The following are your clients as a Consultant: Who among them is qualified to use 8% optional income tax?Choicesa duly registered Barangay Micro Business Enterprise with gross sales of Php 3 Milliona partner in ABC & Co., CPAS whose share in income of GPP amounted to Php 1 Millionan architect who opted for method of deduction and whose gross receipts amounted to Php 23 Milliona doctor operating his own clinic with gross receipts of Php 1 and at the same time an employee of ABCHospital and Medical Center with a gross salary of Php 3M

The 8% optional income tax can be only availed if all the conditions are satisfied: Taxpayers…

Answered: The following are your clients as a…

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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Assuming that a Nissan Car Manufacturing Company sold 100 cars to the wholesale trader for OMR 7,500 each plus VAT. The wholesale trader sold all the 100 cars to the retailer showroom for OMR 8,000 each plus VAT. The retailer showroom realized OMR 850,000 after selling all the 100 cars to the local customers plus VAT. Assume the rate of Value Added Tax (VAT) throughout in Oman is 5%. There Input tax credit available in Nissan Car Manufacturing Company account was OMR 42,500. ANSWER QUESTION NO 15 TO 18 Question 15 What will be the total tax burden by the consumers? a. OMR 85,000 b. OMR 42,500 c. OMR 40,000 d. OMR 47,500 Question 16 Which of the following statement will be correct for Nissan Car Manufacturer? a. Tax to be refunded from Government is OMR 5000 b. Tax to be payable to Government is OMR 37,500 c. Tax to be refunded from Government is OMR 42,500 d. Tax to be payable to Government is OMR 5000 Question 17 What will be the…
You were hired as the accountant of XYZ Trading, a sole proprietorship business owned by Mr. Francisco Montano. One of your responsibilities is to prepare the income tax return of Mr. Montano. Annually, Mr. Montano pays P50,000 to P100,000 income tax. He told you to help him lessen his income taxes by 10%. As his accountant, what will you do to help him?
Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows: Gross income Travel Contribution to Presidential Election Campaign Transportation 5,300 miles equally across the year, using standard mileage method Entertainment in total Nine gifts at $50 each Rent and utilities for apartment in total (25 percent is used for a home office) Gross income Expenses: Travel Political contribution Transportation Entertainment Complete the table below to determine the net income Margaret should show on her Schedule C. If an amount is zero, enter "0". If required, round the amounts to the nearest dollar. Gifts Rent and utilities Total expenses Taxable business income 45,000 1,000 0 0 225 $45,000 1,000 100 2,625 X X ? X 4,200 450 10,500
Hank started a new business, Hank's Donut World (HW for short), in June of last year. He has requested your advice on the following specific tax matters associated with HW's first year of operations. Hank has estimated HW's income for the first year as follows: Revenue: Donut sales Catering revenues Expenditures: Donut supplies Catering expense Salaries to shop employees Rent expense Accident insurance premiums Other business expenditures Net Income $ 290,000 96,390 $394,398 $153,220 39,640 64,000 49,940 8,952 9,610 -325,362 $ 69,028 HW operates as a sole proprietorship, and Hank reports on a calendar year. Hank uses the cash method of accounting and plans to do the same with HW (HW has no inventory of donuts because unsold donuts are not salable). HW does not purchase donut supplies on credit, nor does it generally make sales on credit. Hank has provided the following details for specific first-year transactions. 1. A small minority of HW clients complained about the catering service.…
Choose the CORRECT statement about company income tax. A.Companies need to keep records and books of account for a year for review by the Inland Revenue Board (LHDN) B.Company tax is levied every two years. C.Tax is levied on companies earning income in Malaysia and outside Malaysia for insurance companies, sea and air transport and banking. D.Company income tax is imposed on resident companies with limited status only, excluding private limited companies.
Taxation Naga Tiddug applied and was hired as a cashier in Bagsakan Corporation. After saving enough money, he enrolled in the University of Saint Louis as an accountancy student. For 2021, he earned and incurred the following Salaries, net of: 162,000 SSS premium contribution -3600 Philhealth premium contribution -2400 Pag-ibig premium contribution- 3k Health and hospitalization premium contribution -2k Union dues- 3k Creditable withholding taxes-6k SSS loan- 10k Productivity bonus-12k Achievement award-cash -12k 13th month pay- 16k Christmas bonus- 16k Expense incurred: Tuition fee, board and lodging and other living expenses- 40k Medical expenses 10k Required A. How much is the non-taxable income of Naga? B. How much should be Naga's deductible expenses? C. How much is the taxable income of Naga? D. How much is the tax still payable (or refundable) of Naga?
Deductible Commission Salesperson Expenses - Example 4 Barton Ho is a commission salesperson. During the current year, in addition to his salary of $92,500, he earns and receives $34,700 in commissions. His costs for advertising were $12,200 and, in addition, he spent $6,400 on client entertainment. Because of the extensive travel required by his work, his travel accommodation costs totaled $16,100. Mr. Ho paid $5,000 for a sports club membership where he regularly entertains clients. He is required to pay his own expenses and does not receive any allowance from his employer. What is Mr. Ho's maximum expense deduction for the current year? Show your calculations.
Sir please help me urgently
As franchisee, Virgie delos Reyes had the following data on revenue and receivables: Revenues Receivables, beg Receivables, end 2,000,000 From Operations covered by the franchise 300,000 400,000 From Operations not covered by the franchise 600,000 90,000 80,000 45 25 The percentage tax, if operating a water system, is *
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Jackie Company is an FIRB-registered enterprise. Following is its financial performance for a five-year period. Assume all are earned/incurred evenly for each year. Assuming it is a Tier 1 domestic enterprise which started its commercial operation at Quezon City in September 1, 2026, how much is its income tax payable for 2035 assuming the use of SCIT and that it relocated to Cagayan in 2031?
Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is the Fringe benefit tax?

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