GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST Free. Calculate net GST payable position. Receipts

Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700…

A: Tax represents the liability that is reported in the balance sheet of the company.

Q: Journalize payroll tax The payroll register of Heritage Co. indicates $2,406 of social security…

A: Payroll tax expense = Social Security taxes payable+ Medicare taxes payable+ State unemployment- tax…

Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000…

A: The official term for Social Security income benefits is the Old Age, Survivors, and Disability…

Q: Data of an individual taxpayer for the current taxable period: Gross sales Cost of sales Sales…

A: Regular itemized deduction is subtraction allowed so as to calculate the  taxes, it reduces the…

Q: ! a) Tax FUTA SUTA b) Tax Required information [The following information applies to the questions…

A: Introduction: A tax is a mandatory fee or financial charge imposed by the government on an…

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

A: Introduction: A tax is a mandatory cost and provider and another type of levy imposed on a taxpayer…

Q: Calculate the a) total tax rate, and b) sales tax. 1. Item Clothing Cell Phone MP3 Player Computer…

A: A tax that is paid to an authority for the sale of goods and services is known as a sales tax.…

Q: None

A: Part 2: Explanation:Step 1: Calculate OASDI tax:- The self-employment OASDI tax rate is 12.4%.- The…

Q: Calculate the Health and Post-Secondary Education Tax

A: Payroll tax, at a rate of 2%, is payable by employers whose annual remuneration in this province…

Q: Monroe county levies a tax on the value of real property located within the county. The tax equals 3…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: e following information applies to the ume Sarah is a cash-method calend ime

A: After-tax cost enables investors and businesses to evaluate the net impact on their financial…

Q: Using the following table, calculate the taxes for an individual with taxable income of $25,800.…

A: Tax is the amount of money paid by a tax payer to the appropriate tax authorities on the basis of…

Q: Determine the tax rate. Round to the nearest cent or nearest hundredth. Assessed property value:…

A: The tax rate can be determined in the following manner:  (Expenses to be funded by property…

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Answer:- Social Security Taxes:- The United States' social security programme is funded through…

Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…

Q: There is a sales tax of 24 on an item that costs 276 before tax. A second item costs $218.50 before…

A: Sales tax percentage = Sales tax amount/cost before tax

Q: a) Tax FUTA SUTA b) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the…

A: FICA stands for Federal Insurance Contributions Act. It is a U.S. payroll tax.These taxes are social…

Q: Question: In the state of Florida, there are varying sales tax rates for different types of goods. A…

A: Sales subject to a 6% sales tax rate = $50,000Sales subject to a 7% sales tax rate = $30,000Sales…

Q: Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ?] %3D

A: Tax is the liability calculated on the income earned paid to the government.

Q: A condominium is taxed based on its $78,792 value. The tax rate is $3.46 for every $100 of value. If…

A: Condominium worth = $78,792 is tax based. The rate of tax for every $100 of value is $3.46. Discount…

Q: A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals…

A: VAT is a value added tax. Tax is charged on the value added amount. Given in the question: Supplier…

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: CPP 3-1 (#1) Calculate and Document Federal & State Income Tax Withholding Calculate federal and…

A: The wages paid to employees are subject to withholding taxes. There exist two methods to determine…

Q: How much business tax payable for the third quarter return if: i. it only been able to have its VAT…

A: Value-added tax (VAT) is a multi-stage tax charged on the incremental value added to a product or…

Q: How much is the total gross income? * How much is regular itemized deductions from gross income? *…

A: Net taxable income is the amount of money left over after all operational costs and itemized…

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: Income: 120,000 Federal Payroll Tax Rate: 15.3% State Tax Rate: 4 % * Round all answers to 2 decimal…

A: The tax rate that is applied to the additional income is referred to as the marginal tax rate. When…

Q: es to private 1,680,000 90,00 tities

A: VAT is Value Added Tax charged in the Phillipines @ 12% rate on…

Q: Based on the following data

A: Adjusted Gross Income  (AGI) is defined as gross income minus adjustments to income.…

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: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI:    6.20%…

A: OASDI full form is Old Age Survivor and Disability Insurance also known as social security , created…

Q: The original price of an item was $146. Given that the total price with tax was $156.45, determine…

A: Original Price after tax = op = $146Total Price Before Tax = tp = $156.45

Q: As you know, Flabovia has adopted a Value Added Tax (VAT); the tax rate across the board is 15%. A…

A: A VAT (VAT) is a consumption tax placed on a product whenever value is additional at every stage of…

Q: Calculate the amount of property tax due:       Tax rate Assessed value Amount of property tax…

A: The formula used as follows: Amount of property tax due=Assessed value of property×Tax rate

Q: special itemized deductions from gross income?

A: Special itemized deductions includes real estate tax , sales tax , mortgage interest , property tax.…

Q: 1. Consider the following version of the earned income tax credit (EITC). All persons who earn less…

A: Income is a residual amount left after netting of net expenses incurred to earn that income. The net…

Q: Atimonan Company received a bill for P27,440 from a VAT service provider. The payment for the…

A: Withholding tax, often referred to as retention tax, is a tax that is deducted or withheld by the…

Q: If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000…

A: A tax is an amount of money that is owed by the public to the government. Taxes are levied by the…

Q: Given the following information, calculate the total annual tax liability of the homeowner: market…

A: Tax liability refers to the amount of tax that an individual or entity owes to the government based…

Q: How much is the total gross income? a. 1,320,000 b. 1,400,000 c. 1,470,000 d. 1,550,000

A: Revenue :  It is the amount of sale of goods and services in cash or credit during an accounting…

Q: A VAT taxpayer had the following sales in March 2021 and with their correponding input VAT from…

A: Value added tax is a modernized system of collection and payment of tax on the merchandise purchased…

Q: A VAT registered person engages in both VAT and VAT exempt business. During the year total sales…

A: Input tax refers to the central tax (CGST), state tax (SGST), integrated tax (IGST), or union…

Q: 1. Show that a 20% retail sales tax is regressive by putting numbers in the following table. Income…

A: Regressive Tax:  In regressive taxation a fixed rate of Tax is charged. It does not consider the…

Q: A certain state uses the following progressive tax rate for calculating individual income tax:…

A: We have to calculate the taxes based on the tax brackets until the complete salary of $70000.   So,…

Q: () ax FUTA SUTA =) Required information [The following information applies to the questions…

A: Introduction: Taxes are mandatory suggestions levied on individuals or corporations by a government…