Question 5If you think sales tax isn't being calculated correctly, which 2 of theseshould you verify?That the tax is being calculated on the customer's area codeThat the tax is being calculated on the correct addressThat Location tracking is turned onThat the correct tax category is selectedThat a price rule is being applied

Taxes - Whether municipal, regional, or federal, taxes are mandated payments made by individuals or…

Answered: Question 5 If you think sales tax isn't…

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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Part 4BDiscuss the attributes of a good tax system
44.Which is a valid statement regarding the gross price, net price and allowance methods of recording accounts receivable from customers? a. Under the gross method, sales discount is recorded when taken and this account is reported as an item of other expense in the statement of comprehensive income. b. Under the net method, sales discount is recorded when not taken and this is reported as an item of other income in the statement of comprehensive income. c. When accounts receivable have not yet been collected at the end of the year and the discount period has already lapsed, after appropriate adjusting entry(ies), the amount of net accounts receivable reported under the gross method is greater than the amount reported under the net method. d. When accounts receivable have not yet been collected at the end of the year and the discount period has already lapsed, no adjusting entry is required under the net method.
Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers from customers to be paid to tax authorities later. O b. Sales tax is recorded and paid by customers to tax authorities. O c. Sales tax is not required to be mentioned in the sales invoice prepared by a seller. O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.
QUESTION 4 Which of the following allow a tax filer to legally reduce the amount of tax owed? Select all that apply. O A. The standard deduction. B. Tax returns. C. Tax evasion. D. Tax exemption. E. FICA taxes paid. F. Tax credits. G. Itemized deductions. QUESTION 5 Which of the following best describes taxable income? O A. The sum of your adjusted gross income and earned income tax credit. B. The sum of your wage income, unemployment benefits, and interest. C. The amount of income on which taxes were withheld by your employer. D. The amount of income you have after subtracting allowable deductions and exemptions.
A3
Briefly describe the income impact and substitution effect of changes in income tax rates (you do not need to use a graph)
What is the implication of a tax invoice not being received for the light fittings
Anti-avoidance provisions _________________. a. eliminate tax planning by taxpayers. b. are provisions in the tax laws to prevent certain harmful tax avoidance practice. c. will always prevent tax evasion. d. will eliminate all tax avoidance.
Licenses, registrations & permits, service fees, property rentals are examples of _______. A.cukai langsung / direct tax B.hasil bukan cukai / non -tax revenue C.cukai tidak langsung / indirect tax D.terimaan bukan hasil / non revenue receipts
Answer both in detail
Excise taxes are a form of sales tax. True False
3. The following are deductions from input taxes, except a. Input tax claimed as tax credit b. Input tax attributed to Vat exempt sales С. Input tax attributed to sales to government d. Input tax on zero-rated sales

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Question 5 If you think sales tax isn't being calculated corred should you verify? That the tax is being calculated on the customer's area That the tax is being calculated on the correct address