I. A withholding tax system is one in which the payment of income tax is paid upon the receipt of income by the taxpayer. II. The withholding tax system was introduced to expedite collection process and not delay the expenditures needed by the public. III. Under the withholding tax system, the payor of income withholds a certain percentage of income and remits the same to the BIR while the payee would receive only the net amount, and will no longer have to pay income tax. Only statement 1 is correct Only statements 1 and 2 are correct Only statements 1 and 3 are correct All statement are incorrect
I. A withholding tax system is one in which the payment of income tax is paid upon the receipt of income by the taxpayer. II. The withholding tax system was introduced to expedite collection process and not delay the expenditures needed by the public. III. Under the withholding tax system, the payor of income withholds a certain percentage of income and remits the same to the BIR while the payee would receive only the net amount, and will no longer have to pay income tax. Only statement 1 is correct Only statements 1 and 2 are correct Only statements 1 and 3 are correct All statement are incorrect
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 1MCQ: The definition of gross income in the tax law is: All items specifically listed as income in the tax...
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I. A withholding tax system is one in which the payment of income tax is paid upon the receipt of income by the taxpayer.
II. The withholding tax system was introduced to expedite collection process and not delay the expenditures needed by the public.
III. Under the withholding tax system, the payor of income withholds a certain percentage of income and remits the same to the BIR while the payee would receive only the net amount, and will no longer have to pay income tax.
II. The withholding tax system was introduced to expedite collection process and not delay the expenditures needed by the public.
III. Under the withholding tax system, the payor of income withholds a certain percentage of income and remits the same to the BIR while the payee would receive only the net amount, and will no longer have to pay income tax.
Only statement 1 is correct
Only statements 1 and 2 are correct
Only statements 1 and 3 are correct
All statement are incorrect
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