ACC 400 Taxation Reviewer

Which of the following is true?   a. Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. b. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered. c. The basis on imposing a consumption tax on the sale of services is the quarterly sales. d. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. e. All of the other choices is incorrect.

Name: Activity Worksheet #4 (Chapter 4) TRUE/FALSE Personal income taxes are paid only on your taxable income. 1. The key to reducing one's tax liability is to reduce taxable income rather than gross 2. income. MULTIPLE CHOICE 3. Which of the following would be considered smart financial planning? a. Turn all your income tax planning over to someone else b. Withhold too much income in order to receive a refund next year. c. Ignore the impact of income taxes in your personal financial planning d. Contribute to your employer-sponsored 401(k) retirement plan at least up to the amount of the employer's matching contribution taxes are based on one's ability to pay a. Progressive b. Regressive c. Marginal d. All of these 5. Dave Scott's total income is $42,000, but his taxable income is only $34,050. Therefore, his tax percent liability (what he owes in taxes) is 4,694. Dave's average tax rate is approximately С. 15 а. 11 b. 14 d. 25 6. Jeff is trying to decide whether to sell his baseball…

Which is false? Business with annual gross receipts of more than P3,000,000 * O Are subject to graduated income tax Are subject to Creditable withholding tax O Are subject to VAT O None of the above

Question 4 Your client sells a taxable item and ships it to a customer that is out of state. There is no sales tax agency set up for that state. What sales tax rate will QuickBooks Online apply? The seller's standard rate O The customer's rate based on location OA special category rate will be used as the seller's rate O No sales tax will be applied

A domestic transportation contractor by land is engaged in the transport of passengers, goods and cargoes. If the transportation contractor is not vat registered, what business taxes is he liable? Group of answer choices 12% VAT' on gross receipts from transport of goods on cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 12% value-added tax. 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 3% common carrier's tax.

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24.  Which is TRUE? S1: Representation expense of a seller of goods is subject to limitation of 5% of net sales. S2: Interest expense is subject to tax arbitrage if a taxpayer has interest income. S3: Donations to government are deductible in full.  Group of answer choices e. All is false c. S3 only b. S2 only a. S2 and S3 only d. All is true

37. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration  - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below  - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5%       Below are the data provided to you by Nicanor, a top withholding agent for the month…

39.  SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration  - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below  - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5%       Below are the data provided to you by Nicanor, a top withholding agent for the…

Please answer both a and b I will provide you positive response

2

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36. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration  - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below  - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5%       Below are the data provided to you by Nicanor, a top withholding agent for the month…

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3 d ut of ious page Registration for GST favours a business because - Select one: it increases revenue as customers pay more for the products and services O it makes the tax reports easier to prepare there are no advantages to registering for GST O it allows a business credits for the GST it pays for business-related expenses

13. Of the items and services offered by the fictional landscaping firm in Chapter 6, which would generally not be subject to a sales tax? a. design services b. fountains c. pumps d. outdoor chairs 14. When a transaction recorded in the Sales Receipt window includes sales tax, a default a. Sales Tax Payable; credited b. Sales Tax Receivable; credited account is C. Sales Tax Payable; debited d. Sales Tax Receivable; debited 15.In QuickBooks Online, the Sales Tax Center window is used to record the a. remittance of sales tax charged to customers to the proper tax agency. b. amount of sales tax owed by customers purchasing on account. C. amount of sales tax collected from customers during the current period. d. amount of sales tax collected from customers paying with cash.

1) What should companies consider regarding sales tax for online transactions versus in-person transaction. 2) Based on the risk levels you calculated for the zip codes that Dillard’s sells to, what would your recommendation be to Dillard’s regarding purchasing tax software versus using freely available rate tables? 3) Recognizing that the Wayfair decision continues to impact state tax laws regarding online sales, what factors would you take into account for a company that is beginning to embrace online sales and is deciding whether to invest in tax software versus using freely available rate tables?

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41. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration  - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below  - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5%       Below are the data provided to you by Nicanor, a top withholding agent for the month…

What causes book-tax differences? ( 000 Planning current business transactions to reduce tax costs Recognizing different revenues and expenses under GAAP and tax rules O Paying taxes today to avoid paying higher taxes in the future O Using separate sets of books to track GAAP and tax revenues and expenses A

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T1.

a. Fill in the missing numbers in the following income statement: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g. 32. Sales Costs Depreciation EBIT Taxes (25%) Net income $ b. OCF c. Depreciation tax shield 643,700 384,300 136,500 b. What is the OCF? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32. c. What is the depreciation tax shield? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32.

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1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer:   A.    15.3%     B.    12.4%     C.    2.9%     D.    1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer:   A.    0.6%     B.    0.9%     C.    5.4%     D.    6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer:   A.    $0     B.    $6.60     C.    $43.20     D.    $49.80

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Subject : Accounting

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