EASY

QUESTIONS
 EASY - QUESTION NO. 1
30 SECONDS

A resident Filipino decedent is an unmarried head of family with

the following data:

Real and Personal Php 5,000,000.00

Properties
Family Home 2,000,000.00
Ordinary Deductions
Funeral Php
Expenses 200,000.00
Claims against 500,000.00
the estate
Unpaid 300,000.00
mortgages
Judicial Expense 450,000.00
Losses 50,000.00 1,500,000.00
Medical Expenses 600,000.00

The taxable net estate is: (Open-ended)

 EASY - QUESTION NO. 2
30 SECONDS

MGL, a VAT-registered practitioner, single and a resident citizen,

has five (5) dependents living with and dependent upon him for
chief support. Two (2) of the dependents are minors who are legally
adopted. One is a child from his previous marriage, 15 years old.
The other two (2) are his brothers, who are both minors. During the
current year, he earns and spends the following (net of applicable
taxes):

Gross receipts from practice of

Php 1,710,000.00
profession, net of 15% withholding tax
Cost of services (40% VAT-subject) 500,000.00
Salary from part-time teaching job, net
123,500.00
of 5% withholding tax
Expenses in connection with the
practice of profession (80% VAT- 100,000.00
subject)
VAT payments for January and
100,000.00
February

How much is the total exemption for the year?

A. P150,000 B. P75,000
C. P125,000 D. None of the choices
 EASY - QUESTION NO. 3
30 SECONDS

LBMR Corp., trader of appliances, made the following sales of

goods for the quarter ended March 2015:

Cash sales, net of vat Php 500,000.00

Open account sales, gross of vat 280,000.00
Installment sales, exclusive of vat
Note: Initial payment received from installment 220,000.00
sales is Php60,000.00
Consigned goods not sold as of 31 March
2015, net of VAT:
January 15, 2015 50,000.00
February 15, 2015 150,000.00
March 15, 2015 100,000.00

Output tax for the quarter ended 31 March 2015:

A. 122,400 C. 126,000
B. 120,000 D. 128,571
 EASY - QUESTION NO. 4
10 SECONDS

When will Nherwin Hernandez, a self-employed individual, file his

first (1st) quarter income tax return?
A. April 30 of the current year
B. May 15 of the current year
C. April 15 of the current year
D. June 15 of the current year
 EASY - QUESTION NO. 5
30 SECONDS

Eddie Ong, a service provider, showed to you the following data:

Accounts Receivables, End Php 2,430.00

Accounts Receivables, Beg 1,120.00
Service Income 6,169.64
Cash collected 5,600.00
Purchase of services supported with valid VAT
2,240.00
ORs, net of VAT
Purchase of goods supported with valid VAT
980.00
ORs, net of VAT
Purchase of services with complete invoicing
550.00
requirements, net of VAT, supported with valid
VAT ORs

How much is the value added tax payable? (Open-ended)

 EASY - QUESTION NO. 6
10 SECONDS

A system of taxation that places emphasis on direct rather than

indirect taxation, with the ability to pay as the principal criterion
A. Regressive tax system
B. Progressive tax system
C. Global tax system
D. Gross Income tax system
 EASY - QUESTION NO. 7
10 SECONDS

Statement 1: Tips or gratuities paid directly to an employee (by a

customer of the employer) which are not accounted for by the
employee to the employer are not considered taxable income.
Statement 2: Stock dividends are never subject to income tax.
A. True, True
B. True, False
C. False, True
D. False, False
 EASY - QUESTION NO. 8
30 SECONDS

MSM Corporation has the following data for the current year:

Gross Business Income Php 750,000.00

Deductions (excluding charitable and other
200,000.00
contributions)
Contributions to International Rice Research
10,000.00
Institute
Contributions to an accredited non-profit
30,000.00
religious domestic corporation
Contribution of office equipment to an
accredited non-profit organization for the
rehabilitation of veterans (acquisition cost -
Php20,000.00; FMV Php15,000.00)

How much is the taxable net income? (Open-ended)