The taxpayer started operating a grocery store during 2015. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities   312,000

Q: These statements are presented to you for evaluation: Statement I – Any person who, in the course…

A: Answer:-  Value Added Tax (VAT) definition:- It is a type of sales tax. VAT is basically a…

Q: In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding…

A: To calculate Henry's QBI deduction and tax liability, we need to consider the QBI deduction rules…

Q: For the person​ below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…

A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: amounted to P126,700. The foods and drinks b nightclub are being served by Tiberio, a non-VA uring…

A: Amusement tax refers to the form of tax levied on any source of commercial entertainment services…

Q: What is the vat payable? P43,830 P44,280 P46,680 P59,248

A: Value Added Tax The calculation of Value added tax which is taken consideration of total output…

Q: 2 Mr. A is a Doctor having his own medical office in Alsancak/ Izmir. He calculated his gross…

A: Income tax seems to be a form of tax imposed by government agencies on income earned by enterprises…

Q: Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Sarah owns a jewelry store and prepares her financial statements using the accrual method of…

A: The objective of the question is to calculate the net income of Sarah's business under the cash…

Q: Hayabusa is a resident citizen earning compensation and business income for 2021 as follows:

A: working note tax computation. 250,000 tax rate 0% 250,000 to 400,000 tax rate 20% 400,000 to…

Q: Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV…

A: Tax due, when referring to an income tax return, is any federal income taxes, alternative minimum…

Q: 1. Arnold's employer withheld $16,842.54 in federal income tax. After completing his return, Arnold…

A: Employers on behalf of employees deduct income taxes from the employee's gross pay and pay these…

Q: Haru is a self-employed cash - method, calendar - year taxpayer who made the following cash payments…

A: Identification of expenses are allowable for tax purpose is important to everyone as on the basis of…

Q: rran operates a boutique yarn store from their own. The store had accounting income after tax of…

A: Taxable income is the income before tax that is available after making standard deductions from the…

Q: For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a…

A: Monica received $ 500 as unreported tip and owes Social Security taxes on these tips. Total income…

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…

A: The tax payer is not self employed. He will therefore be governed by the employee's tax rates.Income…

Q: Which of the following is wrong?    A person required to register as VAT taxpayer but failed to…

A: value added tax is such a consumption types that is levid on goods and services at the each stage of…

Q: Calculate Hoang’s taxable income for the 2018/19 tax year.

A: Introduction: Taxable income: Taxable income can be defined as the income on which the tax is…

Q: A married man filing separately with a taxable income of $160,000. i Click the icon to view the 2016…

A: The incremental income is subject to the marginal tax rate. It is often referred to as the…

Q: Indicate whether the following acts can be considered as tax evasion/tax management/ tax planning or…

A: Tax planning is process of arranging business operations in such a way that reduces tax liability.…

Q: please answer this thank you

A: In this question, we have to find out the taxable income of Kagura under different circumstances.

Q: A resident Filipino engaged in business has a cost ratio to sales of 50%. All expenses are supported…

A: Here discuss about the details of the tax deduction which are available for business which was using…

Q: Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register…

A: Answer to the above case study is option e)  All of the other choices is incorrect. Detailed…

Q: Kagura is a resident citizen, earning purely business income for the taxable year: Gross sales…

A: A percentage tax is a form of tax imposed on business carried on by individuals or entities under…

Q: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the…

A: The taxable income is to be determined and to report on the basis of the cash-basis for the year…

Q: John Waits owns a small shop with two employees. For one payroll period the total withholding tax…

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: Enter the taxpayer's gross income for each of the following independent situations. If an amount is…

A: Gross income, which is the total amount of money earned by an individual before taxes and other…

Q: The following information applies to the questions displayed below.] Haru is a self-employed…

A: b) In this case only half of the rate of interest will be deducted. Therefore 0.37 /2 = 0.185.

Q: Problem 6-3 (Algorithmic) Accounting Methods (LO 6.2) Geraldine is an accrual-basis taxpayer who has…

A: Accrual basis means where the expenses and income are recognized in books on due basis and not on…

Q: Determine all items that will be included and excluded from gross income on Form 1040 based on the…

A: Working of revenue from rental property Particulars Amount $ Amount $ Rental revenue   50,000…

Q: Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a…

A: Roxy's sales tax collection obligation depends on which state's sales tax law applies to the…

Q: Bill purchased a computer for his business. Bill paid $2,610 for the computer plus $196 for sales…

A: Instead of depreciating certain qualified property over time, businesses can deduct the cost of such…

Q: Kevin owns a small business with two employees. For one payroll period the total withholding tax for…

A: Total social security tax=12.4% of gross payment  6.2% for employees  6.2% for employer  Medicare…

Q: 1. Deductible transportation expenses: a.Do not include the normal costs of commuting. b.Do not…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Explain in detail (using a table for all the items above) with relevant tax laws and cases. Kindly…

A: Tax Deductions: In tax filing, deduction is usually expenses incurred by the entity which can be…

Q: payers with annual sales or receipts higher than the VAT threshold who opted to register as VAT…

A: Tax refers to the mandatory charge imposed on the money gained by an entity by the government.

Q: Shafron, Inc. is a calendar year-end, cash method taxpayer. It provides consulting services for…

A: Given, Calendar year is being followed by Shafron, Inc.   To Find Tax treatment of given…

Q: eital gains ta ubmitted, t

A: Income tax penalties must be paid 1% of the due amount for the period of 3 month

Q: Which of the following taxpayers calculated their excise tax for not taking their full required…

A: The excise tax for no longer taking the entire RMD is calculated as 50% of the specified…

Q: Required information [The following information applies to the questions displayed below.]…

A: As per IRS the total amount paid for office supplies  is deductible.