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L-NU AA-23-02-01-LYCEUM-NORTHWESTERN UNIVERSITYTapuac District, Dagupan CityCOLLEGE OF BUSINESS EDUCATIONMIDTERM EXAMINATION – ACCTG 26 Income Taxation1 st Semester, AY 2019– 2020 Prepared by: Amie Jane R. Miranda, CPAName:_____________________________________ Score:____________________Student No.: ...

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L-NU AA-23-02-01-18

LYCEUM-NORTHWESTERN UNIVERSITY Tapuac District, Dagupan City COLLEGE OF BUSINESS EDUCATION MIDTERM EXAMINATION – ACCTG 26 Income Taxation 1st Semester, AY 2019– 2020 Prepared by: Amie Jane R. Miranda, CPA Name:_____________________________________ Student No.:

_______________

Score:____________________

Year/Section:___________ Date of Exam: ____________

I. MULTIPLE CHOICES. Choose the best answer from the choices and encircle your answer. Strictly “NO ERASURES”. Show your solution. Mr. Kiki had the following data from his employement in 2019: Monthly Salary 24,000 Taxes Withheld 16,000 Pag-ibig fund contributions 3,000 Union Dues 4,800 Philhealth Contributions 1,440 SSS premiums 960 13th Month Pay 24,000 Mid-year Bonus 24,000 Loyalty Award 10,000 1. The portion or compensation which is excluded from the gross compensation income if Mr. Kiki is a rank and file employee: a. 10,200 b. 58,000 c. 68,200 d. None 2. The gross compensation income of Mr. Kiki that is taxable in 2019: a. 272,000 b. 277,800 c. 288,000 d. 322,000 3. Carla is an employee in a firm that gives benefits to its rank and file employees. He received the following in a year. Salaries, net of SSS; Philhealth and Pagibig contributions, and of labor union dues , 360,000; thirteenth month pay, 30,000; Productivity incentive pay, 30,000; Midyear bonus, 15,000; Christmas bonus, 30,000; Rice subsidy, 20,000. The gross compensation income of Carla subject to income tax is: a. 360,000 b. 375,000 c. 377,000 d. 395,000 4. Ganda , single had the following in 2019: Gross Compensation income 270,000 Deduction made by the employer: SSS housing loan 24,000 SSS premiums contributions 5,400 Philhealth (Medicare) contributions 3,600 Pag-ibig contributions 2,700 Union dues 3,300 Premiums payments on: Life insurance policy 6,000 Health insurance policy 3,000 48,000

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Amounts received 222,000 The taxable compensation income is: a. 246,000 b. 252,600 c. 255,000 d. 270,000 The tax due is: a. 1,000 b. 500 c. 1,500 d. None The following data in 2019 belong to a taxpayer who is a widower and presently supporting his live-in partner and her 2-year old daughter: Basic salary (gross) 360,000 Overtime pay 40,000 13th month/bonus/incentive pay 91,000 Taxpayer claimed the following deductions: SSS premium contributions 7,200 SSS Loan 20,000 Philhealth premiums contributions 4,800 Pag-ibig premiums contributions 3,600 Union dues 4,000 Transportation expenses 10,000 Health and hospitalization insurance premiums 3,000 The taxable compensation income is: a. 340,400 b. 360,600 c. 380,400 d. 400,000 The tax due? a. 28,060 b. 36,400 c. 26,080 d. 20,000 Pedro, a resident citizen, had the following incidental income in 2019: Interest on Philippine curreny bank deposit 30,000 Interest on foreign currency deposit under the expanded foreign currency deposit system 50,000 Royalty from invention 150,000 Royalty from musical compositions 80,000 Dividends from domestic corporation 60,000 Share in net income of business partnership 100,000 How much is the passive income subject to regular income tax? a. 5,000 b. 3,000 c. 2,000 d. 0 How much is the passive income subject to final tax? a. 470,000 b. 420,000 c. 360,000 d. 410,000 How much is the total final taxes? a. 53,000 b. 57,750 c. 63,750 d. 67,500

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11. Fatima, a Filipino overseas contact worker and her spouse, a resident of the Phils., have a joint US dollar account with Citibank. Their gross interest earnings from the bank deposit amounted to US $4,000. Which of the following statement is correct? a. The interest income shall be treated as tax-exempt because Fatima is a non-residing citizen b. The interest income shall be taxable in full because Fatima and her spouse are both Filipino citizen. c. Fifty percent (50%) of the interest income shall be treated as exempt while the other fifty percent (50%) shall be subject to the graduated rates. d. Fifty percent (50%) of the interest income shall be treated as exempt while the other fifty percent (50%) shall be subject to a final withholding tax of 15%. 12. Lily, married and a resident citizen, received the following income in 2019: Within Without Interest income on bank savings deposit 20,000 10,000 Cash dividend 30,000 20,000 Prizes 8,000 10,000 Lotto winnings 50,000 10,000 Royalty-books 30,000 20,000 Royalty- inventions 40,000 30,000 Interest on foreign currency deposits 10,000 20,000 Sale of land held for not more than 12 months as Capital assets 400,000 200,000 Share from net income of: General professional partnership 80,000 60,000 Business partnership 100,000 100,000 The gross income of Lily subject to schedular tax (graduated rates) is: a. 560,000 b. 468,000 c. 568,000 d. 618,000 13. The tax due of Lily? a. 80,000 b. 72,000 c. 70,000 d. 69,000 14. The final due for the year 2019? a. 40,000 b. 41,000 c. 39,500 d. 35,900 15. If Lily is non-resident citizen, the gross income subject to schedular income tax? a. 88,000 b. 80,000 c. 8,000 d. 800,000 Euro, Filipino taxpayer, single, received the following income for calndar year 2019: Philippines Salary 520,000 Interest on bank deposits 24,000 Royalty 52,000 Dividend 60,000 Prize from a raffle 12,000 Rent 22,000 16. If the taxpayer is a resident citizen, his returnable gross income is: a. 760,000 b. 1,000,000 c. 1,010,000

Singapore 200,000 72,000 48,000 96,000 24,000 18,000

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