A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how much will the customer owe? Please round your answer to the nearest whole dollar. Do not include dollar signs. O 47,454 O 44,000 O 48,750 O none of the above
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- For taxable income of $0-$50,000, the rate is 15 percent. For incomes of 450,001-$75,000 the base tax amount is $7,500 and the rate over the base is 25 percent. What is the tax amount due on an income of $68,000? I need step-by-step help with this question, as I'm confused by the breadown in the business finanace book!A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?
- On December 28, 2018, Tristar Communications sold 10 units of its new satellite uplink system to various customers for $25,000 each. The terms of each sale were 1/10, n/30. Tristar uses the gross method to account forsales discounts. In what year will income before tax be affected by discounts, assuming that all customers paidthe net-of-discount amount on January 6, 2019? By how much?Calculate the tax rate if the tax amount is $ 64.50 on a purchase of $780?for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725 total miles traveled, entertainment in total of $4200 and gifts of $450? I know only up to $400 can be deducted in gifts but do I just put 0 can be deducted. Thanks in advance for your help.
- On December 28, 2021, Tristar Communications sold 10 units of its new satellite uplink system to various customers for $25,000 each. The terms of each sale were 1/10, n/30. Tristar uses the gross method to account for sales discounts. In what year will income before tax be affected by discounts, assuming that all customers paid the net-of-discount amount on January 6, 2022? By how much?Company N will receive $55,000 of taxable revenue from a client. Use Appendix A and Appendix B. Required: Compute the NPV of the $55,000 assuming that Company N will receive $27,500 now (year 0) and $27,500 in year 1. The company’s marginal tax rate is 30 percent, and it uses a 6 percent discount rate. Compute the NPV of the $55,000 assuming that Company N will receive $27,500 in year 1 and $27,500 in year 2. The company’s marginal tax rate is 40 percent, and it uses a 4 percent discount rate. Compute the NPV of the $55,000 assuming that Company N will receive $11,000 now (year 0) and $11,000 in years 1, 2, 3, and 4. The company’s marginal tax rate is 10 percent, and it uses a 9 percent discount rate.From the data: May 2 - On sale to the public Purchase price, VAT not included P400,000 Selling price, VAT not includedP900,000 May 9 - On sale to the Government Purchase price, VAT not includedP200,000 Selling priceqP600,000 How much was the vat payable at the end of May? How much was the final value-added tax of May?
- Which of the following is true? A. The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. B. The taxable compensation income of mixed-income earners are reported in each quarterly return. C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. D. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. E. None of the other choices is true.There is a sales tax of 24 on an item that costs 276 before tax. A second item costs $218.50 before tax. What is the sales tax on the second item?if you have a percentage tax due of 70,000, is this monthly or quartelry paid to BIR