Answered: Nancy, a non-VAT taxpayer sold to Kyle,…

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 Bimbi

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 65DNC

See similar textbooks

Related questions

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: In 2021, Henri, a U.S. citizen and calendar year taxpayer, reports $24,600 of income from France,…

A: Given that France tax = $24,600 x 10% = 2,460 Italy tax = 44,400 x 40% = 17,760 Total creditable…

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: Mr. Jacob Marley is single with no children and takes the standard deduction and one exemption. If…

A: Annual Income - $81400 Single Standard Tax Deduction - $6300 Personal Exemption Amount - $4050

Q: Paul, a foreign individual, has been seconded to work in Singapore for a period of 600 days. His…

A: Tax implication for Foreigners in Singapore Foreign individual who are working Singapore may get 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: 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: The Value-added tax payable of Kyle is:

A: VAT is an acronym of the value added tax. It is a type of tax but falls under indirect tax category.…

Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…

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: 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: 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: 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…

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: Jorge and Anita, married taxpayers, earn $158,000 in taxable income and $42,000 in Interest from an…

A: Interest is non taxable income So the Taxable income is $ 158000 Average tax rate = Total tax…

Q: Edward has $40,000 of income from a country that imposes a 42-percent income tax and $30,000 of…

A: Tax is the liability which has to be paid by the individual and the corporation to the Federal…

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: 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: Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…

A: The effective tax rate is a % of tax paid to income earned. The average rate of tax is a % of tax…

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: 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: Reynolds are married and always Archie earned $32,000 in wages and Tina earned S • The Reynolds paid…

A: A charitable contribution is a gift or donation made to or for the benefit of a qualifying…

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: Jenna paid foreign income tax of $3,194 on foreign income of $15,968. Her worldwide taxable income…

A: Foreign Tax Credit: The foreign tax credit is a tax credit offered by the United States government…

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: Emma, a U.S. resident, received the following income items for the current tax year. Identify the…

A: Current tax year usually is a one year period for determining the tax on the income earned during…

Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…

Q: Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12.…

A: Child and dependent care credit: According to IRS, the person ( who incurred any expenses for the…

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…

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

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.?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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:
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:
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:
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:
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:
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?
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:
Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? 23.54% What is their marginal rate if, instead, they report an additional $100,000 in deductions?*** number two only ***
Xavyera 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?
Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the year is $21,000 and she takes the standard deduction. Assume that Clarita’s earned income is $70,000. Determine the net effect of the additional income on her total credits. (2021)
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 1,150,000