If Nueva Ecija is a non-VAT taxpayer, what respectively is the withholding tax and the amount of cash to be paid by Nueva Ecija to the service provider? * 0; 27,440 548.80; 26,891.20 560; 27,440 537.82; 26,353.18 If Nueva Ecija is a VAT taxpayer, what is the deductible expense? * 26,891 27,440 O 28,000
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- Atimonan Company received a bill for P27,440 from a VAT service provider. The payment for the service is subject to 2% creditable withholding tax. If Atimonan is a VAT taxpayer and a top withholding agent, what is the deductible expense? What respectively is the withholding tax and the amount of cash to be paid by Atimonan to the service provider?A person who owes total federal income taxes of $4,420 but had total withholdings of $3,980 would: Multiple Choice make a payment of $440. receive a refund of $4.420. make a payment of $4,420. receive a refund of $440. receive a refund of $3.980.a) Tax Required Information [The following information applies to the questions displayed below.] FUTA SUTA b) Tax Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. FICA-Social Security FICA-Me FUTA SUTA Tax a. b. Gross Pay through August 31 $ 6,500 2,800 133,400 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare Gross Pay for September $ 1,900 2,900 10,000 September Earnings Subject to Tax September Earnings Subject to Tax September Earnings Subject to Tax Tax Rate Tax Rate Tax Rate Tax Amount Tax Amount Tax Amount
- Deli Restaurant provides 20% discount to senior citizens. It recorded the following during the year: Regular customer-net P 8M; Senior citizen customer-net P 1M; Cost of Services P 5M; and other deductible expenses P 2M. 1. The regular and special itemized deductions deductible from gross income is: 2. The taxable net income isWith 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 $6,750A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax is
- Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's earnings. For the year, Garrison Shops had FUTA taxable wages of $67,900 and SUTA taxable wages of $83,900. Compute: Round your answers to the nearest cent. a. Net FUTA tax $ b. Net SUTA tax $A VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts to P200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200 The creditable input tax is:Required information [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay for September $800 Gross Pay through August 31 6,400 2,000 122,100 a. 2,100 8,000 b. C. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax 800.00 Тax Tax Rate Tax Amount es FICA-Social Security 6.20% 49.60 FICA-Medicare 800.00 1.45% 11.60 FUTA 0.60% SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security $4 2,100.00 6.20% 2$ 130.20 FICA-Medicare 2,100.00 1.45% 30.45 FUTA SUTA c) Sentember Farninge
- Which of the following is true? A. The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. B. The taxable compensation income of mixed-income earners are reported in each quarterly return. C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. D. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. E. None of the other choices is true.A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?the taxpayer withheld 5% creditable withholding tax on rental payments to various VAT-registered lessorrs. the total taxes withheld were 5,600. what is the deductible amount of rental expense?