Which of the following is not an income taxpayer classification? O a. Resident citizen b. Non-resident alien c. Resident foreign corporation d. General professional partnersh O O O
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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 corporation1.) Passive incomes of resident citizen derived from abroad is a.subject to final tax b.Tax exempt c. Returnable 2.) Personal expenses of officer which are used in connection with the trade or business of the company ar considered taxable fringe benefits a. True b. FalseOptional standard deduction is allowed to, except a. Non-resident alien engaged in business b. Non-resident aliens not engaged in business c. Resident alien d. General Professional Partnership
- 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 citizen1. 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.1. Determine the amount of basic tax if the person is classified as resident citizen 2. Determine the amount of basic tax if the person is classified as non-resident citizen 3. Determine the amount of final tax if the person is classified as resident citizen 4. Determine the amount of final tax if the person is classified as non-resident citizen 5. Determine the amount of final tax if the person is classified as non-resident alien engaged in trade and business
- 1. Determine the amount of final tax if the person is classified as non-resident citizen 2. Determine the amount of final tax if the person is classified as resident alienIncome tax payments to a foreign country in the case of a resident citizen taxpayer may be claimed as either a or b, at the option of the taxpayer. allowed deduction. O neither a nor b. tax credit.Income and loss from which of the following entities is passed through and taxed on the individual's personal tax returns? S corporation Partnership Sole proprietor All of the above
- Which of the following types of income is subject to the self-employment tax? a.Dividends from stock b.Interest income c.Gain on sale of real estate d.Income from a sole proprietor's law practice e.None of these choices are correct.Which corporate taxpayer is not subject to regular income tax? Resident foreign corporation Domestic corporation Non-resident foreign corporation Business partnershipGlobalization rule in determining the taxable income of the taxpayer means that a. The regular income of taxpayer is classified either as compensation income or income from business or profession. b. The income of the taxpayer is classified as regular income, passive income, or capital gain. c. The regular income of taxpayer from employment and business or profession, including other income subject to regular income tax are all combined because they are subject to the same tax scheme. d. All of the above