17. S1- Nicanor is selling fishballs earning Php 50,000 per year. He is classified as self-employed.
17. S1- Nicanor is selling fishballs earning Php 50,000 per year. He is classified as self-employed.
S2 - Nicanor works as an assistant to the Mayor of a town. His position is not a plantilla position but a mere job order subject to renewal every six months. His appointment has been renewed for the past three years. Nicanor is self-employed.
S3 - Nicanor is an operator of barbershop. He earns Php 300 per day. He is self-employed. 54 - Nicanor operates a carinderia. He is classified as self-employed.
Which is FALSE?
A. S1
B. S2
C. S3
D. S4
E. None
18. The following taxpayers have the option to be taxed using the graduated tax table or the preferential income tax rate of 8%, except:
I. A resident citizen who is an employee
II. A non-resident citizen who is engaged in trade or business.
III. A resident alien who is in the practice of his profession
IV. A non-resident alien who is engaged in trade or business
V. A non-resident alien who is not engaged in trade or business
VI. An estate or trust
A. I, II, IV, V, VI
B. I, V, VI
C. I, IV, V, VI
D. V, VI
19. Which is FALSE in applying the rules in determining source of income?
S1 - For interest income, the residence of the borrower determines the source of the income S2 - For dividends, the place of registration of the corporation determines the source of the income
S3 - For royalty, the place of use determines the source of the income S4 - For rent, the location of the property determines the source of the income
A. S1
B. S2
C. 53
D. S4
20. Which is FALSE in applying the rules in determining source of income?
S1 For gain on sale of real property, the place of sale determines the source of the income S2 - For gain on sale of personal property, the source of the income is generally determined by the place of sale
of the income
S3 - For sale of shares of stocks, the place of registration of the issuing corporation determines the source 54 - For sale of produce or manufactured products, the source of the income is generally partly within or
partly without
A. S1
B. S2
C. 53
D. 54
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