How much is the gross selling price?
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Here Please note that VAT Percentage in Philippines was 12% in this regard in the calculation of the VAT Payable in this regard as well. Expenses which are related to VAT registration is eligible for the deduction in the total VAT Payable calculation as well.
In a taxable period, Mr. C had gross sales, VAT-exclusive, of P425,000. Sales returns and allowances for the same period, and sales discounts availed of by customers amounted to P20,000 and P5,000, respectively. How much is the gross selling price?
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- Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) Business Expenses Royalty from books Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 How much is the total income tax expense of Ana? 159,500 207,500 116,500 156,000 P700,000 300,000 40,000 70,000 500,000Kk.97. A company that withholds $1,500 in Canadian Income Tax (CIT), $330 in Employment Insurance (EI), and $180 in Canada Pension Plan (CPP) from an employee in a given pay period must also remit on its own behalf: A) $330 for EI and $180 for CPP B) Income Tax of $3,000 and EI of $400 C) $462 for EI and $180 for CPP D) $330 for EI and $252 for CPPQalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Gross income P400,000 P300,000 P700,000 Deductions 200,000 Total 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-profit Entity.
- Kickbacks received from suppliers of clients Interest income on time deposit (net) Dividend income from domestic corporations Professional expenses Household expenses, Premium payment on health insurance Facilitation fees paid to government agencies a. P325,000 b. P340,000 Compute the amount of his taxable income subject to basic tax for 2021? c. P415,000 d. P445,000 Gross sales, Ukraine Sales returns and allowances, Ukraine Cost of sales, Ukraine Use the following data for the next three (3) questions: A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2021: Gross sales, Philippines Sales returns and allowances, Philippines Cost of sales, Philippines Business expenses, Philippines Business expenses, Ukraine Interest income, peso bank deposit BDO-Marikina Interest income, US dollar deposit, BDO-Mandaluyong Gain from sale of residential house and lot (selling price, P3,000,000; FMV, time of sale, P5,000,000) Gain from sale of…Jose is a resident citizen in the philippines. Taxable period 2021. particulars amount gross sales 2,500,000 sales discount 130,000 senior citizen discount granted (20%) 160,000 Cost of sales 1,000,000 operating expenses 500,000 repairs for pwd facilities 150,000 Compute for theREGULAR ITIMIZED DEDUCTIONS to be claimed against gross income 500,000 650,000 660,000 810,000 Compute for the SPECIAL ITIMIZED DEDUCTIONS to be claimed against gross income 160,000 235,000 310,000 385,000A 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.
- A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax isThe Tax Code provides that an international carrier doing business in the Philippines shall pay a tax of two and 1⁄2 percent on its Gross Philippine Billings. What is meant by Gross Philippine Billings?PSb 5-5 Calculate FUTA and SUTA Tax For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ SUTA tax = $ 2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200. During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTA threshold is $15,000.…
- J, VAT registered taxpayer, had the following data on importation in 2022:Invoice cost (exchange rate $1: P46), $56,500Custom duties, 12%Freight, P200,000Insurance, P280,000Other charges before release from customs house, P70,000Facilitation fee, P100,000Freight from customs house to warehouse (net of VAT), P120,000The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after itsdelivery to the warehouse.How much is the VAT Payable?How much should be the income tax withheld on compensation income? Mr. B, married, is a citizen and resident of the Philippines. He had the following data on income and expenses: Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10,0004. XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Abroad, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a domestic corporation. P10,200,000 P6,900,000 P8,500,000 P6,800,000
