paid on beginning inventory 4,800 16. How much is the input tax? 17. How much is the value added tax payable?

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: amounted to P126,700. The foods and drinks b nightclub are being served by Tiberio, a non-VA uring…

A: Amusement tax refers to the form of tax levied on any source of commercial entertainment services…

Q: A service provider had the following data during the month: Revenue, including VAT…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: 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: Oakdale Fashions, Inc. had $245.000 in 2018 taxable income. Using the tax schedule in Table 2.3 to…

A: Income slab Tax amount Tax till $100,000 $22,250 $100,001 - $245,000 $145,000 x 39% = $56,550…

Q: A Vat taxpayer had the following data on its operations for the month of January: Sales, total…

A: Since VAT rate is not mentioned it is assumed to be 12% Input tax means the tax paid on purchase of…

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: 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: Tim's gross pay for this month is​ $8,850. His gross year−to−date ​pay, prior to this​ month,…

A: FICA contributions are mandatory, with rates set annually—although not necessarily changed annually.…

Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…

A: VAT:-VAT stands for Value-added tax. It is considered as the consumption tax that is placed on a…

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: Compute the gross income

A: sales = 336000 assume VAT @12% VAT = 336000*12%/112% = 36000

Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Introduction: Net pay: Deduction of Federal income tax withholding and FICA from Gross earnings…

Q: VAT Suppliers    P400,000                    P800,000                    P600,000

A: Value Added Tax (VAT): It is a value-added tax placed on products and services at each stage of the…

Q: Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June:   September…

A: Pay As You Go (PAYG) Instalment is an amount of money placed in reserve to cover the tax liability…

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: At year end on August 31, 2020, Clutch Home Decor Inc. has accounting income (before income tax…

A: Income tax expense = Income before income tax expense x tax rate = $237000 x 35% = $82,950

Q: LLC Income Statement for the year ending 31December 2020 Net Sales   OMR 25000 Cost of Goods…

A: A company pays tax on its profit after considering revenues from all sources and expenses at a rate…

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: 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: In 2018, A Corporation allowed its Sales Manager to incur expenses subject to reimbursement, as…

A: Some of the most common examples of fringe benefits are health insurance, workers' compensation,…

Q: LSG Company is a calendar year, cash basis taxpayer. On November 1, 2018, LSG paid $9,450 cash to…

A: The expenditure is a prepayment for 18 months, so the monthly amortization is calculated as…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: Given information is: On July 5, Williams Company recorded sales of merchandise inventory on account…

Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Net pay: It can be defined as the amount that is being received by the employees for taking home. It…

Q: M Co., a VAT taxpayer, had the following data, VAT not included, in each of:…

A: Value Added Tax: It is an  indirect tax charged  on goods and services  for value added at every…

Q: On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale…

A: Journal Entry It is used to record the transactions of a business in records of the business. These…

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: XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax…

A: Pawnshops generate money by lending money, reselling merchandise, and providing ancillary services…

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: As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales…

A: Sales tax is a form of indirect tax which needs to be paid by individual on sale of goods and…

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: 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: Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial…

A: Tax base is the amount attributed to that asset or liability for the tax purpose.

Q: June 30, 2015, Patya Co. prepaid a 1,000,000 premium on an annual insurance policy. The premium…

A: Deferred tax liability is created when taxable income per books of accounts is higher than the…

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: 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: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Employment taxes are the taxes that the employer pays to the government on behalf of their business…

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: Mr. Masipag had annual gross receipts not exceeding P100,000. During the month, he made the…

A: Under current tax regulations, marginal income earners are self-employed individuals deriving gross…

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

A: In the Philippines, the Value-added Tax Rate is 12%. The Export sale is a Zero rated tax supply. The…

Q: ABC Corporation is a domestic corporation engaged in land transport business. It had the following…

A: Since no rate is mentioned in the question. Taking VAT Rate of Philippines = 12% Particulars…

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…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.