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?

Q: ployment tax? B. Compute Wilma’s 2021 self-employment tax, assuming Wilma has no other earned…

A: Individuals are subject to self-employment taxes for security and medical expenses. It is charged at…

Q: These statements are presented to you for evaluation: Statement I – Any person who, in the course…

A: Answer:-  Value Added Tax (VAT) definition:- It is a type of sales tax. VAT is basically a…

Q: Jahid (a mechanic) paid for the following items during the current tax year (2019-2020) and has…

A: Below is the required explanation for each of the items spent by Jahid (a mechanic)

Q: What is the applicable business tax for the taxpayer?…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not…

A: Using 2016 FICA tax rates:Tax rate is:7.65% on first $118500 of Income1.45% on Income in excess of…

Q: A certain taxpayer paid the following bill from a VAT-registered supplier of office supplies. The…

A: A VAT registered tax payer shall be eligible to claim Input Tax Credit paid on purchases which is…

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: May Yaman is engaged in a VAT-business and a non-VAT business.  Her records show the following data,…

A: Value Added Tax Value added Tax  is the tax system which was imposed by the government authority to…

Q: etermine the following: What is the applicable business tax for the taxpayer?…

A: The value added tax is the type of tax being charged upon the consumption price of production…

Q: A taxpayer made available the following financial information:           Gross receipts - Php…

A: Allowable deduction = Cost of service + Transportation and travel + Salaries and wages +…

Q: Can you tell me which of the items listed below will qualify for itemized deductions for Schedule 1…

A: In general the following items can be deductible as itemized deduction for 2018 income tax:Mortgage…

Q: taxpayer registered under the VAT system on January 1, 2019. Value of inventory as of December…

A: VAT seems to be a consumption tax applied on products and services at every level of the supply…

Q: TireCo is a retail store in a state that imposes a 6 percentsales tax. Would you expect to find…

A: Statement of profit and loss is the income statement of a company showing the net profit calculated…

Q: Yesterday Estate Jewelers had total sales, including sales tax, of $16,502.50. The store is located…

A: Given,   Sales value inclusive of sales tax = $ 16502.50   Sales tax rate = 6  3/4 % = 6.75 %

Q: rran operates a boutique yarn store from their own. The store had accounting income after tax of…

A: Taxable income is the income before tax that is available after making standard deductions from the…

Q: On November 1, 2020 Mr. Raul Ferrer a VAT registered taxpayer made the following purchases from VAT…

A: VAT is the value added tax. Vat rate in Philippines is 12%. Input vat of capital goods should be…

Q: Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local…

A: Here, Gross Annual Income is $85,420 % of State and Local Taxes is 10%

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…

A: The tax payer is not self employed. He will therefore be governed by the employee's tax rates.Income…

Q: Sven operates a shop. During the 2020 tax year, he had on hand: $70,000 of trading stock on 1 July…

A: The profitability status of the company can be arrived from the income statement prepared by the…

Q: In preparing the 2021 Annual Income Tax Return of Nicanor, the following information were culled…

A: The business income is calculated below:- Particulars Amount Amount Income from Business…

Q: Johnson’s Hardware, a registered taxpayer, during the month of December purchased $100 000 of…

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

Q: Eric is registered for sales tax. During October, he sold goods with a tax exclusive price of $800…

A: We have the following information: Sold goods to Kevin on credit (tax exclusive price): $800 Trade…

Q: . The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive…

A: 1) In the given goods are purchased for 200,000 ( exclusive of VAT) VAT = 12% ( 200000 x 12%) The…

Q: Determine the following: 1. What is the applicable business tax for the taxpayer? 2. How much is the…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

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: Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register…

A: Answer to the above case study is option e)  All of the other choices is incorrect. Detailed…

Q: What is her tax due liability in her 1st quarter return?

A: 1. An individual who has an income source purely from self-employment and their turnover of gross…

Q: what are the​ taxpayer's FICA​ taxes?

A: Income tax is a direct tax and it is obliged to be paid to the government. Income tax payable is…

Q: Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage…

A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect…

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

A: VAT is the short term Value Added Tax, which is a form of consumption tax collected incrementally…

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: Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following…

A: First scenario( when 8% income tax rate is intended) Taxable income Gross sales  from stores…

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is…

A: Given, Taxpayer = Self-employed Earn = $167,000

Q: A “sari-sari" store registered as a VAT taxpayer had the following sales. Sales of newspapers…

A: In Philippines government give exemption from VAT is following. 1. News paper, books and magazines…

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: A taxpayer made available the following financial information:   Gross receipts - Php 10,000,000…

A: Taxable income refers to the AGI (Adjusted Gross Income) less the itemized deductions that the…

Q: A purely self-employed individual’s gross sales/receipts and other non-operating income do not…

A: VAT Special Rate applicability to Self Employed Individuals: The 8% tax is applicable only to…

Q: Under the TRAIN law, if monthly rental does not exceed Php 15,000.00 and the total gross receipts…

A: TRAIN law refers to the Tax Reform for Acceleration and Inclusion. This law is a part of the…

Q: Shafron, Inc. is a calendar year-end, cash method taxpayer. It provides consulting services for…

A: Given, Calendar year is being followed by Shafron, Inc.   To Find Tax treatment of given…

Q: Required information [The following information applies to the questions displayed below.]…

A: As per IRS the total amount paid for office supplies  is deductible.

Q: How much is the business tax if the business is radio station Narcissus owns a non-VAT registered…

A: As per National Internal Revenue Code of Phillipines and Republic act following is the correct…

Q: epfer, Inc. is a calendar year-end, accrual method taxpayer. It provides financial services for…

A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…

Q: Floyd (self-employed) is a non-vat registered taxpayer who operates a convenience store. The…

A: Taxes are the amount of dues or liabilities that is being payable by the individual to government on…

Q: Explain in detail (using a table for all the items above) with relevant tax laws and cases. Kindly…

A: Tax Deductions: In tax filing, deduction is usually expenses incurred by the entity which can be…

Q: Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased…

A: The question is related Input tax. Input tax is the tax on purchases. The present VAT is 12%. Two…

Q: 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…

A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…

Q: A purely self-employed individual’s gross sales/receipts and other non-operating income do not…

A: Gross sales refer to the total sales of all the transactions of sales in a particular period of…