4. Mahmood buys a commodity from the wholesaler at OMR 1,200 and was charged by a VAT at the rate prescribed of 10%. He fixes the price of this commodity at OMR 1,500 for the customer and in turn he charges VAT at the same rate. Calculate the amount of Value Added tax (VAT) paid by Mahmood to the government. A. OMR 120 B. OMR 270 C. OMR 150 D. OMR 30
Q: 3. Jane receives a basic pay of P9,880.00 a month and a 2% commission on her sales. She sold…
A: 3. Basic Pay = P9,880 Gross Earnings = P105,000 x 2% + P9880 = P11,980 Deductions: SSS = 4% X P9880…
Q: Jurisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3…
A: Taxes can be defined as a mandatory contribution to a state's or country's revenue levied by…
Q: Elegant Electronics sells a cellular phone on September 2 for $438. On September 6, Elegant sells…
A: Sales tax can be calculated on the basis of total sales and the tax rates on the sales.
Q: Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,0O00…
A: Total Compensation = 38000 +2000 +2000 +500 = php 42,500 A)…
Q: Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $8,000, of which…
A: Given in the question: The Childs which are dependent upon Charlotte are four child’s, the age of…
Q: Jeff Jones bought a ring for $4,000 from Zales. He must pay a 7% sales tax and 10% excise tax. Since…
A: A price that includes taxes and other relevant charges to possess a particular asset is term as the…
Q: 10. Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the…
A: Introduction:- Federal excise tax is charged or imposed on the sale of things. Which is charged on…
Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…
A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO THE…
Q: Your cousin purchased a refrigerator at Costco for $794.90. The delivery charge was $24.99, and the…
A: Purchased refrigerator = $794.90 Delivery charges = $24.99 Ice maker hookup = $50 State sales tax =…
Q: John purchased a pair of shoes with a retail price of $49.99 from a store. If the sales tax rate was…
A: Sales tax is a form of indirect taxes which is being payable on sale of goods or services by the…
Q: Darlene Jaworski purchases an $84.00 calculator, a gold chain for $42.50, and a book for $13.80. The…
A: Formula: Total purchases = Calculator cost + Gold chain + Book cost
Q: Yousuf a retailer sells a product whose listed price is RO 80,000 and charges sales tax on it at the…
A: Mohammed brought the article price: = 80000 x 7% = 5600 And 70 paid as VAT. = 5600 - 70 = 5530.…
Q: A retailer purchased an item from the wholesaler for OMR 1000. If the retailer sells the same item…
A: Purchase price of retailer = OMR 1000 Sales price of retailer = OMR 1500 Tax rate = 10%
Q: urisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3…
A: Verticallly equitable means the collection of taxe increase with the increase of amount of earned…
Q: 29. A VAT-taxpayer made the following sales during the year: P 100,000 Domestic Sales Export Sales…
A: 29. Amount subject to business tax is P220000
Q: Mr. A sold goods worth P56,000 (inclusive of vat) to Mr. B on account. Mr. B sold the same goods to…
A: The question is related to the taxation. The present rate of vat is 12%. The tax is equivalent to a…
Q: A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD…
A: Notional vat amount can be claimed on the purchase consideration but limit upto the purchase price…
Q: mr. a is an importer-trader. on one occasion he imported articles to be sold. data on the…
A: VAT is a levy on products and services imposed at each level of the process when value is added,…
Q: for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725…
A: Deductible expenses in respect of gifts = $ 400.
Q: Ali, a consumer, buys electronics worth $20,000, while Consumer Jumabuys for $45,000 and Consumer…
A: VAT is Value added tax which is consumption based tax. In various countries it is alternative for…
Q: Blossom's Salon has total receipts for the month of $Unresolved including sales taxes. If the sales…
A: Sales for the month = Total sales / ( 1 + Sales tax rate ) * 100
Q: GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST…
A:
Q: Suppose you bought a sofa for a total purchase price of $1,184.97. State taxes were 4%. What was the…
A: Taxation refers to the imposition of compulsory financial obligation by the government on…
Q: Mr. A, a resident citizen, earns the following passive incomes, gross of final taxes: INTEREST…
A: Tax refers to a payment which is collected by the government, or the revenue collection authority.…
Q: Rate of Value Added Tax (VAT) is 5% in Oman. A wholesaler purchased goods for OMR 1000 including…
A: VAT or value added tax is a tax charged at each stage of the supply chain where some value is added.…
Q: 3. You won the following prizes: •1st prize- Animal Show (your pet won) P50,000. •3rd Prize-Talent…
A: Tax rates for Prizes Prizes Up to 10,000 Graduated Tax Schedule Prizes Over 10,000 20%…
Q: X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows:…
A: Fringe benefits payments are given by the employer to the employees over and above the fixed…
Q: 5. A minimum wage earner in Metro Manila is paid P537.00 for an 8-hour workday. If he works for 22…
A: Wages means the amount paid to worker for producing the goods. Take home wages means the amount…
Q: ou pay $1,527 down and lease the car for the 4 years, paying only on the portion of the car used,…
A: Answer: Value of portion used in lease= $18923.8 Tax rate = 14.3% Down payment = $1527
Q: Mr. M is a VAT taxpayer. He had the following data in a month: Output taxes on domestic sales P…
A: Notes: 1. Export sales are considered as zero rated sales, although VAT is not payable on export…
Q: Aling Nena is a sari-sari store owner. She is covered by the percentage tax provision. Her store had…
A: Ans: P16,500 3 % of gross sale is the rate of Percentage tax in Philippines, if gross annual sales…
Q: Personal Earnings. Perry makes $26.35 per hour and he works 37.5 hours per week, what is his total…
A: Given data, Hourly wage=$26.35 No of hours worked per week=37.5 hours No of weeks in a year =52…
Q: My Courses Whitney is paid with straight commission of 6.55 %, and her expected annual sale is…
A: In this question we her commission amount would be found out and then tax would be applied on that…
Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: (2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 €…
A: Case A: Company collect 450 Journal entries Date Particular Debit Credit 10/5/2021…
Q: At J&J Department Store, Sam Dodson purchases a cassette tape player for 588.98 and three tapes for…
A: Calculation of Sales tax on Sam's purchases Sales tax on purchases = Total amount of purchases X…
Q: 14. Thug Co., a VAT payer, purchased goods and incurred the following: Invoice price (inclusive of…
A: Invoice price exclusive of VAT = Invoice price - VAT = 112000-12000 = 100,000
Q: Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Ted Carman worked for…
A: Formula: FUTA value = Taxable wages x Tax rate Multiplying tax rate with taxable wages derives the…
Q: 12. During the month your client informed you that he is going to buy a vehicle for land transport…
A: In the context of the given question, we are required to give a bit of good advice about claiming…
Q: Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods…
A: VAT:The full form of VAT is a value-added tax. It is an indirect tax imposed on goods and services…
Q: Tennis Shoe Warehouse operates in a state with a 6.5% sales tax. For convenience, TennisShoe…
A:
Q: From the data: May 2 - On sale to the public Purchase price, VAT not included…
A: Value Added Tax: It is a type of sales tax that is charged by Government on the sale of services…
Q: Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the…
A: Excise Tax = truck tires * Excise tax rate
Q: 1. A non-VAT taxpayer prepared the following summary of sales for the purpose of filing his BIR Form…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Your cousin purchased a refrigerator at Costco for $794.90. The delivery charge was $24.99, and the…
A: Sales tax refers to the tax collected by the government at a specified percentage on the sales made…
Q: 9. One of the following is not subject to income tax - a. Winnings in jueteng. b. Bribe given to a…
A: Income tax is the amount of tax which is paid by the persons on their income to the government.
Q: X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows:…
A: 1. Amount subject to fringe benefit tax Electricity 70% borne by Company 14000 Water - 70% in…
Q: X, operates a restaurant in San Mateo. The restaurant provides delicious foods and drinks to various…
A: An optional income tax rate of 8% can be availed by the taxpayer after satisfying certain conditions…
Step by step
Solved in 2 steps
- A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? O a. 24 OMR O b. 4.8 OMR 14.4 OMR O d. 9.6 OMRA retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? a. 4.8 OMR b. 14.4 OMR c. 24 OMR d. 9.6 OMR9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) None
- A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?7. Clinton Horvath purchases a $147.50 tool set and a tool box for $27.55. The sales tax rate is 6%. What is the sales tax on Clinton's purchases? 8. Isabel Merquez purchases eight snark plugs at $1.6 fo ns of oit at $1. 49 3.79. The sales tax rate is 7%. per o 20 and a. wwhat is the total selling price?11. A VAT-registered taxpayer with several businesses had the following Chapter Last 12 months P 4,600,000 Current month 700,000 200.000 10.000 15 A Premiums from life insurance Premium from non-life insurance 1920.000 Imput VAT-non-life products 140,000 b. 16 What is the VAT payable for the current month? GP 24,000 a PO b P14,000 d. P 108,000 Last Current Sales of fertilizers and seeds Sales of equipment Input VAT on processed foods 12 months P 1,800,000 1,500,000 140,000 month 200,000 150,000 13,000 18. A Compute the VAT payable for the current month. PO c.P 18,000 a. b. P5,000 d. P 29,000 12. A VAT taxpayer is engaged in mixed transactions: Exempt sales N/A 12,000 Export sales Regular sales P 300,000 200,000 19 Output VAT Input VAT P. 36,000 What is the creditable input VAT? PO 20 a. c. P236,000 d. P248,000 b. P200,000 13. In the immediately preceding problem, what is the VAT payable? a P100,000 b. P 64,000 c. P 52,000 d. P 0 14. The taxpayer made a sale of P400,000 to the…
- X 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? * О РО O P1,329 O P1,488 О Р369With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750Jackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his importation. Cost of Goods - 1,350,000 Arrastre Charge - 30,000 Facilitation Fee - 25,000 Freight Charge - 45,000 Wharfage Fee - 5,000 Insurance - 10,000 Customs Duties - 5% How much is the dutiable value?
- A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals inclusive of tax, then the distributor sold them to a store for a value of 1,035,000 riyals inclusive of tax, and the entire merchandise was sold to consumers for an amount of 1,150,000 riyals.Required :1- Calculating the value of the value-added tax that must be transferred to the General Authority of Zakat and Income and who will transfer it? (If you know that the tax rate is 15%)2- What is the amount of VAT transferred by the distributor to the direct authority?3- Write the journal entries in the distributor's accounts?Jurisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3 percent of the first $1,000 of the purchase price plus 1 percent of the purchase price in excess of $1,000. Required: Individual C purchases a watch for $430. Compute C’s excise tax and average excise tax rate. Individual D purchases a watch for $4,420. Compute D’s excise tax and average excise tax rate. Is Jurisdiction Z’s excise tax vertically equitable?QUESTION 1 a.) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ?