The Illinois Retailers' occupation and use tax (sales tax) rate on general merchandise is 6.25 %, however, the sales tax rate on qualifying food, drugs and medical appliances is 1%. This reduced rate is intended to improve the: Group of answer choices A - Sufficiency of the tax B-Neutrality of the tax C- Convenience of the tax D- Equity of the tax
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- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
- Answer completely.
- You will get up vote for sure.
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- Tennis Shoe Warehouse operates in a state with a 6.5% sales tax. For convenience, Tennis Shoe Warehouse credits Sales Revenue for the total amount (selling price plus sales tax) collected from each customer. If Tennis Shoe Warehouse fails to make an adjustment for sales taxes, ……Select one:a. net income will be understated and liabilities will be overstated.b. net income will be overstated and liabilities will be overstated.c. net income will be understated and liabilities will be understated.d. net income will be overstated and liabilities will be understated.Which of the following is false regarding consumption and business tax? a. Importations of goods are subject to value-added tax whether the imported goods are to be used in business or not. b. All business taxes are consumption taxes but not all consumption taxes are business taxes. c. Business taxpayers with annual receipts higher than the VAT threshold who registered as VAT taxpayers may switch to a non-VAT registration provided such actual receipts during the year proved to be lower than the threshold. d. A business taxpayer subject to other percentage taxes shall register as a VAT taxpayer if its total sales or receipts exceeds the VAT threshold. e. All of the other choices is correct.Tennis Shoe Warehouse operates in a state with a 6.5% sales tax. For convenience, TennisShoe Warehouse credits Sales Revenue for the total amount (selling price plus sales tax) collectedfrom each customer. If Tennis Shoe Warehouse fails to make an adjustment for sales taxes,a. net income will be understated and liabilities will be overstated.b. net income will be overstated and liabilities will be overstated.c. net income will be overstated and liabilities will be understated.d. net income will be understated and liabilities will be understated.
- IV. Value Added Tax (VAT) - A retailer buys an article from the wholesaler at OMR 1,800 and the wholesaler charges a sales tax at the rate prescribed rate of 5%. The retailer fixes the price at OMR 2,000 and charges sales tax at the same rate. Apply VAT system of sales tax calculation to answer the following. A. Find the input tax and output tax for the retailer. B. Discuss why the government would impose VAT3. The following are deductions from input taxes, except a. Input tax claimed as tax credit b. Input tax attributed to Vat exempt sales С. Input tax attributed to sales to government d. Input tax on zero-rated salesGST/HST differs from other sales taxes in that - Select one: a. it applies at all levels of sales b. the same rate applies to all goods and services sold c. all goods and services have GST/HST applied d. GST/HST is applied in the same way as other sales taxes
- Which of the following is correct about input tax for the retailer? O a. Tax realized by the retailer from the consumer O b. Tax paid by the retailer to the wholesaler O c. Total amount paid by the consumer O d. VAT paid by the wholesaler to GovernmentWhich of the following is correct? Business taxpayers 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. The basis on imposing a consumption tax on the sale of services is the quarterly sales. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. All of the other choices is incorrect.A domestic transportation contractor by land is engaged in the transport of passengers, goods and cargoes. If the transportation contractor is not vat registered, what business taxes is he liable? Group of answer choices 12% VAT' on gross receipts from transport of goods on cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 12% value-added tax. 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 3% common carrier's tax.
- Question: In the state of Florida, there are varying sales tax rates for different types of goods. A retailer sold $50,000 worth of electronics subject to a 6% sales tax rate, $30,000 worth of clothing subject to a 7% sales tax rate, and $20,000 worth of groceries subject to a 4% sales tax rate. What is the total amount of sales tax collected by the retailer from these sales? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Which of the following statements is correct? a. Export sale by a VAT registered person is subject to 0% VAT. b. Export sale by a non-VAT registered person is subject to 3% percentage tax. c. Both statements are correct d. Both statements are incorrect.Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers from customers to be paid to tax authorities later. O b. Sales tax is recorded and paid by customers to tax authorities. O c. Sales tax is not required to be mentioned in the sales invoice prepared by a seller. O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.