Select all that applyIdentify the true statements about the tax rates for various forms of business after the new laws passed at the end of 2017. (Check all that apply.)Multiple select question.For employee-driven, passed through businesses such as restaurants and manufacturers, the tax deduction of 20 percent is limited to 50 percent of the company's payroll.Pass through businesses receive a tax cut from 35 percent to 21 percent.For service-based businesses, the 20 percent deduction is only applicable to income after salary.All of the business income of pass through firms is taxed at the individual owner's tax rate rather than receiving 20 percent reduction of their business income.

The deduction for business interest expense is limited to the sum ofbusiness interest income and30 percent of the adjusted taxable income of the taxpayer for the taxable year.

Which form do businesses use to determine the number of deductions for an employee?A.1040B.W-2C.W-4D.I-9

George operates a business that generated revenues of $50 million and allocable taxable income of $560,000. Included in the computation of allocable taxable income were $900,000 of business interest expense, $20,000 of business interest income, and $180,000 of depreciation. What is the maximum business interest deduction that George will be eligible to claim this year if the business does not qualify under the gross income test?

Fill in the Blank QuestionFill in the blank question.A good rule of thumb is to limit consumer payments to 20% of -tax income.

Which deductions from the gross estate is deductible without amount limitations?Select one:a.Funeral expensesb.Family home allowancec.Judicial expensesd.Medical expensesClear my choiceQuestion 12Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow many percentages is the withholding of creditable value-added tax of GOCC shall pay before making payment on account of each purchase of goods from sellers and services rendered by contractors which are subject to the value-added tax imposed in Sections 106 and 108 of this Code?a.2%b.3%c.4%d.1.7%Clear my choiceQuestion 13Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow many percent if the prior decedent died within one (1) year prior to the death of the decedent, or if the property was transferred to him by gift within the same period prior to his death?a.70%b.80%c.90%d.100%Clear my choiceQuestion 14Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWho should pay for the excise tax of indigenous petroleum, natural gas or liquefied natural gas for local sale?Select one:a.Third buyerb.Last buyerc.Second buyerd.First buyerClear my choiceQuestion 15Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhat should an invoice contain in order for it tax?I. The VAT registration numberII. The total amount which the purchaser pays or obliged to pay to the sellerSelect one:a.Neither I nor IIb.Only IIc.Both I and IId.Only IClear my choiceQuestion 16Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt is a tax based on the assessed value of an item, such as real estate or personal property.a.Consumption Taxb.Value-added Taxc.Income Taxd.Ad valorem TaxClear my choiceQuestion 17Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt is an important beginning of the transfer of one`s estate.a.last willb.sales contractc.receiptd.deed of saleClear my choiceQuestion 18Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT necessary for vanishing deductions to be allowed as deductions from the gross estate of a decedent?Select one:a.The said property must be received by the current decedent within five (5) years before his death.b.The donor's tax or estate tax on the property previously taxed must have been paid before the death of the current decedent.c.The said property must be received by the current decedent five (5) years after the death of the prior decedent.d.The property previously taxed must have been identified as the one originally received or one which was received in exchange thereof.Clear my choiceQuestion 19Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is exempted from common carrier's tax?Select one:a.Animal-drawn two wheeled vehicles regardless of quarterly gross receiptsb.Jeepneys operated in the provinces with quarterly gross receipts f no more than Php 2,000c.Cars for rentd.Auto calesas operated in cities with quarterly gross receipts of not more than Php 2,000Clear my choiceQuestion 20Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much minimum quarterly gross receipt must be considered for the taxis in provincial before implementing percentage tax?a.Php 2,600.00b.Php 2,500.00c.Php 2,400.00d.Php 2,700.00