A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayers P1,200,000 How much is the value-added tax refundable?

A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayers P1,200,000 How much is the value-added tax refundable?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 16MCQ

See similar textbooks

Related questions

Q: Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal…

A: Net pay is an employee's compensation after all deductions have been made. Obligatory deductions,…

Q: Ben Fernandez a VAT-registered taxpayer had the following data for each of the months indicated of…

A: Vat is known as value added tax. Vat rate in Philippines is 12% Input vat means the vat amount which…

Q: n a certain country, electricity charges are calculated based on a the following table: Fixed charge…

A: Total charges will be sum of fixed charge and variable cost Fixed charge given in question = $ 4…

Q: In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods…

A: Computation of Output tax is as follows: Output tax =$200000 ×15%=$30000 Computation of Input tax is…

Q: In 2018, Juan signified his intention to be taxed at 8% income tax rate on gross sales in his 1*…

A: Income tax payable is the current obligation to be paid for the current year by applying a certain…

Q: An importer-trader had the following data in month. VAT not included: Landed cost on an importation…

A: Vat is the value added tax which is payable on those goods also which has been imported by the…

Q: How much is the business tax payable for the October?

A: Vat payable is the amount of tax which a business have to pay to the government which has been…

Q: Dr. Josef Young earns an adjusted gross weekly income of $2,517. How much Social Security tax should…

A: Formula: Social security tax = Gross weekly income x social security tax rate Multiplying social…

Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…

Q: Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is…

A: In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…

Q: Consider a system that computes the taxes owed by an individual. It computes the tax according to…

A: Tax slab represents different tax rates with respect to different level of taxable income earned by…

Q: Anthony Noll’s gross earnings for the week were $3,000, his federal income tax withholding was $540,…

A: The Federal Insurance Contribution Act is a law made by U.S. government where employees and…

Q: A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals…

A: VAT is a value added tax. Tax is charged on the value added amount. Given in the question: Supplier…

Q: A VAT-taxpayer made the following sales during the year: Domestic Sales P100,000 Export Sales…

A: From manufacture through the point of sale, value-added tax (VAT) is collected on a product at every…

Q: Assuming a 21 percent marginal tax rate, compute the after-tax cost of the following business…

A: a. Compute the after-tax expense as follows: After-tax expense = Business property and casualty…

Q: What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes (…

A: Taxes are the amount due to the government on the income earned by an individual or a company. The…

Q: Colin Friedman's weekly gross earnings for the week ending March 9 were $710, and her federal income…

Q: John's Market is assessed for $99,314. The current tax rate is 85.96 per $1426 of assessed value.…

A: Assessment is the process of estimating the income of the taxpayer for the purpose of calculating…

Q: NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is…

A: Sales = Total sales / (1 + sales tax rate) = $445,200 / (1 + 0.06) = $420,000

Q: A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php…

A: Answer: 5 Sales is VAT-exempt Particulars Vat VAT Amount in Php…

Q: Service Tax is an indirect tax paid by a service receiver to the government on or before 5th day of…

A: Service tax: It is the sales tax charged on the services. The levy of service tax depends upon…

Q: In the quarter ended 31 March 20X2, Chas had taxable sales, net of sales tax, of $90,000 and taxable…

A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…

Q: GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST…

Q: How much is the tax base of the liability?

A: Given carrying amount=4000 Tax rate = 40%

Q: You have the following data: The net income after tax is 42000 OMR and income tax is 3000 OMR.…

A: Net income means the profit earned from sale of goods or services after deducting all expenses…

Q: A sales tax registered business in its first period of trading charges $8,000 of sales tax on its…

A: A sales tax is a tax paid to a government (whether State of Central Government) for the sale of…

Q: West Mountain Radio had a taxable income of $150,000 last year. This year, its tarable income has…

A: West Mountain Radio had a taxable income of $150,000 last year. It has increased by $50,000 this…

Q: Mr. M is a VAT taxpayer. He had the following data in a month: Output taxes on domestic sales P…

A: Notes: 1. Export sales are considered as zero rated sales, although VAT is not payable on export…

Q: What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following…

A: Bussiness taxable income is simply the net income earned during the taxable period i.e. taxable…

Q: Using the TRAIN ACT TAX CODE below how much annual tax will be paid by Juan who earns Php. 45,000 a…

A: The Tax Reform for Accelaration & Inclusion Law [ TRAIN]…

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: In early 2012, Cho-Sun's gross pay increased from $71,000 per year to $83,000 per year. Answer…

A: a) Calculation of Annual Percent Increase in Cho-Sus's pay before federal income taxes: Gross Pay…

Q: Novak's gross earnings for the week were $2,150, his federal income tax withholding was $346, and…

A: Introduction Federal income tax: Federal income tax is the tax withheld by employer that employee is…

Q: When filing 2015 federal income taxes as a single filer, you paid 10% on the first $9,225 earned,…

Q: payers with annual sales or receipts higher than the VAT threshold who opted to register as VAT…

A: Tax refers to the mandatory charge imposed on the money gained by an entity by the government.

Q: Using the graduated tax table, compute the income tax due and/or income tax payable (refundable) of…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Suppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10%…

A: Taxable Income-:Taxable earnings are the fraction of an individual's or corporation's income…

Q: Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods…

A: VAT:The full form of VAT is a value-added tax. It is an indirect tax imposed on goods and services…

Q: Ja. A company made an additional (incremental) income of $10,000 during the last week of the year.…

A: The main source of income for government is the tax collected from both individuals and businesses.…

Q: NYFG, Inc.I has sales including sales taxes for the month of $742,000. If the sales tax rate is 6%,…

A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…

Q: From the data: May 2 - On sale to the public Purchase price, VAT not included…

A: Value Added Tax: It is a type of sales tax that is charged by Government on the sale of services…

Q: 1. How many units of Product Very Good would have to be sold in October 2021 in order to generate an…

A: solution : given Sales 200000 Variable cost 120000 Fixed cost 50000 Tax rate…

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: You received $5,000 in interest revenue during the year. Your federal marginal tax rate was 26% and…

A: Formula: Federal income tax amount = Interest revenue x federal marginal tax rate

Q: Income Tax rates will be changed to the following Marginal Tax Rates given by: T(I) = 40*I2/ I2+1000…

A: Income Tax is a form of indirect tax payable by a taxpayer to the tax authorities of a country. It…

Q: A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php…

A: Answer: 7 Regular Customers Particulars Vat Amount in Php Sales Inclusive…

Q: John Woods’ weekly gross earnings for the present week were $2,500. Woods has two exemptions. Using…

A: Allowance per exemption = $80. Woods has two exemptions and so the amount of allowance that will be…

Q: 4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on…

A: Income tax is a direct tax that a government levies on the income of its citizens.

Q: Months gross earnings for the week were $1450, his federal income tax withholding was $318 and…

A: Income tax is an expense for the company that is levied on the income earned given to the government…

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included:

Sales, exports P4,000,000

Purchases from VAT taxpayers P1,200,000

How much is the value-added tax refundable?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the companys pre-tax income in order to have $60,000 after-taxes? A. $88,235 B. $19,200 C. $79,200 D. $143,000
What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate is 3.5%?
A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayersP1,200,000 How much is the value-added tax refundable?
A 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?
A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
A, a VAT Taxpayer, had the following data during the quarter:Export Sales, P3,000,000Domestic Sales (VAT Inclusive), P3,360,000Purchases of goods for export, P1,500,000Purchases of goods for domestic sales, VAT exclusive, P1,500,000Purchases of supplies on domestic sales, VAT exclusive, P500,000Input Tax attributable to export sales are being claimed as refund. How much is the VAT Payable?
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. P200,000
You received $5,000 in interest revenue during the year. Your federal marginal tax rate was 26% and average tax rate was 20%. How much federal income taxes did you pay? Select one: a. $1,300 b. $1,650 c. $950 d. $1,450 e. $3,300
Suppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10% increase from last year's gross receipts of P2,000,000. There is also an 8% increase in total cost and expenses of P900,000. In the first quarter of the year, would you signify your intention to be taxed at 8% optional gross income tax (OGIT)? Justify your answer 2. Debbie Corporation (DC) is one of the leading domestic manufacturers in the country. For the year, it has gross sales of P800,000,000, cost of sales of P160,000,000, and other expenses of P120,000,000. It also earns P500,000 interest income from the bonds it holds in Myanmar. Suppose that you are the Chief Financial Officer (CFO) of DC. Now, choose one (1) action you will take to manage the tax of DC and discuss it
Last year Diane's annual income was $86,011. Use the following Income Tax table to calculate how much Daan paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 In the kmage
NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: a. $31,200 b. $26,712 c. $25,200 d. $45,200 e. $445,200
A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:Accounts receivable, January 1, 2017P 500,000Sales on account for the month of January1,000,000Cash sales for the month of January300,000Accounts receivable, January 31, 2017700,000Cash purchases for the month of January 2017 400,000 a.How much is the output tax for the month of January, 2017 using 12% rate assuming the taxpayer is a trader. b.How much is the output tax for January, 2017 using 12% rate assuming the taxpayer is service provider