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
Q: Compute the ca
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Q: total income subject to Philippine Tax
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Q: ella, a non-VAT taxpayer sold to Millie, a VAT taxpayer, his goods for P 50,000. The next day,…
A: Note: The Q Currency is Php hence, we are assuming the Q is from Phillipins. In Philippines VAT…
Q: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…
A: Foreign tax credit is a refundable tax credit that can be availed by individuals working in foreign…
Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…
A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO THE…
Q: Jen is a resident citizen who had the following information for the taxable year: P100,000 interest…
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Q: Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income…
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Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: $1 = Php 45 Cost paid by PCSI = P123,200 Received by PCSI = $70
Q: The Value-added tax payable of Kyle is:
A: VAT is an acronym of the value added tax. It is a type of tax but falls under indirect tax category.…
Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…
A:
Q: Natoy, a non-VAT taxpayer sold to Mariel, a VAT taxpayer, his goods for P50,000. The next day,…
A: Value-added tax (VAT) - It is type of flat tax levied on an item. It is kind of sales tax owned by…
Q: Wert Company, a VAT-registered taxpayer, purchased P600,000 worth of goods and sold the same for…
A: VAT is Value Added Tax in Phillipines charges at 12% on import &…
Q: Mr. Jerico, a nonresident Filipino actor, shot his movie under Star Cinema, Inc. (domestic…
A: The taxability of an income is based on the residential status of the individual. The ordinary…
Q: A taxpayer received during the taxable year the following passive income derived from within the…
A: The income is the income earned without the use of time and labor of the taxpayer. Passive income…
Q: Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: The VAT rate in Phillipines is 12% for the year 2021.…
Q: Lucio imported brand new luxury car from Europe for personal use of Lucia. Total Landed cost was…
A: Customs duties: Any goods imported into the parent country by any individual or commercial…
Q: A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data…
A: The capital gains tax is a tax levied just on profit made on a sale of an investment. When you sell…
Q: Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: ANSWER(1): Calculation of Value-added tax payable of Bimbie Note: The Q Currency is Php hence we are…
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: Corporation owns a residential house with a fair market value of $10,000,000 and a carrying amount…
A: Fringe benefits tax refers to the tax levied by the authoritative government over the perks received…
Q: A Russian programmer received P1,200,000 compensation income for his services rendered in Makati and…
A: Answer: Compensation Income for services rendered in Makati = P 1,200,000 = Taxable Rental…
Q: Y received the following items of income during the taxable year: If Y is a resident citizen, how…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: Edward has $40,000 of income from a country that imposes a 42-percent income tax and $30,000 of…
A: Tax is the liability which has to be paid by the individual and the corporation to the Federal…
Q: 1. The taxpayer is NON-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: Vladimir received his compensation for his work in London amounting to P100,000.00. In order to…
A: Taxation refers to the imposition of compulsory financial obligations by the government on…
Q: Stan a non-resident citizen not enganged in trade or business, won P 2,000,000 in a raffle draw held…
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Q: The taxpayer is a resident citizen. In the Philippines, his business gross income is 550,000 and his…
A: As provided in the Philippine Tax Code, a resident citizen is taxable on all income derived from…
Q: Within without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent…
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Q: he executor of Niel, a Filipino citizen based in Canada, provided details of his properties in…
A: Answer: Niel is citizen of Philippines He has income from both Philippines and Canada Philippines…
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Q: A resident citizen taxpayer sold a principal residence located in the Philippines. Other data…
A: Introduction: The net price is the price at which a product or service is sold after all taxes and…
Q: Mr. BernsPogi, resident citizen, published his book abroad for the international market. During the…
A: Withholding tax:-It is the tax amount paid by the person on its taxable income as per the rate…
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Q: 9. A Filipino citizen has P400,000 Philippine income and P300,000 foreign income. He paid P55,000…
A: 9. A citizen of the Philippines is allowed a full tax credit of the foreign tax paid by the citizen…
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A: The question is based on the concept of Taxation
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Q: 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…
A: Calculation of the output VAT : So the correct answer is A) 48,000
Q: 4. Mahmood buys a commodity from the wholesaler at OMR 1,200 and was charged by a VAT at the rate…
A: given that, Mahmood buys a commodity from the wholesaler at OMR1200 Mahmood sells a commodity at…
Q: Jenna paid foreign income tax of $3,194 on foreign income of $15,968. Her worldwide taxable income…
A: Foreign Tax Credit: The foreign tax credit is a tax credit offered by the United States government…
Q: The executor of Niel, a Canadian in the Philippines, provided details of his properties in…
A: From 01 January 2018 in the Philippines, the estate tax is payable at 6% of the value of the Net…
Q: Mr. Joshie, a Filipino citizen and a resident of Baguio City, won P10,000 in a PCSO draw last May 8,…
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A: The marginal tax rate is the ratio of the change in tax liability and the net change in taxable…
Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…
A: GIVEN Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The…
Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A:
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…
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- A Russian programmer received P1,200,000 compensation income for his services rendered in Makati and rental income of 100,000HKD from his properties in Hongkong. Assuming 1HKD is equivalent to 6.5PHP, how much will be subject to Philippines income tax? a.P1,850,000b.P1,200,000c.P650,000d.0. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:11. A VAT-registered taxpayer with several businesses had the following Chapter Last 12 months P 4,600,000 Current month 700,000 200.000 10.000 15 A Premiums from life insurance Premium from non-life insurance 1920.000 Imput VAT-non-life products 140,000 b. 16 What is the VAT payable for the current month? GP 24,000 a PO b P14,000 d. P 108,000 Last Current Sales of fertilizers and seeds Sales of equipment Input VAT on processed foods 12 months P 1,800,000 1,500,000 140,000 month 200,000 150,000 13,000 18. A Compute the VAT payable for the current month. PO c.P 18,000 a. b. P5,000 d. P 29,000 12. A VAT taxpayer is engaged in mixed transactions: Exempt sales N/A 12,000 Export sales Regular sales P 300,000 200,000 19 Output VAT Input VAT P. 36,000 What is the creditable input VAT? PO 20 a. c. P236,000 d. P248,000 b. P200,000 13. In the immediately preceding problem, what is the VAT payable? a P100,000 b. P 64,000 c. P 52,000 d. P 0 14. The taxpayer made a sale of P400,000 to the…
- The taxpayer had the following data at the end of the current year: Philippines South Korea Gross profit from sales P3,000,000 P10,000,000 Interest from FC bank deposit 20,000 40,000 Royalties from patents 60,000 100,000 Dividends from domestic corporation 50,000 0 Prizes 12,000 0 Operating expenses 2,000,000 5,000,000 Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be: P1,000,000 P6,282,200 P6,000,000 P6,140,0009. A Filipino citizen has P400,000 Philippine income and P300,000 foreign income. He paid P55,000 income taxes abroad. Compute the allowable tax credit for the income taxes paid abroad. с. Р 45, 000 d. P 55, 000 а. РО b. Р 40, 000 10. In the preceding problem, what is the tax credit if the taxpayer was a non-resident citizen or a resident alien? с. Р 45, 000 d. P 55, 000 а. РО b. P 40, 000The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up M300 000 and 26% of any amount over M300 000. Express the above as a tax function. Find the income tax for an income of M125 000. Compute the income tax of an income of M350 000.
- A non-resident alien not engaged in trade or business derived P 50,000 interest income from his long-term bank deposit in the Philippines. How much is the income tax due of the said alien? P 5,000 P 12,500 P 10,000 Nil21. A resident alien has a net business net income of P2,200,000 i n the Philippines and P1,250,000 from abroad. Compute the income tax due* a. P 654,000 b. P 454,000 c. P 554,000 O d. P 754,000Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit? a.$30,290 b.$12,000 c.$6,058 d.$8,350 e.None of these choices are correct.
- Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of AbiA resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Selling price - P5,500,000 Fair market value - 6,000,000 Zonal value - 5,850,000 Expenses on sale - 275,000 Compute for the capital gains tax.User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $ 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $ 150,000