Activity in Value Added Tax Percentage Tax with answers that can you answering your activities PDF

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All of these are vatable, except a. Engineering contractors b. Lawyers c. Employee d. Brokers C Which is not VAT-exempt? a. Importation of agricultural or marine food products b. Gross receipts of professional practitioners c. Receipts from taxicabs d. Gross receipts of hospitals B What is the gener...

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01. All of these are vatable, except a. Engineering contractors b. Lawyers c. Employee d. Brokers C 2. Which is not VAT-exempt? a. Importation of agricultural or marine food products b. Gross receipts of professional practitioners c. Receipts from taxicabs d. Gross receipts of hospitals B 3. What is the general lock-in period for those who voluntarily register as VAT taxpayers? a. 3 years b. 5 years c. 1 year d. perpetual A 4. All of these businesses are vatable, except: a. Non-life insurance business b. Banks c. Security dealers d. Merchandisers B 5-6. A farm supply dealer made the following sales during a month: Fertilizer P 45,000 Hybrid corn and rice seeds 65,000 Pesticides 120,000 Water pumps and hand tractors 240,000 Total P470,000 How much is the exempt sales? a. P0 b. P110,000 c. P45,000 d. P360,000 B 7-8. A service provider had the following data during the month Revenue, including VAT P268,800 Gross receipts, including VAT 180,000 Input VAT 12,000 Assuming the taxpayer is Vat-registered, compute the VAT payable.

a. b. c. d. A

P7,286 P9,600 P16,800 P19,286 Output VAT (P180,000 x 12/112) Input VAT VAT payable

P19,286 12,000 P 7,286

Note: A seller of goods is taxable on “gross receipts” not on revenues. 9-10. A selling of goods had the following data during the month: Sales invoice (total billed prices) P436,800 Total cash collections 380,800 Sales returns and allowances, billed price 11,200 Input VAT 14,000

a. b. c. d.

Assuming the taxpayer is VAT-registered, compute the VAT payable. P0 P26,800 P31,600 P35,600

C

11.

Output VAT (P436,800-P11,200) x 12/112

P

45,600

Input VAT VAT payable Note: billed prices are inclusive of VAT.

P

14,000 31,600

a. b. c. d.

Which domestic common carrier is specifically subject to percentage tax? Common carrier by land Common carrier by air Common carrier by sea All of these

a. b. c. d.

Which is subject to 3% percentage tax? Kalesa Bangka Bulldozer Car for hire

A 12.

D 13.

A jeepney operator with gross receipts from passenger fares exceeding P3,000,000 in any 12month period is subject to a. 3% percentage tax b. 8% percentage tax c. 12% VAT

d. 0% VAT A 14.Franchise grantees of telephone, telegraph, and other communication equipment are subject to percentage tax on a. Overseas dispatch of message b. Domestic dispatch of message c. Both A and B d. Neither A nor B A 15-16. Tony, a VAT-registered taxpayer, reported P200,000 sales in the month of May. Tony’s annual sales never exceeded P1,800,000. Compute Tony’s percentage tax. a. P0 b. P6,000 c. P24,000 d. P54,000 A 17-18. Donnel, a non-VAT registered operator of jeepney, reported a total receipt of P200,000 during a month, including P20,000 rentals for cargo transport. Compute the percentage tax. a. P0 b. P5,400 c. P6,000 d. P6,600 C 19-20. DEF Insurance Corporation has the following receipts and receivables from its insurance products:

Cash and check collections Promissory notes Total Compute for the premium tax a. P20,000 b. P24,000 c. P30,000 d. P36,000 B

Life P1,000,000 200,000 P1,200,000

Property P500,000 100,000 P600,000

Total P1,500,000 300,000 P1,800.000...