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?
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?
Chapter1: An Introducti On To Taxation And Understa Nding The Federal Tax Law
Section: Chapter Questions
Problem 26DQ
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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?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT