Answer Happy

TRUE OR FALSE
1. An individual with both income from business and
practice of profession is a mixed income earner.
2. Interest earned by a resident citizen from a personal
loan granted to a friend is subject to a final tax of 20%.
3. A non-resident citizen is a citizen of the Philippines
who establishes to the satisfaction of the President the fact of
his/her physical presence abroad with definite intention to reside
therein.
4. Capital gain on the sale of short-term (less than 5
years) domestic bonds by a non- resident citizen is subject to 15%
capital gains tax.
5. The sale of real property classified as capital asset
located outside the Philippines by a resident alien is not subject
to 6% capital gains tax, but to ordinary/regular income tax.
6. The option to be taxed at 8% is irrevocable for the
entire taxable year except when the taxpayer has exceeded the VAT
threshold of P3,000,000 during the taxable year
7. A VAT self-employed taxpayer whose sales did not exceed
P3 million is required to compute his/her income tax using
graduated rates of 0% to 35%.