TAX 301- INCOME TAXATION

QUIZ NO. 2 – INDIVIDUAL TAXPAYER

Direction: Determine the answer for the following questions. Avoid using acronyms when answering.
1. A Filipino Citizen who have stayed in a foreign country for one hundred eighty-three days or more
during the taxable year. NON-RESIDENT CITIZEN
2. Also known as RA 10963. TAX REFORM FOR ACCELERATION AND INCLUSION LAW
3. A sole proprietor or an independent contractor who controls who he/she works for. SELF
EMPLOYED
4. Prizes not exceeding P10,000 are subject to what kind of tax? BASIC TAX
5. Filipino citizens who are present in a foreign country as a consequence of their employment.
OVERSEAS FILIPINO WORKERS
6. A foreign-born person who is not qualified to acquire Filipino citizenship by birth or after birth.
ALIEN
7. This type of income are subject to graduated tax table (also known as basic or normal tax).
ORDINARY OR REGULAR INCOME
8. The sale of real properties classified as capital assets located in the Philippines are subject to what
kind of tax? CAPITAL GAINS TAX
9. Sale of shares of stocks of a domestic corporation not listed in the local stock exchange is subject
to what kind of tax? OTHER PERCENTAGE TAX
10. It is the family home of the individual tax payer. PRINCIPAL RESIDENCE
11. The tax exemption on the sale of principal residence can only be availed of once every? 10
YEARS
12. certain regular incomes not subject to final taxes on passive income and capital gains tax are
subject to what kind of tax? CREDITABLE WITHHOLDING TAX
13. An individual whose residences is within the Philippines and who is not a citizen thereof.
RESIDENT ALIEN
14. An individual whose competence can usually be measured against the established set of
standards. PROFESSIONAL
15. An alternative form of obtaining funds from the public and other than deposits. DEPOSIT
SUBSTITUTES