The taxpayer started operating a grocery store during 2015. 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
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The taxpayer started operating a grocery store during 2015. 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?
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Solved in 5 steps
- 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)?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?
- 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 P6,780A 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?
- 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:TireCo is a retail store in a state that imposes a 6 percentsales tax. Would you expect to find sales tax expense andsales tax payable in TireCo’s financial statements? Explain.Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not self-employed and earns $121,000 what are the taxpayers FICA taxes?
- 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 above1. 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. zeroMs. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?