2. SAN JOSE has the following data (VAT exclusive): Taxable sales is P 1,200,000 Exempted sales is P 400,000 Zero rated sales is P 200,000 Input tax (cannot be directly determined / attributable to any of the above sales) is P 80,000. What is the VAT payable if the company choose to claimed the input tax from zero rated sales as tax refund?
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- A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?Harris has the following data (VAT exclusive): Taxable sales are P 1,200,000Exempted sales are P 400,000Zero-rated sales are P 200,000Input tax (cannot be directly determined / attributable to any of the above sales) is P80,000.What is the VAT payable if the company chooses to claim the input tax from zero-rated sales as taxrefund?
- 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 salesX is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * O PO P1,329 O P1,488 О Р369In the tax period, Red Co., who apply credit method, purchased goods and services for production product C, which is taxable and product D, which is an exempt item. Total VAT input written on added value invoices legible VND 50,000,000, in which for C is VND 20,000,000, for D is VND10,000,000. The company cannot separate the remain input tax for each item. Turnover of selling product C in the period is VND 400,000,000, product D is VND 100,000,000. The deductible input VAT amount is: * VND 50,000,000 VND 40,000,000 VND 36,000,000 VND 20,000,000
- 2. Table is given below shows that marginal tax rates for Alejandro Corporation. Taxable Income of the Company is equal to $44.000. How much will the Company pay tax totally? Average tax rate? ( NOTE: PLEASE SHOW HOW YOU COMPUTE EACH OF THE ITEMS. Taxable Income ($) Tax Rate 0 - 16.000 10% 16.000 – 39.000 12% 39.000- 55.000 16% 55.000 - 70.000 19% 70.000 – 86.000 23%2. Table is given below shows that marginal tax rates for Alejandro Corporation. TaxableIncome of the Company is equal to $44.000. How much will the Company pay tax totally?Average tax rate? taxable income(dollar) tax rate 0-16.000 10% 16.000-39.000 12% 39.000-55.000 16% 55.000-70.000 19% 70.000-86.000 23%2. Table is given below shows that marginal tax rates for Alejandro Corporation. Taxable Income of the Company is equal to $44.000. How much will the Company pay tax totally? Average tax rate? ( NOTE: PLEASE SHOW HOW YOU COMPUTE EACH OF THE ITEMS. Taxable Income (S) Tax Rate 0 - 16.000 10% 16.000 - 39.000 12% 39.000-55.000 16% 55.000 – 70.000 19% 70.000- 86.000 23%
- Determine the following. Use the tax table below. ТАХ ТАBLE If taxable income: Tax due is: I 0% Not over P250,000 Over P250,000 but not over P400,000 Over P400,000 but not over P800,000 Over P800,000 but not over P2,000,000 Over P2,000,000 but not over P8,000,000 20% of the excess over P250,000 P30,000 + 25% of the excess over #400,000 P130,000 + 30% of the excess over P800,000 $490,000 +32% of the excess over P2,000,000 P2,410,000 + P8,000,000 Over P8,000,000 35% of the excess over 1. How much is the tax due on taxable income of P150,000? 2. How much is the tax due on the taxable income of 290,000? 3. Ms. Z, single earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms.Z?Which of the following statements is correct? a. Export sale by a VAT registered person is subject to 0% VAT. b. Export sale by a non-VAT registered person is subject to 3% percentage tax. c. Both statements are correct d. Both statements are incorrect.I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.