please help me!!! 1. Expenses are the same as allowable deductions. Group of answer choices True False 2. Which is NOT a

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answerhappygod
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please help me!!! 1. Expenses are the same as allowable deductions. Group of answer choices True False 2. Which is NOT a

Post by answerhappygod »

please help me!!!
1.
Expenses are the same as allowable deductions.
Group of answer choices
True
False
2.
Which is NOT a national internal revenue tax?
Group of answer choices
Real Property Tax
Documentary Stamp Tax
Estate Tax
Excise Tax
3.
Income is a flow of wealth other than by a mere cost of capital
is the definition of income as provided by?
Group of answer choices
The National Internal Revenue Code
Revenue Regulation No. 22-2020
The 1987 Philippine Constitution
The case of Madrigal vs. Rafferty
4.
Which is NOT an allowable deduction?
Group of answer choices
Documentary Stamp Tax
Abandonment Loss
Net Operating Loss Carry Over
Double Declining method of Depreciation
5.
All donations to the government are deductible in full in the
books of the taxpayer.
Group of answer choices
True
False
6.
In 1997, taxpayers are classified into head of the family,
single and married insofar as basic personal exemption is
concerned. How much is their deductions respectively?
Group of answer choices
P250,000 across the board
No deduction due to repeal
P50,000 across the board
P25,000; P20,000; and P32,000
7.
In 2010, taxpayers are classified into head of the family,
single and married insofar as basic personal exemption is
concerned. How much is their deductions respectively?
Group of answer choices
P25,000; P20,000; and P32,000
P250,000 across the board
Repealed
P50,000 across the board
8.
In 2021, taxpayers are classified into head of the family,
single and married insofar as basic personal exemption is
concerned. How much is their deductions respectively?
Group of answer choices
None of the following answers
P50,000. There is no distinction anymore
This is repealed
P250,000. There is no distinction anymore.
9.
How much is the deduction need not be substantiated under
Ordinary Standard Deduction?
Group of answer choices
40%
8%
30%
P250,000
10.
Gross income less allowable deductions is.
Group of answer choices
none of the answers
to be taxed
net income
taxable income
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