Mr. L is a taxpayer with VAT and Non-VAT business. He had the following data, VAT not included, in a VAT taxable period: Sales, VAT business P 3,000,000 Sales, non-VAT business Purchases of goods, from suppliers, P 2,000,000 for VAT business and non-VAT business P 1,000,000 How much was the input tax? How much was the value-added tax payable?

Mr. L is a taxpayer with VAT and Non-VAT business. He had the following data, VAT not included, in a VAT taxable period: Sales, VAT business P 3,000,000 Sales, non-VAT business Purchases of goods, from suppliers, P 2,000,000 for VAT business and non-VAT business P 1,000,000 How much was the input tax? How much was the value-added tax payable?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 22MCQ: Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income...

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Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amount
The following case is applicable to 4 consecutive questions: Nueva Ecija Company received a bill for 27,440 from a non-VAT service provider. The payment for the service is subject to 2% creditable withholding tax. What is the deductible expense if Nueva Ecija is a non-VAT taxpayer? * O 26,891 27,440 28,000
1. Paul, a resident citizen, provided the following data for year current taxable year: Gross Income from business (gross of 12,000 creditable withholding tax) Business Expenses 700,000.00 300,000.00 a. How much is the income tax of Paul? b. How much is the income tax payable of Paul? c. How much is the taxable income of Paul?
Under the TRAIN law, if monthly rental does not exceed Php 15,000.00 and the total gross receipts does not exceed Php 3 Million, the taxpayer is: Group of answer choices Exempt from Percentage Tax only Exempt from VAT only VATable if the taxpayer is a VAT-registered taxpayer Exempt from VAT and Percentage Tax
[First Item] The following statements are correct relative to a non-VAT registered taxpayer with a gross annual sale of not more than P3,000,000, except: a. The taxpayer is subject to 3% percentage tax. b. The taxpayer may opt to register under the excise tax system based on the value of goods sold at the appropriate tax rate. c. The taxpayer may opt to register under the 12% value -added tax system. d. The taxpayer, once registered under his/her preferred option, shall not be allowed to cancel his/her registration for the next three years
1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the output VAT? A. 48,000B. 53,760 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the input VAT? A.24,000B. 26,880 3. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the NET VAT Due and payable? A. 26,880 B. 24,000
I. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.
. Explain and calculate the differences resulting from a $1,000 tax credit versus a $1,000 tax deduction for a single taxpayer with $40,000 of pre-tax income that takes a standard deduction of $12,000. Be sure to show your work. Taxable income is: Taxable Income Not Over: $9,700 $39,475 $84,200 $160,275 $0 $9,701 $39,476 $84,201 Tax Due Is: 10% of the taxable income $1,940 plus 12% of the excess over $19,400 $9,086 Plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168,400
4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?
1. An individual taxpayer operates a Grocery Store and is not VAT-registered. His annualgross sales amounted to P2,900,000 for the year although his operations resulted to a netloss for the year 2018. He is subject toa. 3% OPTb. VATc. MCIT – 2%d. None, because operation resulted in a loss.If he was qualified and chose to be taxed under the 8% income tax rate, he shall besubject to:a. 3% OPTb. VATc. MCIT – 2%d. None of the above. 2. A PEZA-registered enterprise is paying the 5% preferential tax in lieu of all other taxes. It is not VAT-registered. Can the same enterprise claim a TCC or refund from any VAT that it pays on its purchases? a. Yes, because it should not be paying the VAT as it is exempt from all taxes whether direct or indirect.b. No. Since it is VAT-exempt, it is not allowed to claim a refund of input tax paid.c. Yes, because the issuance of a VAT invoice to the PEZA-registered enterprise was erroneous.d. None of the above.
The taxpayer began his business in 2018. He did not register as a VAT taxpayer because he did not anticipate that his gross sales for the year will exceed the threshold amount for VAT. He had sales of P1, 000,000 and cost of sales of P400, 000 in 2018. How much was his tax on business for the year? Mr. A had gross sales never exceeding the statutory of three million pesos (P3, 000,000). Mr A did not opt to be VAT registered. In month, he had the following data: Sales P150, 000 Purchase from VAT registered suppliers, VAT not included 75, 000 How much taxes did he pay for the month?
Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not self-employed and earns $121,000 what are the taxpayers FICA taxes?