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- In QuickBooks Online, what 4 data points do you need to set up sales tax for a client who only does business in their home state?Which one of the following statements is false? Group of answer choices A.Bill drives 20 each way between his home to his office – 40 miles round trip each day. During the day he drives to a client site. He drives a total of 63 miles that day. He may deduct the cost of 43 miles. B.Commuting expenses may be deductible if you are transporting tools. C.A consultant works out of her home. She may deduct the cost of driving to a client’s place of business. D.The expenses of driving between your regular job and a second job are deductible.Your client wants to transfer $500 from their chequing account into a savings account to cover tax liabilities for sales made last month.Where should they start the process?
- QUESTION 1 A) By way of an example , state the difference between an “Exempt supply and a “Zero -rated supply” ? B) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ? C) A vendor purchases a VEHICLE for private purposes on 1 March 2020. The VEHICLE costs NAD228 000 including VAT (excludes finance charges and any other charges incurred). The vendor then decides to use the VEHICLE exclusively in his business for delivery of goods to his/her customers with effect from1 March 2020. At the time of introducing the VEHICLE into the business, it had an open market value of NAD205 200. Calculate input VAT to be claimed by the vendor?Suppose you are in a hurry to get your income tax refund. If you mail your tax return, you will receive your refund in 3 weeks. If you file the return electronically through a tax service, you can get the estimated refund tomorrow. The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. What is the APR (annual percentage rate) with weekly compounding? What is the EAR (effective annual percentage rate)? How large does the refund have to be for the APR to be 15%? .A bond with a 7% annual coupon and 10 years to maturity has YTM=9 %p.a. What is the bond price today, if its par (face) value is $1,000? . A bank agrees to lend you $3,000 today in return for your promise to pay back $5,287 5 years from today. What rate of interest is the bank charging you?O e. OMR156.75 Clear my choice non 6 et ered Ali is a student at the University. He recently purchased a car for OMR5,000 to use it for going to the University. Ali also expects that other friends might ask for transportation from him. He expects a total monthly revenue of OMR60. He expects fuel cost to be OMR30 per month. One of Ali's friends is a taxi driver. He offered Ali to take him to University for a monthly fee of OMR10. Because he does not have to drive, Ali believes that he can perform online work ed out of g question that would earn him a monthly revenue of OMR10. What is the differential revenue in this scenario? Select one: O a. OMR20 O b. OMR40 O c. OMR10 O d. OMR30 O e. OMR50 ious page Next page 18
- Koykoy is a sales agent of Mikoy Car Company. He was able to sell reposed car worth $648,000.00. He gave his buyer a discount of 35,000.00 His buyer paid a down payment that is 20% of the net price. The balance will be paid through bank financing. Question: 12. What is KoyKoy's net commission if the commission rate is 3%? a. 5, 191.15 b. 5, 291.15 c. 5, 391.15 d. 5, 491. 15Title Record these transactions in the General Journal, complete with suitable explanations. Ask your... Description Record these transactions in the General Journal, complete with suitable explanations. Ask your instructor which of the following tax rates to use: i. Add 5% GST only ii. Add 13% HST iii. Add 5% GST 1 7% PST 1. Rita Jackson, owner of a grocery store, withdrew merchandise for her own use, $55 plus tax(es). 2. Issued cheque to the Provincial Telephone Co. to pay the following: company telephone bill, $45.50 plus tax(es), and owner’s home telephone bill, $41.10. 3. Owner has given you the receipt for a bouquet of flowers sent to her husband. The amount was paid by company cheque, $25. 4. Owner took used printer, valued at $225 plus tax(es), from the business for personal use at home. 5. Issued cheque for $500 to Ms. Jackson for personal use. 6. Owner took office supplies for own use, $15 plus tax(es). 7. Paid owner’s personal dry-cleaning bill, $15.50, with a…Suppose you bought a sofa for a total purchase price of $1,594.97. State taxes were 6%. What was the amount of the sales tax (in $)? (Round your answer to the nearest cent.)______
- A virtual connection with a state based on sales volume or number of transactions. This now means, in most states, that if your business meets a threshold of $100,000 in sales in that state, it may now require you to collect sales tax on transactions digital business base economic nexus home base virtual tax base4. Mahmood buys a commodity from the wholesaler at OMR 1,200 and was charged by VAT at the rate prescribed of 10%. He fixes the price of this commodity at OMR 1,500 for the customer and in turn he charges VAT at the same rate. Calculate the amount of Value Added tax (VAT) paid by Mahmood to the government. A. OMR 120 B. OMR 270 C. OMR 150 D. OMR 30Marcus runs a business selling reclining chairs. He buys 540 chairs for $55 each (including GST) and sells for $85 each (inc GST). He is registered for GST credits. How much is he liable to remit to the ATO assuming all the chairs are sold? For all answers (unless otherwise indicated), please round your answer to the nearest dollar and use numerals only eg 9999