims against the estate 100,000 Transfer for public use 200,000 Losses 300,000 Hospitalization expenses 85,000 Unpaid taxes 20,000 Unpaid mortgages 50,000 Family home 2,500,000 RA 4917 300,000 The estate tax payable is
1,000,000
1. Donor A made the following donations to B, donee. P 500,000 - Fair market value of land, with an unpaid mortgage of P200,000, 50% of which shall be assumed by B. 600,000 - Car, with an agreement that the tax of P36,000 on the donation shall be assumed by B. The net gift on the donation is -
332,500
1. Santi retired from employment with the government on November 30, 2022. As a consequence of his retirement, he received the following: Monthly basic salary (January - November) P 30,000 Monthly Personnel Economic Relief and Allowance (reimbursement) 2,000 13th month pay 30,000 Cash gift 5,000 Retirement pay 750,000 Terminal leave pay 120,000 Longevity pay 30,000 Rice allowance per month 2,500 Clothing allowance 8,000 Loyalty award 20,000 How much is the taxable compensation income of Santi in 2022?
is subject to 12% VAT
Del owns a small convenience store. Although the annual gross sales range from P2,400,000 to P2,900,000, she decided to register it as a VAT business in 2021. The store
Tax rate
Distinctions between donor's tax and estate tax, except
Child Former girlfriend P 18,000 P 18,000
Donor A donated a parcel of land to B on January 5, 2021 on account of marriage. The property has a zonal value of P500,000 and an assessor's market value of P550,000. How much is the donor's tax due if B is a legitimate child of A? Former girlfriend of A
Judicial expenses
Effective January 1, 2018 this expense is no longer deductible from the gross estate of a nonresident not citizen decedent
P 307,000
Fe Bisic is a compensation income earner. Her total basic pay during the year is P220,000 which is more than the statutory minimum wage. Other income during the year were; Overtime pay, P30,000; Holiday pay, P15,000; Hazard pay, P24,000 and Night-shift differential pay, P18,000. If the amounts are net of mandatory contributions to SSS, Philhealth and Pag-Ibig, how much is the taxable income?
None - TRAIN Law has repealed the provisions on personal exemptions.
For taxable year 2020. a husband and wife with five (5) qualified dependent children shall be entitled to a maximum basic personal and additional exemptions of
50,400
Her business tax due for the quarter shall be
Complete separation of property
House Speaker Alvarez has introduced a bill in the Congress amending certain provisions of the Family Code to the effect that in the absence of a pre-nuptial agreement, the property relations of the spouses shall be governed by
Employer's share contribution to GSIS
In accomplishing BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of an employee, which of the following is not included in the Non-Taxable/Exempt Compensation Income?
Get BIR Printed Receipts/Invoices
In starting a business, which is the last step in registering it with the BIR under Single Window Policy?
3% Common carrier's tax
In the 2nd quarter of 2022, Sexy Teksi owns four (4) units of taxi. Gross receipts of ₱1,680,000; cost of services and operating expenses were ₱800,000 and ₱200,000, respectively, and with non-operating income of ₱120,000. The business tax due is
VAT and income tax.
In the preceding problem, assume that the property is a commercial building which is being leased as offices of professionals such as lawyers, accountants and engineers. If the monthly rental per unit in 2020 is P12,000 and the aggregate annual rental is P3.5 million, Renee Rentah is subject to
5,000,000
In the preceding problem, if the decedent died January 5, 2021, the deduction from gross estate is
Percentage Tax of P75,000
In the preceding problem, if the year of operation is 3rd quarter of 2023, it is subject to
P 30,000
In the preceding question, assuming the sales during the year amounted to P2,600,000 (net of VAT) while the cost of sales and operating expenses (both net of VAT) were P1,900,000 and P450,000, respectively, the total of income and business taxes payable amount to
1% non-VAT.
In the preceding question, suppose the monthly rental per unit in 2021 is P16,000 and the aggregate annual rental is P3,200,000 the lessor is not subject to
commission
A minimum wage earner is not exempt from
income tax on income of activities that are not related to educational purpose
A non-stock and non-profit educational institution is subject to
Stock transaction tax
A non-stock, non-profit university is subject to
15%
A sale of shares of stock which are not listed and traded in the stock exchange is subject to a tax rate of
P1,101,200
Alegn Canu, an American employed in International Corporation in 2018, a Petroleum Service Contractor received compensation income of ₱4,000,000 for 2021, inclusive of ₱400,000 13th month pay and other benefits. The income tax due on Alegn Canu is
NRA not engaged in trade or business
An alien who shall come to the Philippines and stay therein for an aggregate period of one hundred eighty (180) days or less during any calendar year
2303
An association has applied for registration with the Bureau of Internal Revenue. After submission of the requirements, it was issued a Certificate of Registration (COR) which is otherwise known as BIR Form No. ___
None of the above
An invoice or official receipt shall be valid for a period of __ years from the date of _____
Triplicate copies
BIR Form No. 1701 must be filled-up in
Triplicate copies
BIR Form No. 1702-RT must be filled-out in
P 310,000
Brooke is a real estate broker. Her total gross receipts amounted to ₱3,050,000. Her recorded cost of service and operating expenses were ₱450,000 and ₱1,200,000, respectively Her income tax liability if the income is earned in 2021 is
91,250
Cabal, a Certified Tax Technician and BIR accredited tax practitioner, operates a "Wash-your-Car" business while he offers tax services to clients. In 2021, his gross sales amounted to ₱825,000, in addition to his gross receipts from bookkeeping services of ₱250,000. His recorded cost of goods sold and operating expenses were ₱360,000 and P37,000, respectively. If Cabal opted to avail of the OSD, the income tax due shall be
corporation
Capital gains realized during the taxable year from the sale, barter, exchange or other disposition of shares of stock are subject to 15% final tax if the stocks are issued by a
five (5) years
Certificate of Accreditation of Printers engaged in printing services of official receipts, sales invoices and other commercial receipts and/or invoices shall be valid for __ ______ from the date of issuance of the Certificate of Accreditation
P 105,000
Chenie is a civil engineer who is engaged in private practice. Her total gross receipts amounted to ₱2,150,000 in 2018 while the cost of services and operating expenses were ₱850,000 and ₱600,000, respectively. Applying the better option, the income tax due on Chenie is -
200,000
Christopher P, married to Julie A, had an income of P450,000 in 2022. If the spouses have seven (7) dependent children, the income subject to income tax
P5,000,000
Jose Dasing, Australian, died in 2022. If the decedent was a resident of Manila, how much is the deductible standard deduction?
JPA Janitorial Services
Jose Pag-Anapa owns a janitorial single proprietorship business registered with DTI as JPA Janitorial Services. In the official receipts and invoices, the business style is
42,500
Ka Wani, married with two (2) dependent children, works for PACTT, Inc. He is not engaged in business nor has any other source of income other than his employment. In 2023, Ka Wani earned a total taxable compensation income of ₱600,000. The income tax due on Ka Wani is
12.86
King Macdonald ordered two (2) pieces chickenjoy with drinks in one Jollibee branch. The total amount due is P120. Assuming that he is neither a PWD nor a senior citizen, how much is the value-added tax?
P 74,400
Ling owns a small sari-sari store and a beauty parlor. In 2022, her gross sales in the store amounted to P680,000, in addition to her receipts from the parlor of ₱500,000, while her total cost of sales/services and operating expenses amounted to P 300,000 and P200,000, respectively. The income tax due if she signified her intention to be taxed at the 8% income tax rate
P 37,250
Mama Tai died on January 3, 2020. The estate tax due and payable of P25,000 was paid on January 3, 2023. The estate tax due, including increments but excluding compromise penalty is
160,000
Mr. A is an accountant who is engaged in public practice. His total gross receipts in 2021 amounted to ₱2,250,000. His recorded cost of service and operating expenses were ₱450,000 and ₱100,000, respectively. HOW MUCH is the income tax due if Mr. A avails of the 8% income tax option?
P 400,000
Mr. A is an accountant who is engaged in public practice. His total gross receipts in 2021 amounted to ₱2,250,000. His recorded cost of service and operating expenses were ₱450,000 and ₱100,000, respectively. HOW MUCH is the income tax due if Mr. A avails of the graduated rates in the tax table?
34,000 - salary for his last month of service.
Mr. A, government employee, has retired from service. Which of the following amounts is taxable to him?
P 110,400
Mr. Z, single with one dependent child, operates a car aircon repair shop. For the year 2022, it had gross receipts of P1,630,000. The cost of services and operating expenses amounted to P400,000 and P200,000, respectively. If Mr. Z avails of the 8% tax option, the total tax due is
Until 12/31/17 Effective 1/1/18 VAT Non-VAT
Sale or lease of goods or properties or performance of services the gross annual sales/receipts amount to P2,500,000 by a non-VAT registered establishment is subject to
11213
Tax Amnesty Act is Republic Act No
3% Carrier's Tax
Taxis, jeepneys and bus operators with annual gross receipts of not exceeding P3 million are subject to business tax o
2550 Q
The BIR Form to be accomplished in filing VAT return for June 2019 is
BIR Form No. 2551Q
The BIR Form to be used in the filing of percentage tax return on business by jeepney or bus operators
1601EQ
The BIR Form to be used in the quarterly remittance of creditable income taxes withheld (expanded) is
June 14, 2023
The Estate Tax Amnesty Return (ETAR) (BIR Form No. 2118-EA) shall be filed by the executor or administrator, legal heirs, transferees or beneficiaries until
April 24, 2019
The Tax Amnesty Act of 2019 became effective on
RA 10963
The Tax Reform Acceleration and Inclusion Law is the short title for
10%
The VAT rate is not
P 2,000 per month
The ceiling on rice allowance as de minimis benefit is -
6,750,000
The deductible family home is
Over P5,000,000
The estate tax return should be accompanied by a certificate of an independent CPA if the gross estate of a decedent who died in 2022 is:
Transport of passengers by Cebu Pacific from the Philippines to Singapore.
The following is a zero-rated sale of services
200,000
The following pertains to the data of a resident alien: Gross estate, Phil P 2,000,000 Gross estate, abroad 3,000,000 FE, Phil 250,000 FE, abroad 200,000 How much is the deductible funeral expense if the estate is claiming tax amnesty?
P 66,000
The income tax due on Cabal if he signifies his intention to be taxed at 8% income tax rate
100,000
The income tax due on Ling if she failed to signify her intention to be taxed at the 8% income tax rate
25%
The regular tax rate on a taxable domestic corporation is
Enrolled bill
The version of the Bicameral Conference Committee on a bill which has been approved by the Senate and the House of Representatives and submitted to the Office of the President is called
PAGCOR
Which of the following is subject to income tax?
The phrase "This document is not valid for claiming input taxes
Your VAT registered client will file an Application to Print Receipts with the BIR and is being asked to submit a sample copy of the receipt. If you are consulted on the sample O.R., which of the following data should not appear in the Official Receipt?
Securities and Exchange Commission (SEC)
Your client is planning to put up a sole proprietorship business in your city. He showed to you a shortlist of government offices where he is planning to register the proposed business. Which of the following offices will not register the proposed business?
Department of Trade and Industry (DTI)
Your clients are planning to put up a business partnership in your city. They showed to you a shortlist of government offices where they are planning to register the proposed business. Which of the following offices will not register the proposed partnership business
Philippine airlines
it is not subject to the 3% business tax
90 days
TRAIN Law: In proper cases, the Commissioner of Internal Revenue shall grant refund for creditable input taxes within _____ from the date of submission of the official receipts or invoices and other documents in support of the application filed in accordance with regulations
Certificate Authorizing Registration (CAR)
A documents that is not required to be attached to BIR Form 1706?
P 3,000,000
A business establishment becomes subject to VAT if its gross receipts in a 12-month period exceeds
Car wash
A businesses that can avail of the 8% income tax option
quarterly basis using BIR Form No. 2551Q.
In Question 7 above, the taxpayer shall be required to pay the tax on a
500,000
If the decedent was a resident of Australia, the standard deduction is
35%
If the fringe benefit is given in 2022, the applicable tax rate is
the buyer's name, address, and TIN.
If the receipt is issued by a VAT seller thru a cash register machine, the receipt does not include
P 45,000
In 2019, Mrs. Mapang-api owns a one (1) hectare residential land situated in Mandaue City. The zonal value is P100 per square meter, while the market value in the tax declaration is P850,000. If Mrs. Mapang-api decides to donate the property to her daughter in law, how much is the donor's tax due on the donation?
5,100
In 2019, Mrs. Mapang-api owns a one (1) hectare residential land situated in Mandaue City. The zonal value is P100 per square meter, while the market value in the tax declaration is P850,000. If the city maximizes the assessment level and tax rate to that allowed by law, how much is the annual real property tax payable on the land?
2,250
In 2022, Aching sold shares of stocks of a domestic corporation. The selling price is P80,000 while the cost is P65,000. The final tax on the sale is
creditable withholding tax
In 2023, payments by local government units to government contractors or sellers of office supplies are subject to 5%
FBE FBT 25,000 8,750
In January 2021, the manufacturing engineer received P16,250 fringe benefit from its employer. The deductible fringe benefit expense and the fringe benefit tax, respectively, to the employer is
105,000
In January 2022, Don Knorr donated commercial land to his second cousin. The value in the tax declaration is P2 million while the zonal value is P1.7 million. How much is the tax due on the donation?
105,000
In January 2022, Don Nor made a joint donation of commercial land to his second cousin and its spouse. The value in the tax declaration is P2 million while the zonal value is P1.7 million. How much is the tax due on the donation?
75,000 26,250
In January 2022, the manufacturing engineer (supervisory employee) is receiving cash of P16,250 monthly as fringe benefit from his employer. The deductible fringe benefit expense and the fringe benefit tax, respectively, during the quarter is
issuance of tax declaration without any sale, exchange or disposition.
Not subject to 6% capital gains tax
P134,391
On March 6, 2022, a Filipino citizen donated house and lot with fair market value of P2,000,000 to his child on account of marriage last January 1, 2022. Gift tax return was filed and tax paid on July 5, 2022. The amount payable as of July 5, 2022 is:
Percentage tax on winnings
One of the following taxes does not require the use of BIR 2551Q in filing the return. Which is it?
Excise tax on alcohol and tobacco
One of the main sources of fund that will be used to finance the Universal Health Care Law is
January 1, 2019
Sale of drugs and medicines prescribed for diabetes, high cholesterol, and hypertension are exempt from VAT beginning
VAT VAT The establishment is VAT registered. Therefore, subject to VAT regardless of the gross annual sales/receipts.
Sale or lease of goods or properties or performance of services the gross annual sales/receipts amount to P2,500,000 by a VAT registered establishment is subject to
creditable withholding tax
Payments by local government units to government contractors or sellers of office supplies are subject to 5%
P 4.50
Per provision of TRAIN Law, effective 2019 the excise tax on diesel will be
6.00
Per provision of TRAIN Law, the excise tax on drinks containing sweeteners is
subject to Percentage Tax of P25,000
Point-point Restaurant, non-VAT registered, had gross receipts during the year which amount to P2,500,000. If the year of operation is 2021, it is
Value-added tax
Renee Rentah owns an apartment building being leased to different tenants at a monthly rental of P16,000. The aggregate annual rental is P1,300,000. For the year 2021, Renee is not subject to
Mini-grocery
What businesses can avail of the 8% income tax option?
If an employee owns a business in a city other than his place of employment, his TIN shall be registered in the place where his place of employment is located
Which of the following is false about a Tax Identification Number?