payers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered.

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A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Melanie operates Mel's Bakery in Foxboro, Massachusetts, and has retail stores in Connecticut,…

A: Sales tax liability=Total Store Sales×Tax Rate

Q: If a T1 or T2 return is filed late, certain charges apply. Which of the following statements is…

A: e. Late-filing penalties are charged but there are no interest charges.Explanation:In Canada, late…

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…

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A: IAS 8 (Accounting policies, changes in accounting estimates, and errors)According to IAS 8…

Q: Harris has the following data (VAT exclusive): Taxable sales are P 1,200,000 Exempted sales are P…

A: ANSWER:- VAT payable = P101,818.19.   Explanation:- Value Added Tax (VAT) is a tax imposed on the…

Q: is a tax on the net income or the ertire income reali s allowed by law. ee eaming purely…

A: (1) The given statement is true as there is progressive tax rate in Phillippines, income of resident…

Q: A, a VAT Taxpayer, had the following data during the quarter: Export Sales, P3,000,000 Domestic…

A: The value added to goods and services during manufacturing and distribution is taxed using the term…

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: Employers that want to use a per diem rate to reimburse employees' lodging, meals, and incidental…

A: Per diem rates are a fixed amount that is paid to the employees to reimburse for meals, lodging, and…

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: 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: 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: Melanie operates Mel's Bakery in Foxboro, Massachusetts, and has retail stores in Connecticut,…

A: Sales Tax Liability=Sales Amount×Tax Rate

Q: Madhu Corp. receives rent in advance of $100,000 in Year 1. The timing difference is expected to…

A: The accrual method of accounting is used to record income tax that is due. Accordingly, the tax…

Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…

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A: Introduction The compensation received by a person or firm that is employed to compute tax…

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A: VAT or value added tax as the name suggets is the tax calculated on the sales value but paid after…

Q: The Nissen Company has a taxation year end of December 31. On January 1, taxation year the UCC of…

A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

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…

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A: Service tax: It is the sales tax charged on the services. The levy of service tax depends upon…

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

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Q: sales and use tax

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Q: Specialty Corp is a cash basis

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Q: Company has gathered the information needed to complete its Form 941 for the quarter ended September…

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Q: The Illinois Retailers' occupation and use tax (sales tax) rate on general merchandise is 6.25 %,…

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Q: Which is wrong?    The input VAT carry-over is the excess of the input VAT over the output VAT in…

A: VAT is the tax which is levied on goods and services starting from its production till its sale.…

Q: Specialty Corp is a cash basis calendar-year taxpayer. The corporation has a 25 percent marginal tax…

A: A taxpayer who uses the cash basis declares revenue as it is received and costs as they are paid.…

Q: A VAT registrant purchases goods for 15,000 Baht with a tax invoice issued. Then, the goods are sold…

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Q: A taxpayer whose income is derived from both compensation and business and whose business income…

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Q: Tax Exemptions Exemptions allow people to take money out of their paychecks for specific uses before…

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A: Lets understand the basics. There are two method of recording income and expenses which are, (1)…

Q: urnal book, you can see the TIN of the buyer. It is on the "T

A: VAT refers to the value-added tax imposed by the government on the goods and services at all levels…