Multiple-Choice- Problem 1 1. Mrs. Belle, self-employed, self-employed, generated generated the following following receipts during the year: Proceeds of Health Insurance !eceipts from "usiness ad#isory ser#ices !eceipts of rentals from "oarding house
P
3, $%, 1,
&hat is the total amount su"'ect to "usiness ta() a. P 1, c. P 3%, ". P $%, d. P *%, $. + person person engaged engaged in "usiness "usiness sold sold the following following properti properties: es: ales of goods held for sale ales of personal residence ales of personal car
P $, $,$, %,
ompute the sales in the course of "usiness su"'ect to "usiness ta(. a. P c. P $,$, ". P $, d. P $,,
3. Mr. Mr. /ulio, employed, recei#ed recei#ed the following from his his employer: employer: Proceeds of property insurance Proceeds of "an0 loan ompensation income
P $, 3, %,
&hat is the amount su"'ect to "usiness ta() a. P c. P 3, ". P $, d. P %, . Mr. Mr. /un 2im, a security security "ro0er "ro0er eected the sales of sale of se#eral se#eral securities resulting resulting of 2im /ong-un in the following commissions: ales ommission ales of stoc0s P 1$, P 1,$ ales of "onds $4, $,4 5otal 5otal P , P , ompute the amount of receipts or sales of Mr. /un 2im su"'ect to "usiness ta(. a. P c. P , ". P , d. P , %. +ssuming 2im /ong-un is an in#estor in#estor in stoc0s, what what is the the amount su"'ect su"'ect to "usiness "usiness ta() a. P c. P , ". P , d. P , *. Mr. Mr. Masipag had annual gross gross receipts receipts not e(ceeding e(ceeding P 1,. 1,. 6uring the the month, he made the following sales: ales of car rugs ales of cigarettes ales of candies 5otal 5otal ompute the total amount su"'ect to "usiness ta(.
P $, 3, 3, P 4,
a. P c. P %, ". P $, d. P 4, . Mr. 2im /ong, a security dealer, sold the following during the month: ales of securities for own account ommission income on sale of securities of clients ale of #acant lot held as in#estment
P , 3*, 1,,
&hat is the amount su"'ect to "usiness ta() a. P c. P %, ". P $, d. P 7, 4. + non- stoc0 charita"le organi8ation reali8ed the following during the month: Mem"ership contri"utions P 3, 6onation from #arious donors , ale of ou#enirs $, ompute the amount su"'ect to "usiness ta(. a. P c. P %, " P $, d. P 7, 7. /6 orporation, a merchandiser, made had the following sales during the month: ale of merchandise ommission income from consignors ales of stoc0s in#estments
P $, %, 14,
ompute the amount su"'ect to "usiness ta(. a. P $, c. P 34, ". P $%, d. P 3, 1.Mang Indio has a sari-sari store with P %, annual sales. He had the following sales during the month: ales of #arious merchandise ash donated "y his "rother ash from proceeds of "an0 loan
P
3, $, 3,
ompute the amount su"'ect to "usiness ta(. a. P c. P $3, ". P 3, d. P %3, 11.Mr. Mcullot is a consultant. 6uring the month, he has only one client from which he deri#ed the following receipt: Professional fees 9ess: &ithholding ta( et amount recei#ed
P 1%, ,% 1$,%
&hat is the amount su"'ect to "usiness ta() a. P c. P 1$,% ". P ,% d. P 1%, 1$.Mang Pandong is a farmer. He sold his agricultural land costing P $, for P 1,, to start a palay trading "usiness. &hat is the amount su"'ect to "usiness ta() a. P c. P 4, ". P $, d. P1,,
13.Ms. umacaliua is concurrently employed to umanan orporation and Paatras ompany. He recei#ed the following during the month: umacanan Paatras Professional fees P %, P , 9ess: redita"le withholding ta( , *, 9oan repayment 1$, , PhilHealth, H6M; et pay
P
3, ,
P
$$,
ompute the amount su"'ect to "usiness ta(. a. P c. P , ". P *$, d. P 7, 1.<ecti#e $1%, 2anlaon orporation, a =+5-ta(payer, changed its accounting period to a >scal year ending e#ery +ugust 3. &hat is the deadline for the >rst ?uarter =+5 return under the new accounting period) a. eptem"er $%,$1% c. o#em"er $%,$1% ". eptem"er $%, $1% d. 6ecem"er $%,$1% 1%.In the immediately preceding pro"lem, the third ?uarterly =+5 return shall "e >led on "efore a. May $, $1* c. /une $, $1* ". May $%, $1* d. /une $%, $1*
Multiple-Choice- Problem 2 1. /ac0pruit, a seller of goods, had the following transactions in /anuary $1%. ash ales redit@ Installment sales A collectedC ales !eturns and +llowances ;reight-out charged to customers
P $, 3, , $,
&hat is the amount su"'ect to "usiness ta() a. P c. P 4, ". P *, d. P %, $. +tty. aturday a"ado and +tty. unday 6omingo formed a general professional partnership for the e(ercise of their legal professional. 5heir partnership a"ado-6omingo 9aw DEce started operation on /uly 1,$1 as a =+5 ta(payer. 5he partnership adopted the calendar year "asis. 5he professional partnership shall >le its >rst monthly =+5 return on a. /uly $, $1 c. +ugust $, $1 ". /uly $, $1 d. +ugust 3, $1 3. In immediately preceding pro"lem, what is the deadline of the >rst ?uarterly =+5 return) a. /uly 3, $1 c. +ugust $%, $1 ". +ugust 3, $1 d. Dcto"er $%, $1 . + ser#ice pro#ider had the following income during the month: ;ees, paid in cash and chec0s ;ees, paid in notes
P
4, 1%,
+d#ances "y clients for future ser#ices !eim"ursement for out-of-poc0et e(penses !eim"ursement for client e(penses 5otal
$, , $, P 33,
ompute the amount su"'ect to "usiness ta(. a. P 3%, c. P 1*, ". P $%, d. P 1, %. + ta(payer had the following sales or receipt in the past twel#e months: <(empt ales P 1,%, er#ices su"'ect to percentage ta( , Dther ales 4, 5otal P $,, &hich is correct) a. 5he ta(payer is su"'ect to =+5 on all sales ". 5he ta(payer is su"'ect to =+5 on ta(a"le sales other than e(empt sales c. 5he ta(payer is su"'ect to percentage ta( to ta(a"le sales other than e(empt sales. d. 5he ta(payer is su"'ect to percentage ta( on all sales. *. 2udarat ompany had the following sales and receipts data in the past twel#e months <(empt ales er#ices su"'ect to percentage ta( Dther ales 5otal
P
P
$, , $,, $,*,
&hich is correct) a. 5he ta(payer is su"'ect to =+5 on other sales ". 5he ta(payer is su"'ect to =+5 on ta(a"le sales other than e(empt sales c. 5he ta(payer is su"'ect to percentage ta( to ta(a"le sales other than e(empt sales. d. 5he ta(payer is su"'ect to percentage ta( on all sales. . 5he following data pertains to a "usiness ta(payer during a ?uarter: /anuary ;e"ruary March !e#enue AalesC P $, P $, P $3, ash ollections 14, $, $$, &hich of these properly reFect the monthly reporting of a non-=+5 ser#ice pro#ider) /anuary ;e"ruary March a. P 1, P $, P *, ". P $, P $%, P $$, c. P 14, P $, P $$, d. P $, P $%, P *, 4. &hich of these properly reFect the monthly reporting of a non-=+5 seller of goods) /anuary ;e"ruary March a. P 1, P $, P *, ". P $, P $%, P $$, c. P 14, P $, P $$, d. P $, P $%, P *, 7. &hich of these properly reFect the monthly reporting of a =+5 ser#ice pro#ider) /anuary ;e"ruary March a. P 1, P $, P *, ". P $, P $%, P $$,
c. P 14, P $, P $$, d. P $, P $%, P *, 1.&hich of these properly reFect the monthly reporting of a =+5 seller of goods) /anuary ;e"ruary March a. P 1, P $, P *, ". P $, P $%, P $$, c. P 14, P $, P $$, d. P $, P $%, P *, 11.Mrs. Bote sells ca0es to 'eepney dri#ers who patroni8e her hot and sweet ca0es. 6uring the month, Mrs. Bote sold P 3, worth of ca0es and collected P $4,. &hat is the amount to "e reported for "usiness ta( purposes) a. one ". P $4, c. P 3, d. Indetermina"le 1$.5he on-5aste is a restaurant oering local cuisines. &hich is correct) a. o-taste is engaged in the sale of ser#ice ". o-taste is engaged in the sale of goods c. o-taste is engaged "oth in sale of goods and ser#ice d. o-taste is not engaged in "usiness 13.Marilyn is a "eautician operating a "eauty parlor. he is inde"ted to Geus for P 3,. na"le to pay her de"t, Marilyn agreed to render ser#ices to Geus. In return, Geus cancels Marilyns inde"tedness. &hich is correct) a. 5he cancellation of the P 3, inde"tedness is a gratuity su"'ect to donors ta( ". 5he cancellation of the P 3, inde"tedness is e(empt from income ta( c. 5he cancellation of the P 3, inde"tedness is a constructi#e receipt of Marilyn su"'ect to ta( d. 5he cancellation of the P 3, inde"tedness is a constructi#e receipt of Geus su"'ect to "usiness ta(. 1.+ is a =+5 registered seller with annual sales of P 1,,. 6uring the month, he recorded only P 1, in sales and sustained an operating loss of P ,. &hich is correct) a. 5he ta( payer is e(empt from "usiness ta( during the month since there is an operating loss. ". 5he ta(payer shall pay =+5 c. 5he ta(payer shall pay percentage ta( d. 5he ta(payer shall pay =+5 if their annual sales e(ceeds P 1,717,% during the year. Dtherwise, he shall pay percentage ta( 1%.hemre( ompany, a non-=+5 ta(payer paying 3 percentage ta(, e(ceeded the =+5 threshold on eptem"er $1. hemre( generated P 3, and P , sales in Dcto"er and o#em"er and paid P 1$, and P $4, input #at in these month, respecti#ely. hemre( immediately registered to the =+5 system at start of o#em"er $1. ompute the "usiness ta( in Dcto"er, assuming no claim for ta( credit was >led a. P 7, ". P $, c. P $, d. P 3*, 1*. ompute the "usiness ta( in Dcto"er, assuming hemre( claim for ta( credit and was appro#ed "y the BI! a. P 7, ". P $,
c. P $, d. P 3*, 1.ompute the "usiness ta( in Dcto"er, hemre( >led for her claim for ta( refund a. P 7, ". P $, c. P $, d. P 3*, 14.ompute the "usiness ta( paya"le in o#em"er a. P 1$, ". P $, c. P 3*, d. P 4, 17.+ non-=+5 ta(payer paying 3 percentage ta( recei#ed P 1, cash and P *, &5 from the sales of ser#ices "y the period. ompute the percentage ta( a. P 3, ". P 3,1$ c. P 3,$ d. P 3,3 $.+ =+5 ta(payer recei#ed P %$,, plus P, credita"le withholding ta certi>cate. &hat is the output =+5) a. P %,%1 ". P %,* c. P %,4$ d. P *,
