A VAT taxpayer had the following sales in december 2020 and with their correponding input VAT from purchases directly attributable to each sale. Compute the VAT. Sales to private entitiesExport salesSales to governmentSales of exempt goodsSales (Invoice Price) Input Tax1,680,000.00448,000.00280,000.00150,000.0090,000.0044,400.0026,000.0011,400.00

VAT is Value Added Tax charged in the Phillipines @ 12% rate on…

Answered: es to private 1,680,000 90,00 tities

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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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400
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