At the time of retirement, Tyre had 500 pcs of merchandise which was deemed sale at a value of P150,000 with an output tax of P18,000 After retirement, Tyre sold to Rey 100 pieces for P35,000. In the contract of sale Rey can claim an input tax of _
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At the time of retirement, Tyre had 500 pcs of merchandise which was deemed sale at a value
of P150,000 with an output tax of P18,000 After retirement, Tyre sold to Rey 100 pieces for
P35,000. In the contract of sale Rey can claim an input tax of _
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- Mr. Bilal receives OMR 4000 monthly salary. He also receives a variable commission on net sales based on the following schedule (Commission does not begin until Bob earns OMR 8000 in net sales) From OMR 8000 to OMR 12000 - 2% Excess of OMR 12000 to OMR 20000 – 4% Excess of OMR 20000 to OMR 40000 – 6% More than OMR 40000 – 10% Assume Bilal earns OMR 42000 net sales for the month. What is his gross pay?Pedro works as salesman of ZZ Trading. The agreement between Pedro and Zzz provides the following terms: P25,000 Basic salary 5% commission on every sale Incentive upon meeting of target 15,000 Pedro made a total sale of P250,000 for the month. Incidentally, during the month, Pedro received a P50,000 commission from selling his friend's vacant lot. Compute the gross compensation of Pedro. a. P25,000 b. P40,000 c. P52,500 d. P102,500Complete the net salary for Mr. Ama given that he worked in an organization for 5000hrs. With an agreed hourly wage of Ghc5.00. Given that he did extra works in the form of allowances. Overtime allowance = 0.02% of gross. Maintenance 2% Safety 1%. Given also that there some deductions in the computation of his net i.e tax 1 = Ghc50.00 tax 2 = 0.2% of gross tax 3 = 1.1% of gross tax 4= 2% of gross
- Which of the following will result in the recognition of gross income? Gail's employer allows her to set aside $ 4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $ 4,300 for the year. Hannah purchases a new sofa from her employer, Sofas-R-Us, for $ 1,200. The cost of the sofa to the furniture store is $ 1,100 and the sofa normally sells for $ 1,700. Jayden's employer purchases her commuting pass for the subway at a cost of $ 225 per month. Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. None of the above will result in recognition of gross income.The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDS enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much should the business report as "Sales" to be able to avail of the special deduction from its gross income? * a. 1,120,000 b. 1,000,000 c. 896,000 d. 800,000Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss in January costing 2,889, another in May costing 2,605 and the last in December costing 1,003. If Faisal has an aggregate deductible of 1,084. How much will the insurer pay?
- Mianel, an employee of XYZ Corp. is receiving regular monthly compensation in the amount of ₱100,000. The monthly nontaxable deductions would be GSIS (₱ 9,000.00), Philhealth (₱ 687.50), and HDMF (₱ 100.00). 1. Compute for the withholding tax due 2. Compute for the amount to be withheld.Hobby Hut has three employees. Find the amount subject FUTA and the amount of the FUTA for this pay period for each employee. If the YTD is already more than $7000, then $0 is subject to FUTA and the FUTA TAX is $0. And the FUTA rate is at 6.0% or 0.006. Do not put dollars signs in your answers. Employee Year to Date Gross this Pay period Suject to FUTA FUTA Paul Braun 5999 1234 Jackie Prince 9856 2543 Flora Jones 3456 1009Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.
- Aling Nena is a sari-sari store owner. She is covered by the percentage tax provision. Her store had the following data: Sales P550,000; Cost of sales P200,000; Operating Expenses P150,000. Compute the business tax. * P10,500 P6,000 P16,500 0 *Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $50,000. Already deducted from that number are depreciation of$5,000, financing fees of $2,500, and salaries to arm's length employees of $10,000.CCA would be $4,000.Calculate Ferran's taxable income based on what you know about them?Taxpayer is a sole proprietor owner of a merchandising business. He sells an idle lot located in Baguio City at 10% above cost. Records show the cost of P1,000,000. Zonal value per BIR list is P1,200,000 and the value per local assessor's office is P800,000. Compute the capital gains tax: О а. Рб,000 O b. PP60,000 О с. Р72,000 O d. Not subject to capital gains tax
