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    OPT Solutions

    Uploaded by

    Jane Estrada
    The document contains 9 problems involving calculations of percentage taxes and VAT payable for various business transactions. Percentage taxes are calculated by applying rates ranging from 1% to 3% on amounts like gross receipts, sales, winnings. VAT is calculated by taking the output tax and deducting the creditable input tax. Expenses are also considered in some VAT calculations.

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    OPT Solutions

    Uploaded by

    Jane Estrada
    72 views3 pages
    The document contains 9 problems involving calculations of percentage taxes and VAT payable for various business transactions. Percentage taxes are calculated by applying rates ranging from 1% to 3% on amounts like gross receipts, sales, winnings. VAT is calculated by taking the output tax and deducting the creditable input tax. Expenses are also considered in some VAT calculations.

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    Tax

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    The document contains 9 problems involving calculations of percentage taxes and VAT payable for various business transactions. Percentage taxes are calculated by applying rates ranging from 1% to 3% on amounts like gross receipts, sales, winnings. VAT is calculated by taking the output tax and deducting the creditable input tax. Expenses are also considered in some VAT calculations.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    72 views3 pages

    OPT Solutions

    Uploaded by

    Jane Estrada
    The document contains 9 problems involving calculations of percentage taxes and VAT payable for various business transactions. Percentage taxes are calculated by applying rates ranging from 1% to 3% on amounts like gross receipts, sales, winnings. VAT is calculated by taking the output tax and deducting the creditable input tax. Expenses are also considered in some VAT calculations.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    Problem 1

    Subject to Percentage Tax


    Cash Received 520,000
    Accounts Receivable 365,000
    Post-Dated Checks 315,000
    1,200,000
    2%
    Percentage Tax 24,000

    Subject to VAT
    Output Tax 96,000
    Creditable Input Tax 28,800
    VAT Payable 67,200

    Operating Expenses 672,000


    1.12
    Opex, net of vat 600,000
    Input VAT 72,000

    NonVat Sales 1,200,000


    VAT Sales 800,000 40%
    2,000,000

    Problem 2

    Subject to VAT
    Cash Sales 400,000 Gross Receipts 643,000
    Credit Card Sales 243,000 OpEx 385,800
    643,000 Paid to VAT Txp 308,640
    12% 12%
    Output Tax 77,160 Input Tax 37,037
    Less: Input Tax 37,037
    VAT Payable 40,123

    Subject to Percentage Tax


    Cash Sales 1,360,000
    Credit Card Sales 624,200
    Total 1,984,200
    18%
    Percentage Tax 357,156

    Problem 3

    Subject to Percentage Tax Subject to VAT


    Transport of Passeng. 330,000 Transport Cargo 200,000
    3% Rentals 50,000
    Percentage Tax 9,900 250,000
    12%
    Output Tax 30,000

    Problem 4

    Gross Receipts 3,000,000


    3%
    Percentage Tax 90,000

    Problem 5

    Gross Receipts 4,000,000


    2%
    Percentage Tax 80,000

    Problem 6

    VAT Registered Amount Tax


    Sales 200,000 24,000
    Purchases 100,000 12,000
    Expenses 60,000 7,200 4,800

    Non-VAT Registered Amount Tax


    Sales 200,000 6,000
    Purchases 100,000 12,000
    Expenses 60,000 7,200 25,200

    Problem 7

    Seller Goods
    Sales 1,300,000
    3%
    Percentage Tax 39,000

    Seller Services
    Sales 1,300,000
    Collection from AR 200,000
    1,500,000
    3%
    Percentage Tax 45,000

    Problem 8
    Owner of the Horse
    Horse Winnings Tax
    Vice 90,000 9,000
    Anne 250,000 25,000
    John 60,000 6,000
    Angelica 175,000 17,500
    57,500

    Bettor
    Horse Winnings Cost Net Tax
    Vice 90,000 40,000 50,000 2,000
    Anne 250,000 50,000 200,000 20,000
    John 60,000 10,000 50,000 2,000
    Angelica 175,000 25,000 150,000 15,000
    Percentage Taxes 39,000

    Problem 9

    IPO Price 25,000,000


    1.50
    37,500,000
    1%
    Percentage Tax 375,000

    Selling Price 5,000,000


    1.50
    7,500,000
    4%
    Percentage Tax 300,000

    30,000,000
    2
    60,000,000
    0.5%
    Percentage Tax 300,000

    5,000,000
    2
    10,000,000
    0.5%
    Percentage Tax 50,000

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