Determine the following: 1. What is the applicable business tax for the taxpayer? 2. How much is the correct business tax due? 3. Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year?
Q: These statements are presented to you for evaluation: Statement I – Any person who, in the course…
A: Answer:- Value Added Tax (VAT) definition:- It is a type of sales tax. VAT is basically a…
Q: Jahid (a mechanic) paid for the following items during the current tax year (2019-2020) and has…
A: Below is the required explanation for each of the items spent by Jahid (a mechanic)
Q: What is the applicable business tax for the taxpayer?…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Aling Nena is a sari-sari store owner. She is covered by the percentage tax provision. Her store had…
A: Particulars Amount in Php Gross receipts 550000 Less: Expense Cost of service 200000…
Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…
A: Tax base can be defined as the total value of assets, properties, or income on which tax is…
Q: In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross receipts…
A: The answer is stated below:
Q: etermine the following: What is the applicable business tax for the taxpayer?…
A: The value added tax is the type of tax being charged upon the consumption price of production…
Q: James Jones is the owner of a small retail business operated as a sole proprietorship. During 2017,…
A: Given : Revenue from inventory sales $147,000 Cost of goods sold 33,500 Business license tax 2,400…
Q: taxpayer registered under the VAT system on January 1, 2019. Value of inventory as of December…
A: VAT seems to be a consumption tax applied on products and services at every level of the supply…
Q: TireCo is a retail store in a state that imposes a 6 percentsales tax. Would you expect to find…
A: Statement of profit and loss is the income statement of a company showing the net profit calculated…
Q: Use the following information for the next two questions: Shirley is a sales clerk in a certain…
A: Income is taxed on the income earned .Using income tax slab , Income is charged on the income tax…
Q: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…
A: Relevant provision:- Persons who are not VAT-registered, who sell goods, properties or services and…
Q: Previously not paying the value-added tax because his sales in any year never exceeded P3,000,000,…
A: Transitional input vat is the input vat credit given to those taxpayers once in a lifetime when the…
Q: Butterfly Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31,…
A: Inventory Inventory is an Asset that is presented in the statement of financial position under…
Q: Mr. A sold goods worth P56,000 (inclusive of vat) to Mr. B on account. Mr. B sold the same goods to…
A: The question is related to the taxation. The present rate of vat is 12%. The tax is equivalent to a…
Q: Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local…
A: Here, Gross Annual Income is $85,420 % of State and Local Taxes is 10%
Q: The following are the data extracted from the books of a retailer and registered with the National…
A: VAT is the indirect form of tax which is levied by the government on the goods and services. VAT is…
Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…
A: The question is related to taxation. In case if the we optioned to taxed by 8% , the there will be…
Q: . The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive…
A: 1) In the given goods are purchased for 200,000 ( exclusive of VAT) VAT = 12% ( 200000 x 12%) The…
Q: What is the applicable business tax for the taxpayer?…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register…
A: Answer to the above case study is option e) All of the other choices is incorrect. Detailed…
Q: What is her tax due liability in her 1st quarter return?
A: 1. An individual who has an income source purely from self-employment and their turnover of gross…
Q: A VAT registered trader had the following transactions: Sales of good to private entities, net of…
A: Value Added Tax: VAT is a consumption tax on products and services levied at each level of the…
Q: supervisory employee, was given 15,000 worth of groceries for personal use. Compute fringe benefit…
A: Fringe Benefits to Alexander, a Supervisory Employee is taxable @ 35% fringe benefit tax. Since he…
Q: what are the taxpayer's FICA taxes?
A: Income tax is a direct tax and it is obliged to be paid to the government. Income tax payable is…
Q: Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage…
A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect…
Q: Aling Nena is a sari-sari store owner. She is covered by the percentage tax provision. Her store had…
A: Ans: P16,500 3 % of gross sale is the rate of Percentage tax in Philippines, if gross annual sales…
Q: 1. A is a non-VAT registered tax payer with a grocery store. The following data are available for…
A: Percentage Tax due: Total sales for the first quarter = 300,000 + 400,000 = 700,000 Vat/Percentage…
Q: Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following…
A: First scenario( when 8% income tax rate is intended) Taxable income Gross sales from stores…
Q: A “sari-sari" store registered as a VAT taxpayer had the following sales. Sales of newspapers…
A: In Philippines government give exemption from VAT is following. 1. News paper, books and magazines…
Q: A VAT registered person engages in both VAT and VAT exempt business. During the year total sales…
A: Input tax refers to the central tax (CGST), state tax (SGST), integrated tax (IGST), or union…
Q: The taxpayer started operating a grocery store during 2015. He submits the following data:…
A: Given: The tax player includes the grocery store that is operated in 2015 as follows, Merchandise…
Q: Explain in detail (using a table for all the items above) with relevant tax laws and cases. Kindly…
A: Tax Deductions: In tax filing, deduction is usually expenses incurred by the entity which can be…
Q: [First Item] The following statements are correct relative to a non-VAT registered taxpayer with a…
A: The non-VAT registered taxpayer is subject to 3% percentage tax is the correct statement. This…
Q: Shafron, Inc. is a calendar year-end, cash method taxpayer. It provides consulting services for…
A: Given, Calendar year is being followed by Shafron, Inc. To Find Tax treatment of given…
Q: Required information [The following information applies to the questions displayed below.]…
A: As per IRS the total amount paid for office supplies is deductible.
Q: Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The following persons are subject to 3% common carriers' tax based on their actual or minimum…
A: Provision Gross receipts of cars for rent or hire driven by the lessee; transportation contractors…
Q: A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:
A: VAT i.e value added tax is charged in Philippines at 12% on goods ,services and properties . So…
Q: How much is the business tax if the business is radio station Narcissus owns a non-VAT registered…
A: As per National Internal Revenue Code of Phillipines and Republic act following is the correct…
Q: epfer, Inc. is a calendar year-end, accrual method taxpayer. It provides financial services for…
A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…
Q: Floyd (self-employed) is a non-vat registered taxpayer who operates a convenience store. The…
A: Taxes are the amount of dues or liabilities that is being payable by the individual to government on…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…
A: According to the Phillipines taxation, Optional standard deduction is available to individual tax…
Q: 1. A non-VAT taxpayer prepared the following summary of sales for the purpose of filing his BIR Form…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Explain in detail (using a table for all the items above) with relevant tax laws and cases. Kindly…
A: Tax Deductions: In tax filing, deduction is usually expenses incurred by the entity which can be…
Q: Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased…
A: The question is related Input tax. Input tax is the tax on purchases. The present VAT is 12%. Two…
Q: 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…
A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…
Q: 1. Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients.…
A: Answer:- Tax Liability:- Tax liability can be defined as the payment owing to a union, state, or…
The taxpayer started operating a grocery store during 2018. He submits the following data:
Merchandise Inventory P 469,000
Gross sales 2,814,000
Purchases from VAT registered entities (net) 1,563,000
Purchases from non-VAT registered entities 312,000
Determine the following:
1. What is the applicable business tax for the taxpayer?
2. How much is the correct business tax due?
3. Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year?
4. Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?Problem 1 The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?Problem 1 The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
- 1. A is a non-VAT registered tax payer with a grocery store. The following data are available for 2018: Sales of non food items is P 300,000 Sales of processed food items is P 400,000 Purchases from VAT registered person is P 250,000 Salaries of employees is P 150,000 What is the percentage tax due (net of applicable taxes)?1. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. The percentage tax due for the quarter is 2. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. Assuming the taxpayer is VAT-registered, the VAT payable is:Mr A anticipates that his gross sales in a year will not exceed P3, 000,000. He is deciding on whether to register as a VAT taxpayer or not. He forecasts that in the year 2018, he will have the following tax data: Sales P1, 500,000 Purchases of goods to be sold From VAT taxpayers, VAT not included 800, 000 From non-VAT taxpayers 100, 000 Miscellaneous expenses to be paid: From VAT taxpayers, VAT not included 50, 000 From non-VAT taxpayers 20, 000 How much will be the total business taxes if: (a) He opts not to be VAT registered? (b) He opts to be VAT registered? (c) Taxwise, which is better, to be VAT-registered or not?
- Harriet is the owner of a small grocery store with gross sales in any one year period that do not exceed P3,000,000. She is not a VAT registered taxpayer. She submits the following data for the month of January 2021.Merchandise Inventory, Dec 31, 2020, P123,450Gross sales, P240,000Purchases from VAT registered suppliers, P156,980How much is the percentage tax due? P9,963 P2,400 P28.800 P6,7801. Deductible transportation expenses: a.Do not include the normal costs of commuting. b.Do not include daily expenses for transportation between the taxpayer's home and temporary work locations if the taxpayer has a regular place of business. c.Include only costs incurred while away from home. d.Include meals and lodging. 2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows: Airfare $550 Taxis 40 Restaurant meals 150 Lodging 350 How much may Barry deduct as travel expenses for the trip? a.$0 b.$1,015 c.$940 d.$1,090 e.None of these choices are correct. 3. Which of the following is deductible as dues, subscriptions, or publications? a.Subscription to the "Journal of Taxation" for a tax attorney b.Dues to a health club for a doctor c.Dues to the drama club for a student d.Subscription to "Vogue" magazine for a corporate president e.None of these choices are correct.1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000 2. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero 3. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How should the excess input VAT be treated? A. As a tax credit (deduction against other output VAT or revenue tax) B. As a tax refund C. either of the two above
- 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be debited to "Purchases"? A. 200,000 B. 224,000 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be credited to "Sales"? A. 448,000 B. 400,000 3. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000. How much input can he claim? A. 24,000 B. zero1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be debited to "Purchases"? A. 200,000 B. 224,000 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be credited to "Sales"? A. 448,000 B. 400,000 3. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000. How much input can he claim? A. 24,000 B. Zero 4. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter. During the third quarter of 2022, it had P75,000 worth of purchases which it sold for P145,800. Should the taxpayer be a non-VAT taxpayer, how much is the minimum invoice to achieve the same level of profit, net of percentage tax?