Hello Tutors, I’m struggling with my subjects right now, can you pleasehelp me answer the following correctly. I will be grateful for all the help I will get, and it will be very much appreciated, thank you…11. Sole proprietor is considered as Self-employed/Professional (SEP).*TRUEFALSE12. Professionals also refers to a person who engages in some art or sport for money, as a means of hobby, rather than as livelihood.*TRUEFALSE13. Generally, regular or ordinary income is subject to the graduated tax rate.*TRUEFALSE14. SEP is generally subject to two types of taxes, the income tax and estate tax*TRUEFALSE15. Regular income of SEP amounting to more than P250,000 in a taxable year but with a gross sales/receipts and other non-operating income not exceeding the revised vat threshold of P3,000,000 shall have the option to avail of 8.5% tax on gross sales/receipts and other non-operating income in excess of P250,000 in LIEU of the graduated income tax rate and business tax.*TRUEFALSE16. The option of 8% tax is applicable to a person who is a convenience store owner with annual Gross Sales of P2,999,999.*TRUEFALSE17. The option of 8% tax is applicable to a person who is a convenience store owner with annual Gross Sales of P2,49,999.*TRUEFALSE18. The option of 8% tax is not applicable to a person who is a Jeepney Operator with annual Gross Sales of P2,800,000.*TRUEFALSE19. The option of 8% tax is applicable to a person who is a night club operator with annual Gross Sales of P2,500,000.*TRUEFALSE20. The intention to elect the 8% preferential tax must be signified in the 2nd Quarter Return of the taxable year.*TRUEFALSELawSocial ScienceTax law TAXATION 101
