Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage tax due?
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Harriet is the owner of a small grocery store with gross sales in any one year period that do not exceed P3,000,000. She is not a VAT registered taxpayer. She submits the following data for the month of January 2021.
Merchandise Inventory, Dec 31, 2020, P123,450
Gross sales, P240,000
Purchases from VAT registered suppliers, P156,980
How much is the percentage tax due?
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- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: 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? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?Mr A anticipates that his gross sales in a year will not exceed P3, 000,000. He is deciding on whether to register as a VAT taxpayer or not. He forecasts that in the year 2018, he will have the following tax data: Sales P1, 500,000 Purchases of goods to be sold From VAT taxpayers, VAT not included 800, 000 From non-VAT taxpayers 100, 000 Miscellaneous expenses to be paid: From VAT taxpayers, VAT not included 50, 000 From non-VAT taxpayers 20, 000 How much will be the total business taxes if: (a) He opts not to be VAT registered? (b) He opts to be VAT registered? (c) Taxwise, which is better, to be VAT-registered or not?
- Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?Heiman, a VAT registered taxpayer, had the following data in 2022:Deferred input taxes, December 2021, P6,200Sales (net of VAT): January, P620,000 February, P430,000 March, P540,000 Purchases (net of VAT): January, P508,000 February, P432,000 March, P314,500 How much is the VAT payable for the month of March? P26,820 P34,090 P20,860 P26,580 P25,620Floyd (self-employed) is a non-vat registered taxpayer who operates a convenience store. The following were provided for 2020: Sales of processed food items Sales of non-food items P280,000 220,000 100,000 80,000 48,000 Purchases of processed food items Purchases of non-food items Salaries of helpers Compute the correct percentage tax due and prepare the percentage tax return? а. Р15,000 b. Р32.000 с. Р50,000 d. P27,200
- Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2019) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 396.16 Federal tax levy $224.84 Figure 6.32019 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 46.92 63.07 79.22 95.37 111.52 127.67 46.92 plus 16.15 foreach dependent Weekly 234.62 315.39 396.16 476.93 557.70 638.47 234.62 plus 80.77 foreach dependent Biweekly 469.23 630.77 792.31 953.85 1115.39 1276.93 469.23 plus 161.54 foreach dependent Semimonthly 508.33 683.33 858.33 1033.33 1208.33 1383.33 508.33 plus 175 foreach dependent Monthly 1016.67 1366.67 1716.67 2066.67 2416.67 2766.67 1016.67 plus 350 foreach dependent Source: Internal Revenue Service. Carson Holiday has a federal tax…Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Carson Holiday has a federal…Galileo Lantanas, sole proprietor of GALLANT Enterprises, started business operations in 2019 as a non-VAT taxpayer. By the end of the year his sales exceeded P3,000,000 prompting him to register as a VAT taxpayer starting January 2020. The following information appeared in his records as of December 31, 2019: Goods for sale (purchased from VAT suppliers) Inventory value P 120,000 Actual input tax paid 3,500 Supplies used in business (purchased from VAT suppliers) Inventory value P 65,000 Actual input tax paid 1,100 Goods and supplies (purchased from non-VAT suppliers) Inventory value P 35,000 Cost 30,000 For the month of January 2020, sales and purchases amounted to P650,000 and P330,000, respectively, VAT not yet included. How much is the VAT payable as at January 31, 2020?
- Hepfer, Inc. is a calendar year-end, accrual method taxpayer. It provides financial services for various clients. Hepfer, Inc. had the following transactions in 2020. Determine the tax treatment for each transaction. For credit, you must round your answer to the NEAREST DOLLAR. Do NOT enter the dollar sign in your answer - only enter the numbers (e.g., X,XXX). For example, one thousand dollars should be entered as 1,000. Enter zero (i.e., “0”) where necessary. (a) Hepfer, Inc. rents a small single house in downtown Dallas and uses it as the business office. On June 15, 2020, Hepfer, Inc. paid $24,000 for the next 12 months of rent. The rental period associated with the payment starts on July 1, 2020. How much (if any) of the payment can Hepfer, Inc. deduct in 2020? $Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Karen Most has a federal tax…Shafron, Inc. is a calendar year-end, cash method taxpayer. It provides consulting services for various clients in the local community. Shafron, Inc. had the following transactions in 2020. Determine the tax treatment for each transaction. For credit, you must round your answer to the NEAREST DOLLAR. Do NOT enter the dollar sign in your answer - only enter the numbers (e.g., X,XXX). For example, one thousand dollars should be entered as 1,000. Enter zero (i.e., “0”) where necessary. (a) On March 15, 2020, Shafron, Inc. received $30,000 from JBD, Inc. for business consulting services. Shafron, Inc. estimated the project will take 6 months and began working on the project on April 1, 2020. How much (if any) of the payment is included in Shafron, Inc.’s gross income? $ (b) Shafron, Inc. purchases an 18-month liability insurance policy. Per the contract with the insurance company, Shafron, Inc. paid the entire cost of the insurance coverage ($36,000) on November 1, 2020. The coverage…