The Value-added tax payable of Kyle is:
Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of…
A: As per the provisions of BIR . a non-resident alien is charged for…
Q: Xavyera is a citizen and resident of the Philippines. On July 8, 2021, she made donations to Xeng, a…
A: Donor's Tax The tax rate which is applicable for Donor tax is 6% and the threshold limit of P 250000…
Q: How much can he deduct as a business expense on his income tax return
A: Given information is: Paul is the proprietor of a home based business. He paid $25,000 to his…
Q: ella, a non-VAT taxpayer sold to Millie, a VAT taxpayer, his goods for P 50,000. The next day,…
A: Note: The Q Currency is Php hence, we are assuming the Q is from Phillipins. In Philippines VAT…
Q: PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor…
A: Optional Standard deduction is a standard deduction of 40% which is allowed to be deducted from the…
Q: Jorge and Anita, married taxpayers, earn $156,400 in taxable income and $41,600 in interest from an…
A: Key Points: 1. Non taxable interest- State, municipal, US possession bond interest . Interest from…
Q: Josh contributes $5,000 toward the support of his widowed mother, aged 69, a U.S. citizen and…
A: Expenses: Expenses refer to the term which is incurred through the business during its course of…
Q: Jen is a resident citizen who had the following information for the taxable year: P100,000 interest…
A: Total Income Calculation of the total income for the purpose of taxation is to be determined by…
Q: Conner and Matsuko paid [{MathJax fullWidth-false' \S1,000 and [{MathJax fullWidth=false \S2,000}],…
A: Under The American Recovery and Reinvestment Act of 2009 and extended by the Tax Relief,…
Q: Nicanor, a resident citizen residing in Sampaloc, Manila, deposited $2,000 in BPI, Morayta Branch, a…
A: Tax in the Philippines is governed by Section 28 of The Constitution of the Philippines and three…
Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: $1 = Php 45 Cost paid by PCSI = P123,200 Received by PCSI = $70
Q: Pedro owns and operates a taxi unit. He also teaches as a professor in a private school. He is also…
A: Total income refers to the net amount of money earned by an individual or an entity through various…
Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…
A:
Q: Natoy, a non-VAT taxpayer sold to Mariel, a VAT taxpayer, his goods for P50,000. The next day,…
A: Value-added tax (VAT) - It is type of flat tax levied on an item. It is kind of sales tax owned by…
Q: What is the amount of Q's foreign tax credi
A:
Q: Scot and Vidia, married taxpayers, earn $242,000 in taxable income and $5,000 in interest from an…
A: Marginal tax rate It is additional tax payable for the additional income earned in dollar.
Q: Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: The VAT rate in Phillipines is 12% for the year 2021.…
Q: Of the following individuals who would be a resident or deemed resident of Canada for tax purposes…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : There…
Q: Tammy, a single taxpayer, has a part-time job at BigCo, a company in which she has no ownership…
A: Qualified business income (QBI) deduction allows sole proprietorships, partnerships, S corporations,…
Q: During the year 2021, Ms. kelley, a foreign student from a non-treaty country, attended the…
A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…
Q: Helen is U.S. citizen and a CPA who moved to London, England, three years ago to work for a British…
A: Exclusion of foreign income earned: The conditions must be one of the following to be qualified to…
Q: Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: ANSWER(1): Calculation of Value-added tax payable of Bimbie Note: The Q Currency is Php hence we are…
Q: Peter sells Farmacre to Sam for $350,000. Are there any gift tax consequences
A: According to the Internal Revenue Service (IRS) department of taxation in the United States of…
Q: Leona sold California real estate for $632,000 and she does not meet any of the exceptions for…
A: Withholding rate is 3 1/3 % of total sale price. So the withholding tax = 632000* 0.03333% = $ 21046
Q: Lorna is a single taxpayer. Which of the following people qualify as her dependents? (all are U.S.…
A: There are 2 types of dependency categories:- 1. Qualified child 2. Qualified relative
Q: VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the…
A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…
Q: acques is an alien assigned in the Philippines to manage the regional area headquarters of Deli…
A:
Q: Mary has Taxable Income for the current year of $425,000, of which $216,000 is spent on goods and…
A: The income of Mary is $425,000. Get expending $216,000*5%=10,800 The income of Joan income is…
Q: 2. Jerson, married, 15 dependents, had the following income within and outside the Philippines:…
A: The Philippines taxes its resident citizens on their income from worldwide whereas the non- resident…
Q: Y received the following items of income during the taxable year: If Y is a resident citizen, how…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: The taxpayer is a resident citizen. In the Philippines, his business gross income is 550,000 and his…
A: As provided in the Philippine Tax Code, a resident citizen is taxable on all income derived from…
Q: aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a…
A: Preferential taxation is an optional taxation scheme in Philippines to tax the total of gross sales…
Q: First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President…
A: Francis joined the company as Assistant Vice President for Finance. Company included the car plan in…
Q: Luciana, a nonshareholder, purchases a condominium from her employer for $85,000. The fair market…
A: Luciana purchased a condominium from her employer for $ 85,000 having fair market value of $…
Q: ackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his…
A: Dutiable Goods are calculated on a CIF basis. Note 1. CIF is Cost, Insurance, and Freight (here…
Q: The taxpayer is a non-resident citizen. In the Philippines, his business gross income is 550,000 and…
A: Non Resident citizen are liable for the income tax for the income received from the sources within…
Q: As per Australian tax law Emma runs a business selling scarves. She purchases the scarves directly…
A: Emma's tax implications for a variety of transactions: The scarves were purchased on July 5th, and…
Q: ocial Security numbers. Paul earned $18,000 in wages. Maggie earned $20,000 in wages. In order to…
A: The Child and Dependent Care Credit will be phased away in 2021. Because this is a refundable tax…
Q: Mr. Guy a citizen of Tokyo, single, died leaving a gross estate of 15,000,000 in the Philippines and…
A: The deductions from the Philippines gross estate will be the standard deduction and the amount spent…
Q: Jacques is an alien assigned in the Philippines to manage the regional area headquarters of Deli…
A: The Non Resident Aliens in Philippines are subject to income tax on the incomes…
Q: 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…
A: Calculation of the output VAT : So the correct answer is A) 48,000
Q: engaged in renting out 250 apartment units to small families for P13,000 per month. All units are…
A: Tax refers to the percentile charges levied by the government over the income gained by an entity.
Q: Pablito owns and operates a taxi unit. He also teaches as a professor in Saint Louis University. He…
A: Total Income = 45000 + 60000 + 250000 = 355000
Q: Simon is a resident for tax purposes. During the year he derived gross wages of $50,000 from his…
A: The taxable income is the income on which the taxpayers has to pay the income tax yearly. The…
Q: Martha and Lew are married taxpayers with $400 of foreign tax withholdings from dividends in a…
A: Martha and Lew should claim the credit. If they deduct the taxes they will have a $100 tax…
Q: Mr. Joshie, a Filipino citizen and a resident of Baguio City, won P10,000 in a PCSO draw last May 8,…
A: in case of PCSO draw starting from January 1st, 2018 the lottery winnings of at least 10,000 PHP are…
Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…
A: GIVEN Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The…
Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A:
Q: EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020:…
A: Answer:- Donation tax definition:- Donation can be defined as something that is given to charity to…
Aljur, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle sells the same goods to alex, a VAT taxpayer for P 89,600. alex on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45).
All amounts given are total invoice prices.
Question: The Value-added tax payable of Kyle is:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to ABC Corp., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, ABC Corp., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. What is the Value-added tax payable of Bimbie? How much is the overpayment of ABC Corp.?Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. What is the Value-added tax payable of Bimbie?ella, a non-VAT taxpayer sold to Millie, a VAT taxpayer, his goods for P 50,000. The next day, Millie sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Value-added tax payable of Millie is:
- Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Overpayment of PCSI is:Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P 89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The value-added tax payable of Bimbie is:Natoy, a non-VAT taxpayer sold to Mariel, a VAT taxpayer, his goods for P50,000. The next day, Mariel sells the same goods to Bimbie, a VAT taxpayer for P89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45), All amounts given are total invoice prices. Question: The Value-added tax payable of Mariel is:
- Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?The taxpayer is a non-resident citizen. In the Philippines, his business gross income is 550,000 and his business expense is 100,000. His compensation income outside the Philippines is 600,000. How much is his taxable income in the Philippines?Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Value-added tax payable of Bimbie is:
- Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VATtaxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Overpayment of PCSI is:The taxpayer is a resident citizen. In the Philippines, his business gross income is 550,000 and his business expense is 100,000. His compensation income outside the Philippines is 600,000. How much is his taxable income in the Philippines? 450,000 550,000 1,050,000 1,150,000Xavyera is a citizen and resident of the Philippines. On July 8, 2021, she made donations to Xeng, a friend, of properties in Australia and Thailand. Donor's taxes paid in Australia and Thailand amounted to P95,000 and P10,000, respectively. The property in Australia had a fair market value of P800,000 while the property in Thailand had a market value of P400,000. How much was the donor's tax still due after credit for foreign donor's taxes?
