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    Tax Quiz 2

    Uploaded by

    Peng Guin
    This document contains a 10 question tax quiz about residency status and tax treatment of individuals in the Philippines. It addresses topics such as: 1) The tax classification of a foreign individual who stays in the Philippines between 180 days and 1 year. 2) Conditions for allowing personal exemptions to a nonresident alien deriving income from Philippine sources. 3) Determining an individual's personal exemption allowance based on citizenship, residency, and business income. 4) Classifying an American management expert hired by a Philippine corporation as a resident or nonresident alien.

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    Tax Quiz 2

    Uploaded by

    Peng Guin
    101 views2 pages
    This document contains a 10 question tax quiz about residency status and tax treatment of individuals in the Philippines. It addresses topics such as: 1) The tax classification of a foreign individual who stays in the Philippines between 180 days and 1 year. 2) Conditions for allowing personal exemptions to a nonresident alien deriving income from Philippine sources. 3) Determining an individual's personal exemption allowance based on citizenship, residency, and business income. 4) Classifying an American management expert hired by a Philippine corporation as a resident or nonresident alien.

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    quiz for tax

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    This document contains a 10 question tax quiz about residency status and tax treatment of individuals in the Philippines. It addresses topics such as: 1) The tax classification of a foreign individual who stays in the Philippines between 180 days and 1 year. 2) Conditions for allowing personal exemptions to a nonresident alien deriving income from Philippine sources. 3) Determining an individual's personal exemption allowance based on citizenship, residency, and business income. 4) Classifying an American management expert hired by a Philippine corporation as a resident or nonresident alien.

    Copyright:

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

    Tax Quiz 2

    Uploaded by

    Peng Guin
    This document contains a 10 question tax quiz about residency status and tax treatment of individuals in the Philippines. It addresses topics such as: 1) The tax classification of a foreign individual who stays in the Philippines between 180 days and 1 year. 2) Conditions for allowing personal exemptions to a nonresident alien deriving income from Philippine sources. 3) Determining an individual's personal exemption allowance based on citizenship, residency, and business income. 4) Classifying an American management expert hired by a Philippine corporation as a resident or nonresident alien.

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    © All Rights Reserved
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    Tax Quiz 2

    1. A foreign individual who have stayed in the Philippines during the taxable year for more than 180 days
    but less than one year is considered a

    The correct answer is: nonresident alien doing business in the Philippines

    2. A nonresident alien deriving income from Philippine sources claims that he is entitled to personal
    exemptions. Which of the following is not a condition for the allowance of personal exemptions to said
    taxpayer?

    The correct answer is: that he is married to a Filipina.

    3. An individual taxpayer, whose personal exemption allowed is the lower amount provided between
    Philippine Tax Code and his country’s tax code
    Citizenship  Residency  Business Income

    a.

    Filipino Outside Yes

    b.

    Filipino Within No

    c.

    Alien Outside Yes

    d.

    Alien Within No

    The correct answer is: Alien Outside Yes

    4. Dr. X, an expert American Physicist was hired by a Philippine corp. to assist in its organization and
    operation for which he had to stay in the Philippines for an indefinite period. His coming to the
    Philippines was for a definite purpose which in its nature would require an extended stay and to that
    end makes his home temporarily in the Philippines. The American management expert intends to leave
    the Philippines as soon as his job is finished. For income tax purposes, the American management expert
    shall be classified as

    The correct answer is: Resident alien


    5. For taxation purposes, a Filipino citizen who stayed outside the Philippines and worked abroad for 182
    days during the taxable year is classified as

    The correct answer is: resident citizen

    6. It is important to know the source of income for income tax purposes (i.e. from within and outside the
    Philippines) because

    The correct answer is: Some individuals and corporate taxpayers are taxable based on their worldwide
    income while others are taxable only on their income from sources within the Philippines.

    7. Victoria, an American singer, was engaged to sing for one week at the Victory Plaza after which she
    returned to USA. For income tax purposes, she shall be classified as

    The correct answer is: Nonresident alien not engaged in trade or business

    8. Which of the following is taxable based on world income?

    The correct answer is: Resident citizen

    9. Which of the following statements is incorrect?

    The correct answer is: Lotto winnings in foreign countries are exempt from income taxation in the
    Philippines.

    10. Which of the following statements is not correct?

    The correct answer is: A prize of P10,000 and below is subject to 20% final tax

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