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Below are the data provided to you by Nicanor, a top withholding agent for the month of May 2021: Purchases of goods from XYZ Corporation, a regular supplier. Purchases of services from GHI Corporation, a regular supplier. Purchase of services from Jabiiee corporation (meals for employees of the company; 4 times transactions) Purchases of goods from NBS corporation 800,000 200,000 25,000

Below are the data provided to you by Nicanor, a top withholding agent for the month of May 2021: Purchases of goods from XYZ Corporation, a regular supplier. Purchases of services from GHI Corporation, a regular supplier. Purchase of services from Jabiiee corporation (meals for employees of the company; 4 times transactions) Purchases of goods from NBS corporation 800,000 200,000 25,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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40.)
SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Gross receipts 3M or below with Sworn declaration - 5% Purchase of goods or Professional/Management/Consultancy Gross receipts fees (Individual) properties by Top 1% - goods over 3M or VAT- Withholding Agents (TWA) - 2% - service reg or without sworn declaration 10% Gross receipts 720,000 or 720,000 or Partners in general professional partnerships (drawings, Above advances, sharings, less -10% below - 10% Professional/Management/Consultancy fees (Non-Individual) Gross receipts over 720,000 -. Jallowances, etc.) 720,000 - |15% 15% Commission (if not Contractors/subcontractors (security, janitorial, etc.) 2% 10% employee) Income distributed to beneficiaries of 10% or 15% Director's fees (if not employee) (720,000 15% threshold) estates/trusts Rental 5%
Transcribed Image Text:SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Gross receipts 3M or below with Sworn declaration - 5% Purchase of goods or Professional/Management/Consultancy Gross receipts fees (Individual) properties by Top 1% - goods over 3M or VAT- Withholding Agents (TWA) - 2% - service reg or without sworn declaration 10% Gross receipts 720,000 or 720,000 or Partners in general professional partnerships (drawings, Above advances, sharings, less -10% below - 10% Professional/Management/Consultancy fees (Non-Individual) Gross receipts over 720,000 -. Jallowances, etc.) 720,000 - |15% 15% Commission (if not Contractors/subcontractors (security, janitorial, etc.) 2% 10% employee) Income distributed to beneficiaries of 10% or 15% Director's fees (if not employee) (720,000 15% threshold) estates/trusts Rental 5%
Below are the data provided to you by Nicanor, a top withholding agent for the month of May m... 2021: Purchases of goods from XYZ Corporation, a 800,000 regular supplier. Purchases of services from GHI Corporation, a regular supplier. 200,000 Purchase of services from Jabiiee corporation (meals for employees of the 25,000 company; 4 times transactions) Purchases of goods from NBS corporation (purchase of office supplies; 8 times transaction) 8,000 Rent expense 50,000 Professional fees (w/sworn declaration) 30,000 Professional fees (w/o sworn declaration) 40,000 Security fees (20% of which is the agency 100,000 fee) Janitorial services fees 10,000 Based on the foregoing data, how much is the expanded withholding tax on the total agency fees?
Transcribed Image Text:Below are the data provided to you by Nicanor, a top withholding agent for the month of May m... 2021: Purchases of goods from XYZ Corporation, a 800,000 regular supplier. Purchases of services from GHI Corporation, a regular supplier. 200,000 Purchase of services from Jabiiee corporation (meals for employees of the 25,000 company; 4 times transactions) Purchases of goods from NBS corporation (purchase of office supplies; 8 times transaction) 8,000 Rent expense 50,000 Professional fees (w/sworn declaration) 30,000 Professional fees (w/o sworn declaration) 40,000 Security fees (20% of which is the agency 100,000 fee) Janitorial services fees 10,000 Based on the foregoing data, how much is the expanded withholding tax on the total agency fees?
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