TRUE OR FALSE

$1.$ The P $250,000$ income tax exemption for individuals is designed to be in lieu of their personal and business expenses.

$2.$ There are two types of regular income tax: proportional income tax for corporations and progressive income tax for individuals.

$3.$ NRA$-$NETBs and NRFCs are also subject to regular income tax.

$4.$ All taxpayers are subject to final tax.

$5.$ Taxable income is synonymous with net income.

$6.$ For all taxpayers, taxable income means the pertinent items of gross income not subject to capital gains tax and final tax less allowable deductions.

$7.$ All taxpayers are subject to regular income tax.

$8.$ Employed taxpayers can claim expenses from their employment as deductions against their compensation income.

$9.$ Items of gross income subject to final tax and capital gains tax are excluded from its gross income subject to regular income tax.

$10.$ Non$-$taxable compensation are items of compensation that are excluded against gross income.

TRUE OR FALSE

$1.$ The tax due of corporations is determined by multiplying their total gross income by $25\%.$

$2.$ The taxable compensation income is computed as gross compensation less than the non$-$taxable compensation income.

$3.$ The deadline of filing the corporate quarterly income tax return is the same with the deadline of the quarterly income tax return of individuals.

$4.$ Business expenses can be deducted against all types of gross income subject to regular tax.

$5.$ No deduction shall be allowed against taxable income.

$6.$ Only corporations may incur deductions against gross income.

$7.$ The gross income from business is measured as sales or gross receipts less cost of sales or cost of services.

$8.$ The tax due of individuals is determined by means of a schedule of tax rates.

$9.$ The deadline of the annual income tax return of corporations using the calendar year is similar to the deadline fixed for individual taxpayers.

$10.$ Every individual taxpayer is exempt from income tax on compensation up to P$250,000$ annually but the same exemption does not apply to business income.