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TAX Quiz 1

This document contains a quiz with multiple choice questions about taxable income. It includes details about various individuals' employment compensation, business income and expenses, medical payments, and property rental income in 2012. The summary provides the essential information needed to understand the context and topics covered in the quiz questions.

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NaLyn SuLit
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4K views2 pages

TAX Quiz 1

This document contains a quiz with multiple choice questions about taxable income. It includes details about various individuals' employment compensation, business income and expenses, medical payments, and property rental income in 2012. The summary provides the essential information needed to understand the context and topics covered in the quiz questions.

Uploaded by

NaLyn SuLit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Quiz 1*

Name:
Section:

Score:

MULTIPLE CHOICE-PROBLEMS
In 2012, Mr. Pacino was employed as account officer in a non-life insurance
company. He received P8000 basic monthly salary. In addition, he gets 5% of gross
premium as commission on policies issued under his account. In 2012, gross
premium under his account totaled P4.2 million. He is likewise entitled to
representation allowance of P1,000 a month.
1. How much is to be included as gross income in 2012?
a. 96,000
b. 306,000 c. 318,000 d. exempt
Mr. Buscemi, the Treasurer of Apollo Corp., receives P25,000 basic salary a month.
For being one of the five members of the board of the same corporation, he, in
addition, receives P15,000 a month. In December 2012, he received his 13 th month
pay of P40,000 and productivity incentive of P150,000.
2. Mr. Buscemis gross income is
a. 480,000 b. 520,000 c.670,000

d. 640,000

Julia R., an employee, has the following details relative to her employment in 2012:
She consulted the company physician due to headache. Had she consulted
another physician, she would have been charge P300 as consultation fee.
She received cash from customer for efficient service, P5,000. She failed to
account for it to her employer.
She claimed for the monetized value of her unused leave credits for 8 days.
Her daily basic salary is P300.
3. How much is to be considered as compensation income?
a. 5,000
b. 7,400
c. 7,700

d. 5,600

Richard G., received the following benefits from his employer in December 2012.
Thirteenth month pay
P50,000
Christmas Bonus
10,000
Productivity incentives pay
16,000
4. The taxable compensation income is
a. 76,000
b. 46,000
c. 16,000

d. 2,000

Mr. Arnold S. was injured in a vehicular accident in 2011. He incurred and paid
medical expenses of
P40,000 and legal fees of P20,000 during year. In 2012, he received P140,000 as
settlement from the insurance company which insured the car owned by the other
party involved in the accident.
5. From the above payments and transactions, the amount of taxable income to Mr.
S in 2012 is
a. zero
B. 80,000
c. 140,000 d. 100,000

Quiz 1**
Name:
Section:

Score:

MULTIPLE CHOICE-PROBLEMS
Veteran Poultry employs the cash basis of accounting for its poultry business. For
the taxable year 2012, it has the following data:
Cash sales on livestock raised
P500,000
Sales of livestock purchased
250,000
Cost of sales
300,000
Other income
100,000
1. The gross income in 2012 is
a. 550,000 b. 450,000

c. 750,000

d. 850,000

Cameron D., a sole proprietor, has the following data in 2012, its first year of
merchandising:
Gross sales
P300,000
Cost of goods sold
150,000
Other income
50,000
Selling expenses
20,000
Depreciation expense
4,000
2. How much is Camerons gross income?
a. 300,000 b. 150,000 c. 200,000

d. 224,000

In addition to the compensation being received by Ms. Lynn R. as employee, she


leases out her 3-door apartment for P10,000 a month each unit. Her compensation
income for 2012 consists of P13,000 basic salary a month, 13 th month pay based on
basic salary plus P25,000 bonus. As royalties,

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