Assuming Cristy is a non-VAT registered, will she be liable to VAT? Why? If YES, assume that sales are exclusive of VAT and compute her OUTPUT VAT. If NO, rationalize your answer.
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- 1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000 2. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero 3. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How should the excess input VAT be treated? A. As a tax credit (deduction against other output VAT or revenue tax) B. As a tax refund C. either of the two aboveThe 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?X, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?
- You are provided with the following amounts for Sarah Feeley for the current year: View the amounts. Based on the amounts, what is the net income reported by Sarah Feeley pursuant to ITA 3 for the current year? OA. $60,180 O B. $65,080 OC. $57,680 O D. $72,480 Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) Print Done $ $ $ 62,000 7,600 1,380 4,900 7,400 10,800 - X1. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. The percentage tax due for the quarter is 2. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. Assuming the taxpayer is VAT-registered, the VAT payable is:13 These statements are presented to you for evaluation:Statement I – Any person who, in the course of trade or business, sells, barters, exchanges goods for properties shall be required to register as a VAT taxpayer if his gross sales or receipts for the past twelve (12) months, other than those exempt, exceeds P3,000,000.Statement II – If a taxpayer engaged in a business which is exempt from VAT purchases goods from a VAT-registered supplier, the input tax from the purchase made by him becomes part of the cost of his purchase.In your evaluation of the foregoing statements: Group of answer choices Only Statement I is true. Both statements are false. Only Statement II is true. Both statements are true.
- A VAT taxpayer had the following sales in March 2021 and with their correponding input VAT from purchases directly attributable to each sale. Compute the VAT.What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.10. Jagiya, a non-vat taxpayer, purchased merchandise worth P11, 200, vat inclusive, from Willie, a Vat registered seller. The passed on vat of P1, 200 on the purchases is a. Expense b. Cost of purchases C. tax credit d. ignored
- Determine all items that will be included and excluded from gross income on Form 1040 based on the TCJA of 2018. List all included and excluded items in column A. In column B, explain why the item is either included or excluded. Form 1040, Schedule C, Schedule D, Schedule E, Form 8949 Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will claim head of household for 2018. She has a daughter, Julia, who is 20 years old. Julia is a full-time student. Here are some more tax facts: Jenny's SSN is 123-34-4567 and Julia's is 654-32-1234. Jenny's address is 100 N. Main St., Atlanta, GA 30301. Jenny receives $1,200 per month in alimony from her ex-husband. Jenny owns a rental property with the following financial data: Rental Revenue - $50,000 Expenses: Insurance - $5,000 Repairs - $10,500 Depreciation - $4,000 Jenny has interest income from corporate bonds of $2,200 and interest from municipal bonds…58. Determine the amount of the Earned Income Credit in each of the following cases.Assume that the person or persons are eligible to take the credit. Calculate the credit usingthe formulas.a. A single person with earned income of $7.554 and no qualifying children.b. A single person with earned income of S27.500 and two qualifying children.c. A married couple filing jointly with earned income of $34,190 and one qualifying child.The following information came from an IRS audit of a sole proprietor named John Doe. Using the “Cash T” approach, compute the probable over/understatement of income as computed by the IRS agent. Schedule C gross receipts ........................$112,610 Cost of goods sold ...................................... 65,414 Schedule C total cash expenses ................. 30,023 Rental income .........................................…. 5,318 Rental expenses (all cash) .....................….. 6,330 Beginning bank account balance ................. 7,873 Ending bank account balance ..................... 17,265 Insurance proceeds received (taxable) ……. 4,300 Principal payments on rental property loan… 2,894 Personal living expenses ............................. 26,550 Personal auto expenses ................................ 9,788 Social security benefits received …………….. 6,500 Gifts of cash received from relatives ……………