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    BMGT 28 Worksheet 4 Individual Income Tax

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    gerome llagas
    Individual income tax worksheet

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    BMGT 28 Worksheet 4 Individual Income Tax

    Uploaded by

    gerome llagas
    7 views2 pages
    Individual income tax worksheet

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    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Individual income tax worksheet

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    7 views2 pages

    BMGT 28 Worksheet 4 Individual Income Tax

    Uploaded by

    gerome llagas
    Individual income tax worksheet

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    CAVITE STATE UNIVERSITY – CARMONA CAMPUS

    BMGT 28 TAXATION
    Bachelor of Science in Business Management

    WORKSHEET FOUR
    Individual Income Tax – Compensation Income Earners, Self-Employed and Professionals
    INSTRUCTION. Before the conduct of the activity, write a short PLEDGE stating that you will do the
    activity with full honesty and integrity. For multiple choice, read each statement carefully and
    complete the correct thought of each statement by choosing the letter of the correct answer.

    MULTIPLE CHOICE

    1. __________ pertain to individuals engaged in an employee-employer relationship.


    A. Compensation Income Earner
    B. Self-Employed
    C. Professionals
    D. Mixed Earners

    2. Compensation income received by the taxpayers basically include the following, except:
    A. Salaries and Wages
    B. Holiday Pay
    C. Benefits and Bonuses
    D. Contributions

    3. Statement 1 Inclusive contributions are disregarded as these amounts are already deducted
    to compensation income.
    Statement 2 Exclusive contributions are deducted as these amounts are not yet deducted to
    compensation income.
    A. Only Statement 1 is correct.
    B. Only Statement 2 is correct.
    C. Both statements are correct.
    D. Both statements are incorrect.

    4. If a taxpayer received Php 125,750.00 13 th month pay and other benefits, the taxable benefit will
    amount to __________ and will be __________ to the income subject to tax.
    A. Php 35,570.00; added C. Php 35,750.00; added
    B. Php 35,750.00; deducted D. Php 35,570.00; deducted

    5. If a taxpayer received annual salary of Php 2,750,000.00 with annual contributions of Php
    285,500.00 (inclusive), and benefits and bonuses amounting to Php 670,900.00, the taxable net
    income will amount to __________.
    A. Php 3,330,900.00
    B. Php 3,135,400.00
    C. Php 3,420,900.00
    D. Php 3,045,400.00

    6. __________ are individuals engaged in doing business while __________ are those who practice
    their profession or expertise.
    A. Compensation Income Earners; Professionals
    B. Self-Employed; Professionals
    C. Professionals; Compensation Income Earners
    D. Professionals; Self-Employed

    7. __________ are costs directly attributable or traceable to a product including the direct materials,
    indirect materials, and direct labor.
    A. Operating Expenses
    B. Costs of Goods Sold
    C. Sales
    D. Receipts

    8. A taxpayer has an annual gross sales of Php 350,000.00 with costs of goods sold and operating
    expenses of Php 125,000.00 and Php 75,000.00, respectively. If the taxpayer opt to elect Option 2,
    the taxable net income and tax due will amount to __________ and __________, respectively.
    A. Php 150,000.00; Php 0.00
    B. Php 150,000.00; Php 8,000.00
    C. Answer Not Given

    9. A taxpayer is a professional with gross receipts of Php 800,000.00. The costs of rendering the
    service amounted to Php 470,000.00. The taxpayer elected Option 2 in taxing his income. Is the
    taxpayer right in electing Option 2? How much is the tax difference?
    A. Yes; Php 16,000.00
    B. No; Php 44,000.00
    C. Yes; Php 60,000.00
    D. No; Php 28,000.00

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