Question 4Your client sells a taxable item and ships it to a customer that is outof state. There is no sales tax agency set up for that state.What sales tax rate will QuickBooks Online apply?OA special category rate will be used as the seller's rateNo sales tax will be appliedThe seller's standard rateThe customer's rate based on location

Sales tax is a tax applied to goods and services that are purchased, usually at the point of sale.…

Your client sells a taxable item and ships it to a customer that is out of state. There is no sales tax agency set up for that state. What sales tax rate will QuickBooks Online apply? A special category rate will be used as the seller's rate No sales tax will be applied The seller's standard rate The customer's rate based on location

Your client sells a taxable item and ships it to a customer that is out of state. There is no sales tax agency set up for that state. What sales tax rate will QuickBooks Online apply? A special category rate will be used as the seller's rate No sales tax will be applied The seller's standard rate The customer's rate based on location

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter16: Multijurisdictional Taxation

Section: Chapter Questions

Problem 32P

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Question 4 Your client sells a taxable item and ships it to a customer that is out of state. There is no sales tax agency set up for that state. What sales tax rate will QuickBooks Online apply? The seller's standard rate O The customer's rate based on location OA special category rate will be used as the seller's rate O No sales tax will be applied
In QuickBooks online what 4 pieces of information do you need to set up sales tax for a client who only does business in their home state?
Question 5 If you think sales tax isn't being calculated correctly, which 2 of these should you verify? That the tax is being calculated on the customer's area code That the tax is being calculated on the correct address That Location tracking is turned on That the correct tax category is selected That a price rule is being applied
QUESTION 15 What is valid? ○ Tax rate ties together the information you have defined for a Zone Definition and a Tax Class to trigger the different rate of a sales tax. Tax rate ties together buyer's shipping address and payment to trigger the different rate of a sales tax. Tax class defines the percentage of a product's retail price or shipping charges that should be collected as different rate. ○ A Tax Class allows one group for all product so that every product can be taxed the same rate
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.
Problem 1 The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
ETHICS While vacationing you find a $100 bill on the report it as taxable income? Why or why not? Would your answer differ if you found $100,000 beach. Nobody saw you find it. Assuming the find meets the definition of gross income, would you instead of $100? Discussion points: Do you think that finding $100 meets the definition of Is there a "materiality" threshold for when you have to report income? Does not reporting the $100 violate tax law and/or ethical standards? gross income? If you are more likely to report the $100,000, why? Does not reporting the $100,000 violate tax law and/or ethical standards?
Question 6 Which of the following is not true about the unified credit that accompanies the unified transfer tax? The current lifetime credit is $345,800. It is a lifetime credit. If a portion is used to reduce gift taxes, less credit is available to reduce potential estate taxes. Gifts the spouses make to each other reduces the amount of available credit.
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QUESTION 1 A) By way of an example , state the difference between an “Exempt supply and a “Zero -rated supply” ? B) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ? C) A vendor purchases a VEHICLE for private purposes on 1 March 2020. The VEHICLE costs NAD228 000 including VAT (excludes finance charges and any other charges incurred). The vendor then decides to use the VEHICLE exclusively in his business for delivery of goods to his/her customers with effect from1 March 2020. At the time of introducing the VEHICLE into the business, it had an open market value of NAD205 200. Calculate input VAT to be claimed by the vendor?
Question 9: The Internal Revenue Service levies a small service fee for employers who utilize the Electronic Federal Tax Payment System. Answer: A. True В. False
Problem 1 The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?