Which corporate taxpayer is not subject to regular income tax? Resident foreign corporation Domestic corporation Non-resident foreign corporation
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- Which of the following taxpayers cannot claim deductions from gross income? General professional partnership Domestic corporation Resident foreign corporation Non-resident foreign corporationWhich 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 partnershipCompute the tax due if the corporation is a resident foreign corporation not availing OSD.
- Which 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 paymentsWhich of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and ivWHAT ARE THE BASIC PRINCIPLES OF A SOUND TAX SYSTEM? HOW ARE THE GOVERNMENT SHOWS THAT SUCH BASIC PRINCIPLES WERE APPLIED IN THE CURRENT TAX SYSTEM WHAT ARE THE DIFFERENCES AND SIMILARITIES OF THE APPLICATION OF OPTIONAL STANDARD DEDUCTION BETWEEN CORPORATION AND INDIVIDUAL? WHAT IS SPECIAL ALLOWABLE ITEMIZED DEDUCTION? IS IT APPLICABLE TO RESIDENT FOREIGN CORPORATION? GIVE 1 EXAMPLE. WHAT IS NET OPERATING LOSS CARRY OVER? CAN IT BE APPLIED TO QUARTERLY INCOME TAX RETURN?
- Which of the following is subject to the creditable withholding tax system? Interest income earned from bank deposits Dividends earned from a domestic corporation Fringe benefits earned by a manager Compensation incomeA shareholder has a personal service business corporation. What rate of federal tax may be expected on net income?1.) Which of the following is tax exempt for a domestic corporation? a. business income derived from abroad b. dividend from a domestic corporation c. monetary benefit from deposit substitute 2.) Which of the following types of income is/are not returnable a. Professional Income b. Business Income c. Compensation Income d. Capital Gains
- Determine whether the following income/proceeds received in 2021 is taxable. If applicable, determine the appropriate tax and tax rate. DIVIDEND INCOME: Basic or Final Тахable or Exempt? Тах? 1. Dividend income received by a resident citizen from domestic corporations 2. Dividend income received by a resident alien from domestic corporations 3. Dividend income received by a resident citizen from foreign .corporations 4. Dividend income received by a domestic corporation from another domestic corporation 5. Dividend income received by a domestic corporation from a resident foreign corporation (assume the ration of gross income derived in the Philippines for the past three (3) years was 70%) 6. Dividend income received by a resident foreign corporation from domestic corporation 7. Dividend income received by a resident foreign corporation from another resident foreign corporation. The ratio of income in the Philippines over its world income for the last three (3) years was 40%1. 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.The 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